[GNC] Starting balance of new account is not $0

[Michael or Penny Novack]

> A brand new credit account would have a zero balance.  A brand new cash or
> checking account *could* have the initial deposit as the starting balance.
> Am I completely off the rails here?

I wouldn't say completely.

But because folks new to double entry bookkeeping can be tripped up by 
details.

1) If a new credit card is issued in the course of a transaction with a 
vendor (whose credit card it is) it might have an initial charge. I have 
experienced this << offer -- we will give you X off on that purchase 
today if you open a CC with us >> So IF you create accounts with the 
opening balance wizard, could have an initial balance. But see "2", 
because just like that this purchase had another side to the transaction 
(other than equity).

2) If you open a new bank account with an initial balance (initial 
deposit) that is a transaction with a defined date. This is a case where 
I would certainly not use the wizard. I would create the account with 
zero balance and then enter a transaction for the deposit. There was 
another side to that transaction other than equity.

3) There is no need to use the wizard at all. In the old days this was 
done with a transaction (or transactions) defining the opening date of 
the books. You can still do it that way.

Michael D Novack