withdrawals/deposits

[Jim Douglas]

> Date: Mon, 28 Jul 2008 21:24:38 -0400
> From: stepbystepfarm at mtdata.com
> To: jdz99 at hotmail.com
> CC: gnucash-user at lists.gnucash.org
> Subject: Re: withdrawals/deposits
> 
> 
> >What is the best way to initialize GUNCash for 2008.
> >
> >Should I just take 2007 ending balance and enter it as a deposit on 1/1/08 as my beginning balance? (am I missing something?)
> >
> >Check amounts are added as 'Withdrawals',  is this correct or is there another way to enter checks them? 
> >
> >
> >Thanks,
> >Jim
> >  
> >
> Jim, I'd suggest you first go through the rather basic introduction to 
> accounting provided along with GnuCash but that will perhaps be 
> insufficient if you are totally new to "double entry bookkeeping". The 
> particular topic you are asking about is called "opening the books" 
> (start accounting period) and there is a corresponding "close the books" 
> (end accounting period). The FIRST time you open a set of books you will 
> need to create the opening balances for the "standing" (permanent) 
> accounts, accounts of fundamental types "asset", "liability", and "equity.
> 
> I would open a new set of books with two split transactions, one for all 
> the asset accounts (the other side is equity) and one for all the 
> liability accounts (again the other side is equity). Traditional pen and 
> ink on paper bookkeeping would use a single transaction because they 
> could split both sides of a transaction (you can't easily do that in 
> GnuCash; or any other modern accounting package I have seen).
> 
> No, the opening transaction isn't a "deposit" (not the right 
> description). The right description for the opening transactions would 
> be something like "open books"
> 
> Michael
> 
> -- 
> There is no possibility of social justice on a dead planet except the equality of the grave.
> 

I opened a new set of books. 
Assets is 'Read Only'
Current Asset is 'Read Only'
I set up my Checking Account and can enter "Withdrawals" or "Deposits"

Is there a way to enter the opening balance or do I need to add a new account(the same checking account) again to enter the opening balance?

Thanks,
Jim

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