I'm using gnucash 1.4.6 under Linux. It seems to be
pretty nice for tracking my personal finances.
I have some questions though. I'm
an accounting newbie, but I've been reading up on enough
accounting lately to be dangerous. :)
My "Accounting for Dummies" book says that the fundamental accounting
equation is
assets = liabilities + equity
To me this seems to be how the whole double entry system works.
I read somewhere in the online help that opening balances should
be taken from an equity account, and this matches what the "Dummies"
book says too.
But when I create fresh assets and equity accounts, then transfer my
opening balance from equity to assets, I'm left with a negative equity
account balance. Is this what I want? I would think it should be
positive so the above fundamental equation would be satisfied.
Thanks for your time!
-Rob
--
Robert W. Brewer
Jesus rules!
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