Lori,
The Opening Balances account is an account of type equity. *It is always the
offset account for the opening balances of all other accounts.*
Your procedure for starting to use Gnucash from the 30/9 is fine. The entry
for the opening balance for your income and expense accounts at 30/9 will
On Sun, Mar 25, 2018 at 09:34:58AM -0400, Mike or Penny Novack wrote:
> [...] it is usual to start a set of books JUST from the balance sheet
> with income and expense zero.
This is what I was going to suggest -- very tentatively and with
many caveats that I'm not an accountant. Since Mike (I bel
On 3/24/2018 4:56 PM, Buddha Buck wrote:
In general, I wouldn't bother entering starting balances for income and
expense accounts from before the period I am accounting for. Traditionally,
those accounts were temporary, and at the end of the accounting period the
balances would be reset to zero,
On Saturday, 24 March 2018 22:36:29 GMT Stan Brown wrote:
> On 2018-03-24 16:56, Buddha Buck wrote:> In general, I wouldn't bother
> entering starting balances for income
>
> > and expense accounts from before the period I am accounting for
>
> I agree, and I'd go further: don't enter opening bal
2018 5:34 PM
To: gnucash-user@gnucash.org
Subject: Re: beginning balance of income and expense accounts
In that case your first entry should be income total from the start of the
accounting year to Sept. 30 and you should be doing the analogous thing for
all accounts. ( I am assuming that your
Message-
> From: gnucash-user
> On Behalf Of Dave
> H
> Sent: Saturday, March 24, 2018 3:33 PM
> To: Adrien Monteleone
> Cc: gnucash-user@gnucash.org
> Subject: Re: beginning balance of income and expense accounts
>
> Aha good question Adrien, mine also only has As
On 2018-03-24 16:56, Buddha Buck wrote:> In general, I wouldn't bother
entering starting balances for income
> and expense accounts from before the period I am accounting for
I agree, and I'd go further: don't enter opening balances when creating
_any_ account. Instead, enter the opening balances
On
> Behalf Of Dave H
> Sent: Saturday, March 24, 2018 3:33 PM
> To: Adrien Monteleone
> Cc: gnucash-user@gnucash.org
> Subject: Re: beginning balance of income and expense accounts
>
> Aha good question Adrien, mine also only has Asset and Liabilities in the
> Opening
ne
Cc: gnucash-user@gnucash.org
Subject: Re: beginning balance of income and expense accounts
Aha good question Adrien, mine also only has Asset and Liabilities in the
Opening Balances :-)
Cheers Dave H.
On 25 March 2018 at 06:29, Adrien Monteleone
wrote:
> How do you have an opening bal
In general, I wouldn't bother entering starting balances for income and
expense accounts from before the period I am accounting for. Traditionally,
those accounts were temporary, and at the end of the accounting period the
balances would be reset to zero, being transferred to equity. That isn't
nec
I first started to type that as my reply till I took a closer look at her
entries. Equity increases with a credit, but you can’t have a credit to equity
and a credit to income to increase both without one or more debits to other
accounts to balance the transaction.
Though it doesn’t hurt to che
Aha good question Adrien, mine also only has Asset and Liabilities in the
Opening Balances :-)
Cheers Dave H.
On 25 March 2018 at 06:29, Adrien Monteleone
wrote:
> How do you have an opening balance for income or expenses at the beginning
> of the year? You haven’t earned or spent anything yet.
Check your Preferences >> Accounts >> Reverse Balanced Accounts setting - I
have mine set to "Credit Accounts" which reverses the balance in my
Equity:Opening Balances account.
Cheers Dave H.
On 25 March 2018 at 06:09, Lori Norden wrote:
> I am starting Gnucash in the beginning of the year. A
How do you have an opening balance for income or expenses at the beginning of
the year? You haven’t earned or spent anything yet.
You should be starting off with opening balances for assets and liabilities.
Then as you earn and spend, the net of those newer entries are virtually
calculated as ‘
I am starting Gnucash in the beginning of the year. As I’m entering the
beginning balance for each income and expense account, a transfer is being made
to my Equity Opening Balance account.
For income beginning balance entries – credits income; debits Equity Opening
Balance
For expense beginni
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