That does make sense, thanks again Derek. Cheers, Simon
On Thu, Jan 5, 2023 at 5:54 PM Derek Atkins <de...@ihtfp.com> wrote: > Well, if you put your O-B on all your Assets and Liabilities, then yes, > that *IS* your current equity in the company. > > If you think the balance is too big, then most likely you haven't added > all your liabilities. > > Keep in mind that Income and Expense are actually Equity-type accounts, in > the sense that In & Ex affect your instantaneous equity. So when you > restart, you are rolling up a decade of equity built via Income (- > Expense). > > Hope this helps, > > -derek > > On Thu, January 5, 2023 7:28 pm, Simon Roberts wrote: > > Right now I have set up my transition from quickbucks to Gnc such that > all > > the bank accounts have an opening balance, which is drawn from > > "Equity:Opening Balances". However, I think that's ... wrong/misleading, > > in > > that this is most definitely not money I just handed over to create the > > business. It's been running 18 year, and it's just that the transition to > > this software is happening now. it makes the balance sheet look like I > > have > > a bunch more equity in there than perhaps I really do (although I'm a > > single-owner LLC, so I'm not really sure!) > > > > Is there a better way to create those opening balances that makes better > > sense, or is this really the right way to do it? > > > > Thanks for any guidance/suggestions! > > Simon > > > > -- > > Simon Roberts > > (303) 249 3613 > > _______________________________________________ > > gnucash-user mailing list > > gnucash-user@gnucash.org > > To update your subscription preferences or to unsubscribe: > > https://lists.gnucash.org/mailman/listinfo/gnucash-user > > ----- > > Please remember to CC this list on all your replies. > > You can do this by using Reply-To-List or Reply-All. > > > > > -- > Derek Atkins 617-623-3745 > de...@ihtfp.com www.ihtfp.com > Computer and Internet Security Consultant > > -- Simon Roberts (303) 249 3613 _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
