Question Regarding Equity:Opening Balance

[John Filsak]

On 12 May 2013 14:19, Mark Phillips <mark at phillipsmarketing.biz> wrote:

> I added a new savings account, and transferred $2000 from my existing
> savings account to start this new account. I now have two savings accounts
> and one checking account. I created a transaction to take money from my old
> savings account to the new savings account as a transfer. However,
> shouldn't I have used an  equity account (opening balances) somehow? When I
> run a balance sheet report, the new savings account does not show up under
> equity, just in the assets section.
>
> Thanks,
>
> Mark
>

Mark,

That looks right to me. You haven't created additional equity. Your
existing equity is simply now in your new savings account. Doing it by
transfer is correct.

John.

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