Equity in the Balance Sheet report?

Gary Benson gary@inauspicious.org
Wed, 30 May 2001 18:21:12 +0100 (BST)


I've just started using GnuCash, and have spent the last few days
migrating 4 years of accounts into it. I was just about to start hacking
away on a new report (to extract data which is required for UK tax
returns) when I noticed something strange on the balance sheet report.

As I understand it, accounts of type `Equity' are for opening balances
(and other mysterious things that I don't understand ;)). The thing is,
at the time I started computerising my accounts I was several thousand
pounds in debt. This means that the account Equity:Opening Balances is
several thousand in credit. When I look at the balance sheet, the final
total is offset by this amount, making it look like I have several
thousand pounds more than I actually do.

Assuming I am not wrong in how I've handled the opening balances, would it
be worth having an option to not show equity accounts on the balance
sheet? Or is my knowledge of accounting seriously fscked up?


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