Correcting Opening Balances

[Richard Claeys]

Thank you for the responses to date.  I will work on the bank accounts
first, then go back to the manual for direction before turning to investment
accounts.

Here is an example of what I am encountering:  One of the accounts that
popped up after the conversion from Quicken is a credit card that I dropped
in 1998; when I click on "Delete Account" I receive a response along the
lines of "Do you want to combine this with credit card xxxx?"  Apparently
the double-entry accounting doesn't allow me to simply dispose of accounts
that no longer exist.

And as mentioned before, both our bank accounts are inflated by a factor of
10.  Can I just go back to January 1, 2018 and enter a fresh Opening Balance
that matches our printed statements?  Or is there another way to reset
balances without reinstalling and starting from scratch?

I will be out of town a few days and will not be working on cleaning up
GnuCash until next week, so no rush....but I could sure use some help in
getting the program in sync with our actual financial statements.

Thanks again,

Richard Claeys

-----Original Message-----
From: gnucash-user
[mailto:gnucash-user-bounces+rclaeys=accesscom.com at gnucash.org] On Behalf Of
Mike or Penny Novack
Sent: Sunday, January 14, 2018 5:33 AM
To: gnucash-user at gnucash.org
Subject: Re: Correcting Opening Balances

On 1/13/2018 5:17 PM, David Carlson wrote:
> Did you check the transactions as you imported them to weed out 
> duplicates and correct errors?
>
> If not, I would suggest starting over to get at least reasonably close 
> to a good starting point.
Also, this is a case where the solution to the problem more obvious if you
understand what "opening balance" is doing, how you would be doing that if
setting up your books manually (hand creating the opening TRANSACTIONs), and
the proper/formal method of correcting "errors" and omissions << entering a
correcting transaction instead of editing an existing one>>

If you are going to import from another system, run a Balance Sheet (of that
other system) as of the date you will be using for the import. That will
show you what the opening values SHOULD be.

Michael D Novack
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