Cannot edit opening balance

[Mike or Penny Novack]

On 12/11/2017 3:17 AM, David T. via gnucash-user wrote:
> I would suggest reading section 4.4 of the tutorial, where the issue regarding handling starting balance problems is addressed directly.
> David
>
>   
I would also suggest learning how to CORRECT errors, which in formal 
accounting is not done by changing/editing existing errors.

Let me give an example. Suppose you did set up your books using 
"starting balance" << as others have pointed out, some of us would NOT 
have done that but would have manually entered the initial transactions 
with a date before the start of the first period, usually the day before >>

Dec 31, 2016
Cash on hand     db    $500
      Equity             cr     $500   (this probably part of a split 
amount if :starting balance was used --- a single entry for the total of 
all assets minus all liabilities)

Now on June 25th 2017 you discovered a jar squirreled away that had $100 
dollars in it. How do you correct the starting balance? You can enter a 
transaction with a date of Dec 31, 2016
Cash on hand     db     $100
       Equity            cr      $100      (I don't know what equity sub 
accounts the "starting balance" might have created since I never have 
used that, but if a sub account was created, use that)
Your description for this entry would be something like "correction of 
starting balance because of money found in jar"

Michael D Novack



Michael D Novack