[GNC] another beginner question

[Derek Atkins]

Well, if you put your O-B on all your Assets and Liabilities, then yes,
that *IS* your current equity in the company.

If you think the balance is too big, then most likely you haven't added
all your liabilities.

Keep in mind that Income and Expense are actually Equity-type accounts, in
the sense that In & Ex affect your instantaneous equity.  So when you
restart, you are rolling up a decade of equity built via Income (-
Expense).

Hope this helps,

-derek

On Thu, January 5, 2023 7:28 pm, Simon Roberts wrote:
> Right now I have set up my transition from quickbucks to Gnc such that all
> the bank accounts have an opening balance, which is drawn from
> "Equity:Opening Balances". However, I think that's ... wrong/misleading,
> in
> that this is most definitely not money I just handed over to create the
> business. It's been running 18 year, and it's just that the transition to
> this software is happening now. it makes the balance sheet look like I
> have
> a bunch more equity in there than perhaps I really do (although I'm a
> single-owner LLC, so I'm not really sure!)
>
> Is there a better way to create those opening balances that makes better
> sense, or is this really the right way to do it?
>
> Thanks for any guidance/suggestions!
> Simon
>
> --
> Simon Roberts
> (303) 249 3613
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-- 
       Derek Atkins                 617-623-3745
       derek at ihtfp.com             www.ihtfp.com
       Computer and Internet Security Consultant