[GNC] Setting up chart of accounts

[Adrien Monteleone]

It’s been many years, but if I’m not mistaken, that is what GnuCash does when you enter an opening balance when creating an asset or liability account for the first time. (rather than entering it later)

If you are planning to have other Equity entries, it is probably a good idea to split the opening balance transactions off into a child account as you indicate here.

Regards,
Adrien

> On Mar 7, 2019, at 5:36 PM, Bucky Carr <bcarr at purgatoire.org> wrote:
> 
> 
> 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)
>