Hi, When a company is set up in the UK, if by just one person, they get a share which has a nominal value of £1.
I'm trying to put my accounts starting this financial year into GnuCash. I was not sure where this £1 should go - if anywhere. So I asked my accountant. See below my question in bold, and his answer in red. * "4) Where should the initial nominal £1 share when the company is set up be recorded? Should that show as £1 equity in the company as an opening balance, or is it ignored in accounts submitted after the first submission? * *The opening £1 share is shown and brought forward share capital in the accounts under the ‘capital and reserves’ section."* I assumed this meant I added £1 to the Equity, so I created an account Equity -> Capital and Reserves -> Share Capital with the intention of adding the £1 share there as an opening balance. But it is not possible to edit the opening balance of that account. I assume it's me, as the director, that owns that £1 share. I guess, since it's only a very small amount, I can ignore it, but it would be nice to know where it should go. Any thoughts on where this should go? Dr David Kirkby Ph.D Email: drkir...@kirkbymicrowave.co.uk Web: https://www.kirkbymicrowave.co.uk/ Kirkby Microwave Ltd (Tel 01621-680100 / +44 1621-680100) Stokes Hall Lodge, Burnham Rd, Chelmsford, Essex, CM3 6DT. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
