[GNC] Newby questions opening accounts

[Peter S. Shenkin]

Hi, Andrien,

And thanks.

If you look back up to the last email of mine in this thread, you will see
that all the issues I mentioned have been successfully addressed.

I've now set up all my accounts and have created opening balances by means
of transactions involving each account together with Equity:Opening
Balances, as you (and others) suggested.

-P.

On Sat, Jan 16, 2021 at 10:35 PM Adrien Monteleone <
adrien.monteleone at lusfiber.net> wrote:

> On 1/15/21 11:53 PM, Peter S. Shenkin wrote:
> > Hi
> >
> > I've recently volunteered to take over as treasurer of a non-profit. The
> > previous treasurer was keeping his accounts with a different (tty-based)
> > system and I wanted to try Gnucash instead.
> >
> > 1. After having set up my accounts, I looked at the documentation and saw
> > that Opening Balances are supposed to be entered when accounts are first
> > created. Is there a workaround, or do I have to go through the whole
> > account setup process again? And what do you do if you make a mistake!
> (No
> > transactions have been made so far.)
>
> There is nothing special about an Opening Balances entry. It is simply a
> transaction balanced between whatever account is in question and
> "Equity:Opening Balances", and can be entered at any time after the
> initial setup, if not done during setup.
> >
> > 2. I wanted to keep Equity under Liabilities (only because the previous
> > treasurer was doing this), but after I put it there (with the Opening
> > Balances subaccount beneath it), GnuCash created a top-level Opening
> > Balances account. When I delete it, it comes back. Is there a way I can
> use
> > the schema with Equity under Liabilities?
>
> I am not certain, but that is certainly not standard accounting
> behavior/practice as I understand it.
>
> The 'basic' accounting equation is: Assets = Liability + Equity
>
> Therefore, Equity is not a sub-account of Liability, but its own
> 'top-level' account. It should not be (maybe depending on legal
> jurisdiction) listed under Liability.
> >
> > 3. Is there a way to set the top-level display order of accounts other
> than
> > by using the "optional" account numbering scheme and ordering by the
> > numbers?
>
> Not sure what you are trying to accomplish. Can you be more specific?
>
> Regards,
> Adrien
>
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