Opening a New Account with Existing Retained Earnings
Timothy Wight
tim.wight at kihoe.net
Mon Oct 26 20:19:41 EDT 2009
Roger
The New File Druid does not allow the setting of opening balances for
Equity Accounts. However, if you enter opening balances for your other
assets and liability accounts using the druid it will post balancing
amounts to the equity account 'Opening Balances', however the date may
not be convenient. I prefer to let the druid complete its work without
ANY opening balances set, and end up with a chart of accounts, all zero
balance. A good point to save a backup copy.
NOW, on the first date of your accounting period, enter your opening
balances as a transfer between the Equity account 'Opening Balances' and
the respective asset or liability account. Otherwise, if you used the
druid, edit your transaction dates.
You may also now enter transfers between other Equity accounts and
'Opening Balances', for example 'Issued Capital', 'Accumulated Losses'
and/or 'Retained Earnings'. Once done, if all is correct, your 'Opening
Balances' account should have a zero balance.
Regards
Tim
Roger wrote:
> I have asked similar questions before but have yet to get an answer
> that I understand, so I tried just starting an account from scratch.
> I am using 2.3.7 and started by setting up a new account assuming that
> I have Retained Earnings from previous years.
>
> So, I thought what I wanted to do was simply put an Opening Balance
> for Retained Earnings in the Setup New Account wizard but it is grayed
> out not allowing me to make any entry.
>
> What is the detailed (step-by-step) recommended procedure to get
> Gnucash to set an opening balance for Retained Earnings?
>
> Thanks,
> Roger
>
>
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