[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.

sunfish62 at yahoo.com sunfish62 at yahoo.com
Thu Jan 9 22:21:37 EST 2025


https://www.gnucash.org/viewdoc.phtml?rev=5&lang=C&doc=guide

⁣David T. ​

On Jan 10, 2025, 3:38 AM, at 3:38 AM, David Cousens <davidcousens49 at gmail.com> wrote:
>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
>> 
>
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