[GNC] Setting up chart of accounts

[Stephen M. Butler]

On 3/7/19 9:56 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?
>
> Thank you,
>
Yes they should.  And, yes those three plus Income and Expense.  So you
would have 5 top level accounts.

You may then edit the other accounts and place them under the proper
parent.  No need to re-create and no need to transfer the transactions. 
Once you re-parent the accounts everything will be setup correctly (if
you pick the correct parents).

Good luck.

--Steve

-- 
Stephen M Butler, PMP, PSM
Stephen.M.Butler51 at gmail.com
kg7je at arrl.net
253-350-0166
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