Retained Earnings from Previous Year

[Roger Miskowicz]

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Thanks Derek.     I have done that for the most part but I am not sure
how to do that with respect to "Current Earnings" or "Net Income" from
previous years.   In Simply Accounting "Current Earnings" is a
separate account under Retained Earnings.  In GnuCash I understand
that is included in the "Retained Earnings" acount directly.   Please
understand my knowledge of accounting is quite limited so I can easily
be misunderstanding what is happening and what is supposed to be
happening.   Roger   
 On Fri 02/10/09 09:50 , Derek Atkins warlord at MIT.EDU sent:
 > Roger Miskowicz aretae at magma.
 > ca> writes:
 > 
 > 
 > > I am migrating from Simply Accounting to GnuCash and
 > need to set the
 > > Retained Earnings from the previous year.
 > 
 > >
 > 
 > > What is the proper way to do that?
 > 
 > 
 > 
 > It's just a standard Opening Balance transaction from
Equity:Opening
 > 
 > Balance to the accounts in question.
 > 
 > 
 > 
 > > Thanks,
 > 
 > > Roger
 > 
 > 
 > 
 > > Please remember to CC this list on all your replies.
 > 
 > > You can do this by using Reply-To-List or Reply-All.
 > 
 > 
 > 
 > -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
 > warlord at MIT.E
 > DU PGP key available
 > 
 > 
 >