[GNC] support for a new company

[Michael or Penny Novack]

On 1/13/2025 3:18 PM, bullish bob bagley via gnucash-user wrote:
> On the equity side of my balance sheet
>
> How do i set up my beginning numbers  (i followed your instructions to 
> do the equity opening balances for my bank accts) for my
> Equity Entries
>     Capital Stock
>     Add Paid in Capital
>     Retained Earnings
>         net income ?
>
> I have the manual bookmarked, but i am still lost.    Thank you...b³
>
Sorry, but the "tutorial"/"manual" is NOT going to be sufficient to 
teach you "accounting for a corporation". We can help you with "how do I 
do this using gnucash" (as opposed to say "pen and ink on paper". I do 
have a couple suggestions, though.

a) Ignore the shortcut for starting. Use explicit transactions, possibly 
for each account. Unlike personal books or sole proprietorships, you 
can't just lump equity together.

b) Curious -- this is a new corp? Who OWNS this "additional paid in 
capital" (where is it coming from). I don't see why you are puzzled by 
"net income" if new (never closed the books). Retained earnings (or 
losses) is implicit in the unclosed income and expense accounts.

Again, you are going to need an "Accounting for a Corporation 101" type 
text. And/or seek professional help (what accounts you will need, what 
the opening transactions look like, etc.)

Michael D Novack


-- 
There is no possibility of social justice on a dead planet except the equality of the grave.