[GNC] Account setup

[Rogier F. van Vlissingen]

thanks,

I agree with you, in this case though it is about the one time setup of the
opening balances, and I made a typo, but I was not able to figure out how
to edit the transaction. But I think maybe I have it now, I think it is you
go in to the GL Journal and then you can edit the line items. The whole
point is that if you keep that setup in ONE transaction, you can make sure
that it balances. Having said that, I am not clear how to add another line
item to an existing transaction.

For anything after that, I would agree with your observation that it is not
kosher to edit a transaction, you always make a correcting entry. I think
what I have here is a special case, just setting up the opening balances. I
was moving from QB to Gnucash.


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Rogier Fentener van Vlissingen <http://rogierfentenervanvlissingen.me>

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On Tue, Sep 28, 2021 at 6:23 PM Michael or Penny Novack <
stepbystepfarm at comcast.net> wrote:

> On 9/28/2021 1:16 PM, Rogier F. van Vlissingen wrote:
> > Thanks to everyone for helping out.
> >
> > What worked for me in the end was
> >
> >     1. to set up the COA first, without attempting any opening balances,
> and
> >     then
> >     2. to create a single transaction to set up the opening balances on
> >     1/1/2020.
> >
> > As it was, I had an ending trial balance on 12/31/2020, but there were a
> > few mistakes floating around, so in my setup, I made those corrections,
> and
> > settled it against retained earnings, by making that the final line item
> in
> > my opening transaction.
> >
> >
> >     - One thing I was not able to figure out. If I do set up this way,
> and I
> >     made a mistake in my initial g/l transaction is there a way to edit
> that
> >     transaction, or am I doomed to simply start over and do it the right
> way?
> >     - And since I made a false starts, I now have a couple of sets of
> books
> >     that I want to get rid of, but I wasn't sure how to do it, other
> than just
> >     deleting the file in the file system.
>
> a) Correcting the books --- this depends on how formal you are. Gnucash
> will allow you to edit exiting transactions. That is the informal way,
> maybe OK for personal books unlikely to be audited. The technically
> correct way in formal bookkeeping is to enter a correction transaction
> offsetting the error, with description referring to the original being
> corrected. That's what I do, but then most of my books are
> organizational, not my personal books. A treasurer of an organization
> should do it the right way.
>
> b) Deleting  books --- yes, simply delete the file. Just like to make a
> backup you make a copy of the file.
>
> Michael D Novack
>
>
>
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