Thanks to all of you for responding. I will sort it out now, - Fortunately, the number of accounts is small, so it is manageable. - Unfortunately, that trial balance is all I had, plus some manual corrections that were made at tax time that will have to be entered once I set it up, then do a year end for 2019, so that I will have a clean start in 2020. I have no option of going back and closing a set of books that does not exist anymore. all I have is the trial balance.
BTW, this came out of QB. Got rid of a bookkeeper who messed up the books and I never ever want to hear of Quickbooks again in my life. <http://rogierfentenervanvlissingen.me?promo=email_sig&utm_source=product&utm_medium=email_sig&utm_campaign=gmail_api&utm_content=thumb> Rogier Fentener van Vlissingen <http://rogierfentenervanvlissingen.me> <http://rogierfentenervanvlissingen.me?promo=email_sig&utm_source=product&utm_medium=email_sig&utm_campaign=gmail_api&utm_content=thumb> On Wed, Sep 22, 2021 at 10:16 PM <davidcousen...@gmail.com> wrote: > Rogier, > > Retained Earnings is an equity account so a retained earnings balance is > recorded against equity itself as follows if your past retained earnings > were a > net profit (credit or +ve balance in your pevious set of accounts). If a > net > loss (debit or -ve balance_ then the debit and credit would be reversed > Dr Cr > Equity:Opening Balances:Retained Earnings xxx > Equity:Retained Earnings xxx > > > > You could equally well not transfer the individual equity sub account > balances > and just transfer the total opening balance for Equity to your new set of > books > and leave the balance at 0 for Equity:Retained Earnings and other sub > accounts > except where you have a specific need for the detail since the > Retained earnings net balance contains no detail of the previous individual > years profit loss contributions to equity in any case. > > This will all be contained in your previous set of books and the newly > opened > set of books will contain that detail forward from the date the new books > were > opened. > David Cousens > > On Wed, 2021-09-22 at 16:21 -0400, Rogier F. van Vlissingen wrote: > > OH, thanks > > > > Yeah, I already proceeded, I filled in the opening balances where I > could, > > and am now starting to create the other accounts which did not exist in > the > > standard chart of accounts, but trying to go and edit "retained > earnings" I > > do not see how I can add the opening balance. > > > > it's not too many accounts in all, probably 25 total. > > > > So, if I create that opening balance as a transaction e.g. for retained > > earnings, where does the balancing transaction go? I guess I am not God's > > greatest gift to the bookkeeping profession ;-) > > > > < > > > http://rogierfentenervanvlissingen.me?promo=email_sig&utm_source=product&utm_medium=email_sig&utm_campaign=gmail_api&utm_content=thumb > > > > > Rogier Fentener van Vlissingen <http://rogierfentenervanvlissingen.me> > > > > < > > > http://rogierfentenervanvlissingen.me?promo=email_sig&utm_source=product&utm_medium=email_sig&utm_campaign=gmail_api&utm_content=thumb > > > > > > > > > On Wed, Sep 22, 2021 at 4:00 PM Stephen M. Butler < > > stephen.m.butle...@gmail.com> wrote: > > > > > Roger, > > > > > > I found it easier to leave all the opening balances at zero while > > > setting up the chart of accounts (COA). Then I create one massive > > > opening transaction dated (in your case) 12/31/2019. > > > > > > That way, if I find I forgot one account, I can add it later then go > > > back and adjust the opening transaction to include an entry for that > new > > > account (I know the purist will have nightmares and would prefer you > add > > > a new transaction). > > > > > > --Steve > > > > > > On 9/22/21 12:43 PM, Rogier F. van Vlissingen wrote: > > > > I am struggling to move an existing business into gnucash. > > > > > > > > Have a closing trial balance @ year end 2019 > > > > > > > > In the setup screen I don't necessarily have all the accounts, so I > > > imagine > > > > I can set them up later, but some accounts that area available do > not let > > > > me put in an opening balance. > > > > > > > > E.g. "retained earnings" has a balance, but in the set up screen > there > > > is a > > > > greyed out "zero" and I cannot set up the opening balance. Can I edit > > > that > > > > later? > > > > > > > > I tried this before, but was never able to figure it out. > > > > > > > > > > > -- > > > > > > Stephen M Butler, PMP, PSM > > > stephen.m.butle...@gmail.com > > > kg...@arrl.net > > > 253-350-0166 > > > ------------------------------------------- > > > GnuPG Fingerprint: 8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8 > > > > > > _______________________________________________ > > > 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. > > > > > _______________________________________________ > > 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. > > _______________________________________________ > 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. > _______________________________________________ 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. 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