[GNC] Newbie question

[Steve Welch]

Thanks Michael!  Yep, makes total sense (I do accounting work as part of my day job, so I understand double entry).  I played around with making an opening balance entry, but things are still way off.  Sigh.  Now I’m gonna have to get creative and figure out what didn’t import correctly via QIF…
Such fun!

Steve

> On Sep 26, 2021, at 6:16 PM, Fross, Michael <michael at fross.org> wrote:
> 
> Hello Steve.  Welcome to GnuCash!  
> 
> While I'm not an expert, in my experience, an opening balance is just a normal transaction.  There are typically two splits.  (1) is a deposit into the account, and (2) is a withdrawal from the Equity:Opening Balances account.  Remember GnuCash used double entry accounting so the insert has to match with a decrease elsewhere.
> 
> Good luck.
> 
> Michael
> 
> On Sun, Sep 26, 2021 at 4:40 PM Steve Welch via gnucash-user <gnucash-user at gnucash.org <mailto:gnucash-user at gnucash.org>> wrote:
> Hi!
> 
> I’m just getting started with GnuCash and have imported my QIF file from Moneydance.  Excited to take it for a spin!
> My question is regarding beginning (opening) account balances.  Moneydance has an opening balance field in the account setup window, but evidently that field isn’t accessible in GnuCash unless setting up a new account.
> The problem I seem to be having is that the beginning balances that had been in Moneydance did not import into Gnu, so my accounts are off.
> I am figuring I can manually enter an opening balance transaction for each account but wanted to make sure I wasn’t missing a more elegant (or obvious) solution.
> 
> Thanks,
> 
> Steve
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