[gnucash-user] Balancing

[Dave Peticolas]

On 06 Jul 2001 09:42:52 +0200, Thibaut Cousin wrote:
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> Le Vendredi  6 Juillet 2001 09:40, vous avez écrit :
> > But you can create accounts as you need them. As you enter transactions,
> > if you need a new account to represent an expense, just type the
> > name you want into the transfer column and hit 'tab'. GnuCash will
> > tell you the account does not exist and ask you if you want to
> > create it (do so). Now the account exists and you can complete
> > the transfer. Initially, you will have to create lots of accounts,
> > but as time goes on you will get an account hierarchy that is
> > useful for you.
> 
>   Great ! That is what I really wanted. Back when I was using CBB, I was able 
> to do this, so I could filter the operations, "everything about phone calls", 
> and so on. Great news to me.
>   Just one question left : what is the use of the "opening balance" account 
> created with the real account ? Only to provide the initial value of the 
> account ? 

That is an equity account, which is used as a balancing account
for things that happened before you started record-keeping. It
is also used for 'closing the books', which currently you have
to do by hand, but we are planning on automating it.

dave