[GNC] Inserting the Beginning Balances of Accounts in Gnucash

[Jose A. Lorido III]

Hi Derek,

Thanks for your advice, however, I'm still not sure what to do with the
balances I had on 12/31/2020 in my Equity Accounts
(Additional-Paid-In-Capital, Opening Balances, and Retained Earnings
accounts) and how to add them to the beginning balances as of 01/01/2021.

Could you clarify?


Kind Regards
*Jose A. Lorido III*
Managing Director

*Infrastructure Engineering & Procurement Company LLC (IEPCO)*
*Continental International Supply Company (CISCO)*
*FHC Atares Group LLC*
100 Edgewater Drive, #345
Coral Gables, FL 33133
Tel: (305) 215-5076
E-Mails: IEPCO at aol.com, ciscosupply at aol.com, FHCAtares at gmail.com
 [image: GIFlogoColorSmall.gif]



On Thu, Apr 22, 2021 at 1:07 PM Derek Atkins <derek at ihtfp.com> wrote:

> Hi,
>
> On Thu, April 22, 2021 12:55 pm, Jose A. Lorido III wrote:
> > Thanks David for your advice..........
> >
> > I was able to place the Opening Balances on my ASSET and LIABILITY
> > accounts, but I cannot seem to be able to add the Opening Balances to my
> > EQUITY accounts (Additional-Paid-In-Capital, Opening Balances, and
> > Retained
> > Earnings accounts).
> >
> > Can you help on how to place the Beginning Balances on these EQUITY
> > accounts?
>
> It rarely makes sense to do that.  You'd just be transferring from one
> equity account to another, which wouldn't actually change your equity.
>
> If you NEED to do it, you can manually create it...  Or you can adjust
> your Asset and Liability O-B txns to split into the required equity
> buckets.  But really, if you're just starting your accounting, you
> wouldn't have any retained earnings.
>
> >
> > Thanks,
>
> -derek
>
> >
> >
> > Kind Regards
> > *Jose A. Lorido III*
> > Managing Director
> >
> > *Infrastructure Engineering & Procurement Company LLC (IEPCO)*
> > *Continental International Supply Company (CISCO)*
> > *FHC Atares Group LLC*
> > 100 Edgewater Drive, #345
> > Coral Gables, FL 33133
> > Tel: (305) 215-5076
> > E-Mails: IEPCO at aol.com, ciscosupply at aol.com, FHCAtares at gmail.com
> >  [image: GIFlogoColorSmall.gif]
> >
> >
> >
> > On Thu, Apr 22, 2021 at 12:26 PM D. <sunfish62 at yahoo.com> wrote:
> >
> >> From the Tutorial & Concepts Guide,  section 5.1:
> >>
> >> You can enter this [the opening balance] in the account information
> >> window
> >> automatically as part of the New Account Hierarchy Setup assistant, or
> >> you
> >> can enter a manual transaction directly in the account. To enter the
> >> transaction manually, enter a transfer from an Opening Balances account
> >> (type equity) to the bank account.
> >>
> >> HTH,
> >> David T.
> >>
> >>
> >> -------- Original Message --------
> >> From: "Jose A. Lorido III" <fhcatares at gmail.com>
> >> Sent: Thu Apr 22 11:37:01 EDT 2021
> >> To: gnucash-user at gnucash.org
> >> Cc: GnuCash-User <gnucash-user at lists.gnucash.org>, "Jose A. Lorido III"
> >> <
> >> ciscosupply at aol.com>, "Jose A Lorido, III" <iepco at aol.com>
> >> Subject: [GNC] Inserting the Beginning Balances of Accounts in Gnucash
> >>
> >> Hello,
> >>
> >> I would like to utilize Gnucash for 2021,  and have the balances of all
> >> my
> >> accounts as of 12/31/2020.
> >>
> >> Can anyone advise on how to insert these beginning balances into their
> >> corresponding accounts?
> >>
> >> Any help would be greatly appreciated...........
> >>
> >>
> >> Kind Regards
> >> *Jose A. Lorido III*
> >> Managing Director
> >>
> >> *Infrastructure Engineering & Procurement Company LLC (IEPCO)*
> >> *Continental International Supply Company (CISCO)*
> >> *FHC Atares Group LLC*
> >> 100 Edgewater Drive, #345
> >> Coral Gables, FL 33133
> >> Tel: (305) 215-5076
> >> E-Mails: IEPCO at aol.com, ciscosupply at aol.com, FHCAtares at gmail.com
> >>  [image: GIFlogoColorSmall.gif]
> >>
> >>
> >> ------------------------------------------------------------------------
> >>
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>
> --
>        Derek Atkins                 617-623-3745
>        derek at ihtfp.com             www.ihtfp.com
>        Computer and Internet Security Consultant
>
>
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