[GNC] Setting up chart of accounts

[Bucky Carr]

The way I did it was to set up a CoA with 5 parent accounts: Asset, 
Equity, Liability, Income and Expenses. I set those as top level 
accounts so no transactions can be entered directly into them. Then I 
set up all my child accounts under the proper parent accounts. Then I 
set up the opening balances in each child account. Depending on the 
level of detail I wanted some of the child accounts have child 
accounts of their own.

HTH


On 3/7/2019 10:56 AM, Teresa wrote:
> I have 25 years experience in Accounting, however never set up a 
> chart of accounts.
>
> I just started working for my daughter, who has done everything in 
> excel.
>
> I have put all the gl accounts in GnuCash, but they all went in as 
> parent accounts, I new term to me.
>
> My question is, shouldn't these be child accounts? Also, do I set up 
> a single of each Equity, Liability and Asset accounts as parent 
> accounts with the beginning balances, and transfer to the child 
> accounts from there?