Previous Year Retained Earnings to Opening Balance

[Timothy Wight]

You need two new equity accounts:
   Opening Balances
   Retained Earnings

Input all your liability and asset and equity account opening balances 
as a transfer between the relevant account and your 'Opening Balances' 
account.
Input your previous retained earnings as a transfer from 'Retained 
Earnings' to 'Opening Balances'.

Opening balances for income and expense accounts should be zero 
(assuming you are doing this at the start of a financial period).

If all is well, your 'Opening Balances' account should have a total of 
zero, ie: all debits and credits should balance out.

Tim

Roger Miskowicz wrote:
> It seems to me that "Opening Balance" is similar to "Retained Earnings 
> from Previous Years".  What I did when migrating to GnuCash was to set 
> "Opening Balances" to the amount remaining in each of the balance 
> sheet accounts.
>
> This seems to work fine except I don't know what to do with the 
> "Previous Retained Earnings" which I believe is collected since the 
> birth of the company.  I am also unsure about the previous year's "Net 
> Income".
>
> Any suggestions would be much appreciated.
>
> Thanks,
>  Roger
>
> P.S.  Not sure it is relevant but I am trying to migrate from Simply 
> Accounting.
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