Balancing accounts and repaying old loan that hasn't been registered in book

[David T.]

The simple solution would be to create an opening balance transaction that establishes the $10K balance in the first place.

David

----- Original Message -----
From: fareed <fareedspambox at gmail.com>
To: gnucash-user at gnucash.org
Cc: 
Sent: Tuesday, November 22, 2011 4:30 PM
Subject: Balancing accounts and repaying old loan that hasn't been registered in book

Scenario:

I will be repaying a personal loan of $10 000. This loan was taken out (and
spent) a long time ago and and has never been registered anywhere - neither
as an income nor as expense.

How do I register the repaying of the loan? The money, that will be
transfered back to the loaner without interest, is currently in my
checkings account. Meaning:

one of the two transactions, and my only guess, is from <Current
assets:Checkings account> [0] to <Liabilities:Loans> [-10 000]

But how do I balance <Liabilities:Loans> - it should be 0 since I payed off
the loan, right? Should I maybe just use the Imbalance account and be done
with it?
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