[GNC] N00b accounting q: opening balances
John Edward Hynes
john at hytronix.com
Sat Apr 30 10:32:10 EDT 2022
Hi list,I’m very new to accounting and gnucash. In setting up a hypothetical business, I have a question about opening balances:I entered $1000 in the equity opening balances account, transfer to current assets checking. I also added the savings opening balance, and machinery starting book value, in the same way.Shouldn’t the open balances equity zero out after appearing in the “target” accounts correctly? There’s no imbalance, everything looks fine, except that opening equity account doesn’t decrease. Should it, or is this normal?Thanks!
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