Question about loan opening balances

[Derek Atkins]

Alan Munter <munter at gmail.com> writes:

> So what's the proper way to set up accounts for tracking an education
> loan?  Equity:Opening Balances?

If the loan happened before you started accounting, then yes.  If the
loan happens AFTER you started accounting, then it should go into your
Checking Account (or some other Asset), or into Expenses:School Tuition
account.

> Thanks again

-derek
-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
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