[GNC] Help

[Michael or Penny Novack]

On 12/21/2020 11:43 AM, Brian Gardner wrote:
> I have just had the system installed for me and I have managed to get all the accounts that I have used in my financial statements into the file. Unfortunately I read about the installing of opening balances after I had done everything thinking that I could add the opening balances to the accounts after they were all in place. I now have two asset accounts, four current asset accounts, two equity accounts, and three liability accounts in place but I have not yet found out how I can enter the opening balances into those accounts. Please let me know what I need to do.
> Thank you.

The "opening balance" tool is just that, a shortcut compared to the old 
fashioned way using an opening transaction. It is just trying to make it 
easier for new users so they don't have to start out with a split 
transaction. Or since transactions split on both sides are tricky to 
enter, transactions.

NORMALLY a new set of books is created using the Balance Sheet of the 
old. Do you HAVE your old Balance Sheet (for those two asset, four 
current asset, two equity, and three liability accounts?

NOTE: Just because normal to use one or two split transactions does not 
mean that you can't do it in separate transactions, one for each asset 
and liability account << the other side of these transactions would be 
equity >> When you have entered these transactions and all the asset and 
liability accounts have the correct balance (according to your records) 
does what appear as the balance for the equity accounts also match your 
records?

Michael D Novack