On 9/6/2017 6:00 AM, Nigel Snow wrote:
Hi,
I am new to GnuCash.
I have finished setting up my chart of accounts manually, but now I need to
populate Opening Balances.
I understand that option was only available in the wizard.....
The question is how to set up Opening Balances Manually?
Exactly, you enter the transaction manually (just like you will be
entering other transactions). In other words, this is simply the first
transaction of the accounting period.
BUT -- because doing a two way split transaction is tricky, I suggest
you use TWO transactions, one for the credit side of equity and one for
the debit side.
You want a BALANCE SHEET from your old method of accounting that would
be valid for the first day of your new set of books under gnucash. Look
at the total assets amount. Create a transaction to credit equity for
that amount and hit split. Change the split amount to the first asset
account amount and specify the account. Repeat till there is nothing
left in Imbalance. Then that side of the split is done. OK, now do the
same for the total amount of liabilities except this time you are doing
a debit to equity.
Michael D Novack
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