Peter, Q1 You can create transactions between any of your assets and liability accounts at any time. The setup routine gives you the opportunity to do this while setting upp the accounts. It is just a normal transaction but you would normally create this at the date on which you open the books with the balances of the requisite external accounts at that date.
Q2. Liabilities would not be kept under Equity in any accounting practice anywhere. Your previous treasurer was not following any standard accounting practice. It will actually work since the debit and credit entries have the same sense for Liability and Equity accounts, but it removes the ability of the balance of the Equity accounts to reflect the overall financial state of the set of books and a Balance Sheet report would be effectively useless without external manipulation. Q3 .Using the account numbering scheme is the way to make accounts appear in a particular order within the standard top level account headings Assets, Liabilities, Equity, Income and Expenses. There are standard numbering scheme often used in some accounting practice. There are some discussions of the reasons for numbering schemes and some standard practice at https://en.wikipedia.org/wiki/Chart_of_accounts#:~:text=Account%20numbers%20are%20often%20five,%2C%22%20it%20is%20an%20asset. and https://www.accountingtools.com/articles/chart-of-accounts-numbering.html or https://www.accountingcoach.com/chart-of-accounts/explanation. Some counties require a particular order in the presentation of accounts in financial reports. The account numbers in GnuCash are a multidigit number with no internal punctuation AFAIK so make sure you have enough digits for the numbe rof levels of sub-accounts in your account heirarchy. David Cousens ----- 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.
