Now ......... I understand that gnucash has no separate Equity account, at least as long as the books are not closed. So how to book step 1)?
Before dealing with the question itself. let's get THIS misconception out of the way. I believe the source of the misconception is that gnucash provides example "skeleton" books with typical accounts in the CoA under asset. liability, equity, income, expense, etc. Except these examples don't happen to have sub accounts under equity and that might be the source of the misconception that you couldn't have such accounts
For example, suppose the entity is a partnership with three partners, A, B, and C. A contributed $10,000 of the capital, B $5000, and C $5000 of "goodwill".
Then under equity you would have accounts for partner A, Partner B, and partner C. Best done not using the initial value wizard but an explicit transaction debiting bank $15,000 and goodwill %5000 (goodwill is considered an asset of the intangible sort) and crediting partnerA $10,000 partnerB $5000 and partnerC %$5000. After this transaction, total assets would be $20,000, total liabilities 0, and total equity $20,000
In other words, gnucash has in your CoA the accounts that YOU choose to put there according to your needs. Gnucash doesn't have or not have particular accounts except in the sense that example skeletons are provided for the use of beginners.
Michael D Novack _______________________________________________ gnucash-user mailing list [email protected] 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.
