[GNC] Setting up chart of accounts

[Bucky Carr]

I did it directly in the child account with the corresponding, 
double-entry accounting entry into Equity child account.

For example I have my Asset:Banking:Checking1 hierarchy and my 
Equity:Opening_Balances hierarchy. In the Checking1 child account I 
entered the opening balance with a corresponding entry in my 
Opening_Balances child account. That Equity:Opening_Balances child 
account ends up with lots of entries from all the open balance entries 
pulled in from various accounts during the setup process.

(I'm not an expert but this has worked for me)


On 3/7/2019 11:18 AM, Teresa wrote:
>
> One more question, just to be clear, did you set up opening balances 
> in the child accounts, or transfer from the proper parent account?
>
> On 3/7/2019 1:03 PM, Bucky Carr wrote:
>>
>> 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.