[GNC] New Company Snafu

[Ed Greenberg]

On 2/8/25 15:15, bullish bob bagley via gnucash-user wrote:
> /*New user to gnucash.  Made TWO*/ mistakes setting up books!
>
> My opening balance is wrong.  Both of these are different numbers.  
> 533,800.35
>
> My imbalance-usd is wrong.   They do no add up.  so there is a 
> difference???????   542.923.35  if you need live #'s to play with.
>
> If you hand delete these entries, my books are to the penny and just 
> fine.  So, how do i eliminate the wrong entry for my opening balance 
> and I have no idea how the imbalance-usd # came on the scene.
>
> Your suggestions will be greatly appreciated.   Thank you....b³ (again 
> everything else is fine except for these two erroneous beginning 
> entries of setting up my first books in gnucash)
>

When I set up a new set of books for an existing entity, I do each 
account that has a balance with an entry that has an opposite account of 
"Opening Balances".  I made this an equity account.

Thus an asset is:

Debit Cash.........10000.00

     Credit Opening Balances ........ 10000.00

A Liability or equity account is similar except that you debit Opening 
Balances and credit the account you are establishing.

The result of this is that the opening assets, less the opening 
liabilities + opening equity accounts will flow to your equity.

Remember:  Assets = Liabilities + Equity and if you do this, yours will 
match this equation.  You should have nothing in Imbalance.

Stay in the black,

Ed Greenberg