[GNC] Account setup

Thu Sep 23 08:34:51 EDT 2021

Thanks to all of you for responding.
I will sort it out now,
- Fortunately, the number of accounts is small, so it is manageable.
- Unfortunately, that trial balance is all I had, plus some manual
corrections that were made at tax time that will have to be entered once I
set it up, then do a year end for 2019, so that I will have a clean start
in 2020. I have no option of going back and closing a set of books that
does not exist anymore. all I have is the trial balance.

BTW, this came out of  QB. Got rid of a bookkeeper who messed up the books
and I never ever want to hear of  Quickbooks again in my life.

<http://rogierfentenervanvlissingen.me?promo=email_sig&utm_source=product&utm_medium=email_sig&utm_campaign=gmail_api&utm_content=thumb>
Rogier Fentener van Vlissingen <http://rogierfentenervanvlissingen.me>

<http://rogierfentenervanvlissingen.me?promo=email_sig&utm_source=product&utm_medium=email_sig&utm_campaign=gmail_api&utm_content=thumb>

On Wed, Sep 22, 2021 at 10:16 PM <davidcousens49 at gmail.com> wrote:

> Rogier,
>
> Retained Earnings is an equity account so a retained earnings balance is
> recorded against equity itself as follows if your past retained earnings
> were a
> net profit (credit or +ve balance in your pevious set of accounts). If a
> net
> loss (debit or -ve balance_ then the debit and credit would be reversed
>                                             Dr       Cr
> Equity:Opening Balances:Retained Earnings    xxx
> Equity:Retained Earnings                              xxx
>
>
>
> You could equally well not transfer the individual equity sub account
> balances
> and just transfer the total opening balance for Equity to your new set of
> books
> and leave the balance at 0 for Equity:Retained Earnings and other sub
> accounts
> except where you have a specific need for the detail since the
> Retained earnings net balance contains no detail of the previous individual
> years profit loss contributions to equity in any case.
>
> This will all be contained in your previous set of books and the newly
> opened
> set of books will contain that detail forward from the date the new books
> were
> opened.
> David Cousens
>
> On Wed, 2021-09-22 at 16:21 -0400, Rogier F. van Vlissingen wrote:
> > OH, thanks
> >
> > Yeah, I already proceeded, I filled in the opening balances where I
> could,
> > and am now starting to create the other accounts which did not exist in
> the
> > standard chart of accounts, but trying to go and edit "retained
> earnings" I
> > do not see how I can add the opening balance.
> >
> > it's not too many accounts in all, probably 25 total.
> >
> > So, if I create that opening balance as a transaction e.g. for retained
> > earnings, where does the balancing transaction go? I guess I am not God's
> > greatest gift to the bookkeeping profession ;-)
> >
> > <
> >
> http://rogierfentenervanvlissingen.me?promo=email_sig&utm_source=product&utm_medium=email_sig&utm_campaign=gmail_api&utm_content=thumb
> > >
> > Rogier Fentener van Vlissingen <http://rogierfentenervanvlissingen.me>
> >
> > <
> >
> http://rogierfentenervanvlissingen.me?promo=email_sig&utm_source=product&utm_medium=email_sig&utm_campaign=gmail_api&utm_content=thumb
> > >
> >
> >
> > On Wed, Sep 22, 2021 at 4:00 PM Stephen M. Butler <
> > Stephen.M.Butler51 at gmail.com> wrote:
> >
> > > Roger,
> > >
> > > I found it easier to leave all the opening balances at zero while
> > > setting up the chart of accounts (COA).  Then I create one massive
> > > opening transaction dated (in your case) 12/31/2019.
> > >
> > > That way, if I find I forgot one account, I can add it later then go
> > > back and adjust the opening transaction to include an entry for that
> new
> > > account (I know the purist will have nightmares and would prefer you
> add
> > > a new transaction).
> > >
> > > --Steve
> > >
> > > On 9/22/21 12:43 PM, Rogier F. van Vlissingen wrote:
> > > > I am struggling to move an existing business into gnucash.
> > > >
> > > > Have a closing trial balance @  year end 2019
> > > >
> > > > In the setup screen I don't necessarily have all the accounts, so I
> > > imagine
> > > > I can set them up later, but some accounts that area available do
> not let
> > > > me put in an opening balance.
> > > >
> > > > E.g. "retained earnings" has a balance, but in the set up screen
> there
> > > is a
> > > > greyed out "zero" and I cannot set up the opening balance. Can I edit
> > > that
> > > > later?
> > > >
> > > > I tried this before, but was never able to figure it out.
> > > >
> > > >
> > > --
> > >
> > > Stephen M Butler, PMP, PSM
> > > Stephen.M.Butler51 at gmail.com
> > > kg7je at arrl.net
> > > 253-350-0166
> > > -------------------------------------------
> > > GnuPG Fingerprint:  8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8
> > >
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