Opening a New Account with Existing Retained Earnings

[Mike or Penny Novack]

Mike Alexander wrote:

> --On October 26, 2009 6:40:52 AM -0500 Mike or Penny Novack 
> <stepbystepfarm at mtdata.com> wrote:
>
>> NOTE: the only problem I can see starting your books with a "retained
>> form previous years" (and with a book "starting equity" also from the
>> start of that previous time) is that unlike when working pen and ink
>> on paper you can't split both sides of a transaction (AFAIK none of
>> the modern computer apps allow that).
>
>
> I don't understand what you mean by this statement.  It seems to me 
> that Gnucash allows an arbitrary number of splits on either side of a 
> transaction.  I must not understand what you mean by "split both sides 
> of a transaction".
>
>       Mike
>
>
>
I might be wrong about that but can't see how you would do it, at least 
not in a straightforward* manner. Please understand that it's an issue  
even when doing paper and ink bookkeeping in a "journalless" system (you 
can do two side splits via a journal entry -- in effect GnuCash and 
similar systems are like "cashbook" style accounting except can enter 
form any account.

Are we talking about the same thing? By "two way" I don't mean an 
arbitrary number of splits on the debit side OR and arbitrary number of 
splits on the credit side but an arbitrary number of splits for both the 
credit and the debit side of a transaction.

Michael

* If it is possible I have a good idea HOW it might be done (I know how 
I would try to do it)

-- 
There is no possibility of social justice on a dead planet except the equality of the grave.