Missing equity:opening balances account?

Allan allanhasmail at gmail.com
Sun May 3 20:43:05 EDT 2015

Yes, thank you Alice. I believe I understand the accounting here. I was 
unsure how the program was creating the opening balance equity account 
and how to get the entries you discuss made.

I think I have it now.


On 05/03/2015 06:01 PM, Alice Lee wrote:
> Putting your opening balance in another account will not correct your
> checking account balance.  You can make an opening balance entry which is
> before the date that you will run your reports.  That entry also has to
> balance.  You need to get your balance sheet from the date that precedes the
> entries that you imported.  In other words if you imported entries for the
> current year, you need to record balances from the end of the previous year.
> Then if you have no entries on January 1, 2015,  you can make an opening
> balance entry for January 1.  Then when you run reports for 2015, you would
> run activity reports starting with January 2.

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