[GNC] Setting up chart of accounts

[Michael or Penny Novack]

On 3/7/2019 12:56 PM, 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?
>
> Thank you,
>

Since you say you are experienced in accounting (but new to gnucash I 
think what you are asking is "if I have an account A and I want it to be 
a child of account B, how do I do this (in gnucash)?"

Yes?

If so, what you want to do is "edit" account A which will give you a 
chance to specify account B is its parent.

Try it where it is easy. For example, under the main parent Assets you 
probably want children "current assets" and "fixed assets". Then under 
"current assets" you probably want "checking account", "undeposited 
cash", etc.

Michael D Novack



-- 
There is no possibility of social justice on a dead planet except the equality of the grave.