Why opening balances are in Grand Total?

[Buddha Buck]

You are saying that you believe your net assets should be €1.50?


On Mon, Jul 25, 2016 at 8:47 AM George Shuklin <george.shuklin at gmail.com>
wrote:

> On 07/25/2016 02:00 PM, Buddha Buck wrote:
> > The screen shot you took seems to list "Net Assets: €3". Is this not
> > what your total assets are? No value seems to be listed next to "Grand
> > Total".
>
> Oh, I've got it. Grand Total is just empty. OK, then my question is: why
> 'net asserts' counts opening balances twice?
>
>
> >
> > On Mon, Jul 25, 2016 at 6:00 AM George Shuklin
> > <george.shuklin at gmail.com <mailto:george.shuklin at gmail.com>> wrote:
> >
> >     Yes, I understand this. Opening balance operations are listed
> >     twice: in
> >     'equities->Opening Balances' and in the corresponding asserts account
> >     (f.e. 'cash').
> >
> >     My question is: Why 'Grand total' sum both sides of such
> transactions?
> >
> >     On 07/25/2016 11:04 AM, DaveC49 wrote:
> >     > Hi George,
> >     >
> >     > Gnucash implements double entry bookkeeping. For every
> >     transaction there are
> >     > at least two accounts which are affected. for example if you buy
> >     a toaster
> >     > at the appliance store, it will be recorded as a credit ( or
> >     decrease in the
> >     > balance) of the amount of the purchase in your Asset:Bank
> >     account. The
> >     > second half of the transaction will be a debit to an expense
> >     account (i.e an
> >     > increase in the balance) for the same amount, e.g.
> Expense:Household
> >     > Purchases.
> >     >
> >     > For more info see the Wikipedia entry on Double Entry
> >     Bookkeeping, the
> >     > Accounting Equation or an introductory text on Financial
> >     accounting  and see
> >     > the Gnucash documentation ( Tutorial and concepts Guide) on
> >     splits, which is
> >     > what the two (or more) parts of a transaction are referred to in
> >     Gnucash.
> >     >
> >     > You can normally access the components of a transaction by
> >     opening one of
> >     > the accounts affected then double clicking on an individual
> >     transaction to
> >     > open the split. Additional lines will open below the summary
> >     line and these
> >     > will display the accounts affected.
> >     >
> >     > Splits can involve more than two accounts, for example when
> >     dealing with a
> >     > GST or VAT or sales  tax which you may collect on behalf of the
> >     government.
> >     >
> >     >
> >
>
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