[GNC] support for a new company

[bullish bob bagley]

b.  we started in 1989.  been with qb for decades.....moved to linux and 
want to stay with gnucash., paid in cash is because i make a lot of 
market mistakes,     net income--I put the ? there because I wasn't sure 
of the net income and total equity showing since my bank balance did not 
carry forward either---but the numbers do all add up correctly, retained 
earnings is definitely in my qb version, as is capital stock and add 
paid in capital  (my Sarbanes oxley auditor asked me not to leave qb 
until after my fiscal 09.2024 yr end)  i am impressed with gnucash and 
the people even more.

the books of gnucash are just fine for my corporation.  I just do not 
know how to set up the opening transactions.

And by the way, the folks on gnucash are INFINITELY nicer that msft ever 
thought about being.  At today's close msft's PE ratio was 34.45.  In my 
opinion, the folks on the gnucashboard deserve at least two more Zeroes 
on your PE, and i would not blanche if you added 3 zeroes.  You are that 
good.  I know you are not publicly traded, but quality is quality!!!!!....b³


On 1/13/25 4:48 PM, Michael or Penny Novack via gnucash-user wrote:
> 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
>
>
-- 
Since 1989 Fully Disclosed Broker/Dealer SEC: MPID BOBS, FINRA, SIPC, 
State Securities Board of TX, *www.bullish.org bbagley at bullish.org 
972.BUL.LISH, 285.5474 landline***