beginning balance of income and expense accounts

[Lori Norden]

I am starting Gnucash in the beginning of the year.  As I’m entering the beginning balance for each income and expense account, a transfer is being made to my Equity Opening Balance account.

For income beginning balance entries – credits income; debits Equity Opening Balance
For expense beginning balance entries – debits expense, credits Equity Opening Balance

The problem is my Equity is reduced by the amount of net income I made as of the beginning date, but should be increased.

Should I be offsetting the beginning balances for income and expense to something other than Equity Opening Balance?  That’s what I thought the instructions indicated I should do.

Thanks for your help

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