Opening a New Account with Existing Retained Earnings

[Timothy Wight]

Roger

The New File Druid does not allow the setting of opening balances for 
Equity Accounts.  However, if you enter opening balances for your other 
assets and liability accounts using the druid it will post balancing 
amounts to the equity account 'Opening Balances', however the date may 
not be convenient.  I prefer to let the druid complete its work without 
ANY opening balances set, and end up with a chart of accounts, all zero 
balance.  A good point to save a backup copy.

NOW,  on the first date of your accounting period,  enter your opening 
balances as a transfer between the Equity account 'Opening Balances' and 
the respective asset or liability account.  Otherwise, if you used the 
druid, edit your transaction dates.

You may also now enter transfers between other Equity accounts and 
'Opening Balances', for example 'Issued Capital', 'Accumulated Losses' 
and/or 'Retained Earnings'.  Once done, if all is correct, your 'Opening 
Balances' account should have a zero balance.

Regards

Tim

Roger wrote:
> I have asked similar questions before but have yet to get an answer 
> that I understand, so I tried just starting an account from scratch.  
> I am using 2.3.7 and started by setting up a new account assuming that 
> I have Retained Earnings from previous years.
>
> So, I thought what I wanted to do was simply put an Opening Balance 
> for Retained Earnings in the Setup New Account wizard but it is grayed 
> out not allowing me to make any entry.
>
> What is the detailed (step-by-step) recommended procedure to get 
> Gnucash to set an opening balance for Retained Earnings?
>
> Thanks,
>  Roger
>
>
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