disposition of "Opening Balances" account

Jay Ridgley jridgley2 at austin.rr.com
Sat Jan 14 08:35:13 EST 2012


Folks,

During 2011 I purchased an piece of property and set up both an asset and a 
liability (mortgage) for it. I also took out a small loan and set up the 
liability of it also. Both used the "Opening Balances" as the initial source.

When I closed the books for 2011 the opening balances still remain should they 
not have rolled into equity like the income and expenses did? When I set up my 
accounting system initially all the opening balances went away when I closed at 
year end for the year or at least they are no longer present.

If not how should I handle the account? I would like to clear it.

Thanks,
Jay
-- 


Jay Ridgley
jridgley2 at austin.rr.com
Registered Linux User ID - 9115
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Registered Ubuntu User ID - 23320


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