[GNC] Need help with a Savings account

[Adrien Monteleone]

“Debt” and “Debit” are NOT the same thing, despite they are 1 letter apart.

If the balance of your bank account is positive (you have money to spend in it) then your opening balance entry in GnuCash should be a debit to that account and a credit to `Equity:Opening Balances`.

That isn’t because the bank ‘owes you’ anything, but rather, solely, because increasing an asset requires a ‘debit’ entry.

The side of the ledger you use to reflect an increase or decrease is entirely dependent on the *type* of account you are dealing with, which is determined by the side of the Accounting Equation it lies on.

Regards,
Adrien

> On Apr 17, 2019, at 9:12 PM, ToddAndMargo via gnucash-user <gnucash-user at gnucash.org> wrote:
> 
> On 4/16/19 1:24 AM, Fred Bone wrote:
>>> So I should switch my opening balance to a negative number?
> 
>> Possibly. It rather depends on whether your account was overdrawn when
>> you started your current books.
> 
> My paper bank book and bank statement shows a positive number.
> 
> They way I am understanding this, they own me a debt, so I
> should enter it as a negative number for opening balance
> because they have a debt to me