[GNC] new user woes

[Jamie Tolbert]

  I dont have another asset account,yet.......soon I will have a business 
checking account, but in the meantime, I do I tell the software I 
started a business with an initial investment of 500.00, and that money 
should be in petty cash?


------ Original Message ------
>From "Rich Shepard" <rshepard at appl-ecosys.com>
To gnucash-user at gnucash.org
Date 3/11/2023 1:51:40 PM
Subject Re: [GNC] new user woes

>On Sat, 11 Mar 2023, Jamie wrote:
>
>>its really a question on the software, not accounting practices........my
>>initial investment, for now, is 500.00......how can I get the 500.00 into
>>Owner equity, and then get it into petty cash, like I said I tried the
>>transfer button on the toolbar, and when I do that, I end up with 1000.00
>>in my equity account?
>
>Jamie,
>
>I'm not an accountant.
>
>Why do you want to want to do the above? Consider an asset account called
>'petty cash' and provide a starting balance by transfering it from checking,
>savings, or another asset account.
>
>You'll be gaining income from this business, and have expenses (which can be
>attributed to each rental unit or customer) and probably have to pay taxes
>on the revenue. Where equity enters the picture I've no idea.
>
>Also, keep the thread on the mail list as it may be of value to others now
>or later.
>
>Regards,
>
>Rich
>
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