Issues with an Opening Balance in GnuCash

[DaveC49]

John,

I don't see what the problem is with entering opening balances if you know
what they are at the time you create a new file. The opening balances
entered during the new file simply create a set transactions from the
account whose balance has been entered (Db if an asset with a positive
balance etc) with the corresponding (Cr of the same amount) to
Equity->Opening Balances. This is exactly the same as you would do manually
entering the same transaction as an opening balance and the dates and
amounts in the splits can all be edited later (preferably before first
reconciliation of the account) if the entered data is incorrect after
adjustments etc have been applied.

If you use a single file and merely adjust the accounting period dates for
the new financial year then the balances are automatically carried forward.
They don't appear specifically in each account but will in generated
reports. If you wanted it to appear as a transaction in each account then a
dummy Close account to Equity -OpeningBalance followed by an Opening
Balances transaction to reestablish the opening Balance for a new period
could achieve this.

Cheers

DaveC49



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