Query

[doug foskey]

On Wednesday 01 October 2003 12:23 am, Aniket Navelkar wrote:
> Hi all,
> I have just started using GNU Cash as a full awing accounting software.
> But I am facing a small problem.
> I have to enter the opening balances of all my customers & vendors, how
> do I make these entries? Secondly, will these balances will be
> automatically transferred to the account "ACCOUNT RECEIVABLES"?
> Regards
> aniket
>

I can only answer for my own case: I 'fudged' a figure to balance the first 
statement I balanced. (This is so the ending balance is always correct.) I 
created an account to transfer this balance to (or take it from) that was a 
junk account, or an account not normally used, so call it something like 
'Opening balance'. It would be an asset or liability account.
  The customers & vendors would be opened at 0. All the unpaid etc accounts 
would then be entered (probably from the start of the tax/trading year.) Any 
unbalanced transactions can be pointed at the account above: Opening balance 
or a similar account. These beginning balances are only to balance the 
accounts, so the amount would not be income, etc, as it would have been 
accounted for in your previous tax return (if you start from current 
financial year). 

regards Doug
PS: I am not an accountant, so please check this advise with your financial 
advisor.