beginning balance of income and expense accounts

[Dave H]

Check your Preferences >> Accounts >> Reverse Balanced Accounts setting - I
have mine set to "Credit Accounts" which reverses the balance in my
Equity:Opening Balances account.

Cheers Dave H.


On 25 March 2018 at 06:09, Lori Norden <lnorden at mchsi.com> wrote:

> 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
>
> Sent from Mail for Windows 10
>
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