withdrawals/deposits

[Jim Douglas]

Since I only entered a few transaction I just deleted the account and started over,

When you enter a new account, make sure to enter the opening balance by clicking on the "Opening Balance" Tab. 

Thanks,
Jim


What i did 
> Date: Tue, 29 Jul 2008 22:57:22 +0900
> From: ianmlewis at gmail.com
> To: jdz99 at hotmail.com
> Subject: Re: withdrawals/deposits
> CC: gnucash-user at lists.gnucash.org
> 
> Jim,
> 
> When starting a new set of books the starting balances are generally
> made against an Equity account. You could create an Equity account
> called 'Starting Balance' and make a starting balance transaction for
> for each account (i.e. Checking, Savings etc.).
> 
> Ian
> 
> 2008/7/29 Jim Douglas <jdz99 at hotmail.com>:
> >
> >> 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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