beginning balance of income and expense accounts

[Maf. King]

On Saturday, 24 March 2018 22:36:29 GMT Stan Brown wrote:
> On 2018-03-24 16:56, Buddha Buck wrote:> In general, I wouldn't bother
> entering starting balances for income
> 
> > and expense accounts from before the period I am accounting for
> 
> I agree, and I'd go further: don't enter opening balances when creating
> _any_ account. Instead, enter the opening balances as a transaction as
> of the end of the previous year (or accounting period), with a balancing
> entry to your equity account. If you discover a mistake, you can always
> edit the transaction. But if you enter an opening balance on the New
> Account dialog, and later discover a mistake, you can't correct it --
> or, if you can, I've been unable to discover a way to do it.

Hi Stan,

there's nothing special about the opening balance transaction - it is editable 
in the register just like any other transaction.  Of course, if you've got the 
"read only after x days" option enabled, then that may prevent a modification.

HTH,
Maf.