[GNC] Ok how do i begin? How do I open my new acct with a credit balance in my bank acct? This is for my opening balance in my new biz acct.

[David Cousens]

Bob

This will surprise you but the transaction is

Asset:Bank account   Debit  xxxx
Equity:Opening Balances   Credit  xxxx


The basics section of the Tutorial and Concpets Guide has an
introduction to the use of the terms debit and credit in accounting
practice.  

The main thing to remember is these are reversed in your books from the
bank's use of them on statements as those statements are issued by them
from their accounting perspective.  

Your bank account is a liability for a bank as they have to be able to
come up with the money if you demand it.

Likewise your credit card is an asset in the bank's accounting system
but a liability in your books.

David Cousens


On Thu, 2025-01-09 at 18:00 -0600, bullish bob bagley via gnucash-user
wrote:
> please keep it simple....Thank you...b³
>