opening balance for new vendor?

[Elizabeth Dodd]

On Mon, 6 Jul 2009, Merlin Zener wrote:
> Hi,
>
> As it's a new year here in Australia, I'm setting up a new file for
> the 09/10 financial year.
> No trouble entering opening balances in bank accounts etc, but when it
> comes to vendors, I don't see a way to set up a new vendor with an
> amount outstanding that's not due to be paid till the 21st of July. I
> don't really want to just add a transaction on the 1st of July, that
> would mess up profit/loss for this month. I'd rather have the total
> equity properly recorded as at 1st of July, too...
>
> Can anyone tell me how this is done?
>
> Thanks,
It sounds like you have been allocated by the ATO to 'cash' accounting, while 
Gnucash is designed for 'accrual' accounting.
Speak with your accountant about recording stuff that crosses the financial 
year line - they may prefer to do adjustments.
I don't 'close' my books at the end of the year.

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