Adrien That is only true if in the new book all the transactions into Income and Expense accounts (to and from Asset and Liability accounts) are also brought into the new book (but why would you want to do that?) but if just the balances of the Asset and Liability accounts are transferred to the new book, then the Opening Balance entries in Equity automatically include the Retained Earnings to that point implicitly since at the point of closure of the old book we should have:
Assets - Liabilities = Equity + (Income - Expenses) = Equity + Retained Earnings hence if we record the correct Asset and Liability balances with the second splits to Equity:OpeningBalances we are effectively transferring the value of Equity including the value of retained Earnings to the point of closure into the new book. Hope this makes this a bit clearer. David ----- David Cousens -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
