[GNC] Equity Accounts - Opening Balance or no?
davidcousens at bigpond.com
Tue May 11 18:52:38 EDT 2021
The Opening Balances in Equity record the net worth of your Assets and
Liabilities at the time you open a new set of books/file. The option to
create them when creating a new file is to accommodate the situation where
you are transferring existing balances from a previous set of books/file.
If there are no existing Assets and Liabilities at the time the book is
opened then you would not create them, i.e a new business the option should
be checked off.
You can always manually create the transactions at a later stage if you need
To record the value of an existing asset you would debit the corresponding
asset account for the value and credit the value to the Equity:Opening
To record a liability you would credit the corresponding liability account
for the value of the liability and debit the value to Equity:Opening
The Opening Balances option on file creation just creates these entries when
opening a new file using the balances entered for the Asset and Liability
accounts. It will not allow you to enter balances for other types of
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