Query

[Aniket Navelkar]

But the million dollar question is that "how will one transfer the
FURGED figure balance from the CREATED JUNK ACCOUNT to the VENDORS`S
ACCOUNT"?

Peace

Aniket

-----Original Message-----
From: doug foskey [mailto:lemans4 at dodo.com.au] 
Sent: Wednesday, October 01, 2003 11:17 AM
To: Aniket Navelkar
Cc: gnucash-user at lists.gnucash.org
Subject: Re: Query


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.

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