Equity wrong?

[Ian K]

I tried replying to your email but it bounced.
I think the problem is that in your example the Expenses have been entered
as Opening Balance transactions, rather than having come from an Asset
Account.

The Opening Balances should set up the Asset and Liability Accounts:
For example:
Assets:Checking Account $2000 deposit
Equity: Opening Balances $2000 withdrawal (this shows as Equity Increase in
GnuCash)

Then Income would be put into an Asset (or Liability) Account from an Income
Account.
Expense would be deducted from an Asset (or Liability) Account from an
Expense Account.

The Equity in this example can be thought of as reflecting what you had
*before* you started with GnuCash




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