I dont have another asset account,yet.......soon I will have a business
checking account, but in the meantime, I do I tell the software I
started a business with an initial investment of 500.00, and that money
should be in petty cash?
------ Original Message ------
From "Rich Shepard" <rshep...@appl-ecosys.com>
To gnucash-user@gnucash.org
Date 3/11/2023 1:51:40 PM
Subject Re: [GNC] new user woes
On Sat, 11 Mar 2023, Jamie wrote:
its really a question on the software, not accounting practices........my
initial investment, for now, is 500.00......how can I get the 500.00 into
Owner equity, and then get it into petty cash, like I said I tried the
transfer button on the toolbar, and when I do that, I end up with 1000.00
in my equity account?
Jamie,
I'm not an accountant.
Why do you want to want to do the above? Consider an asset account called
'petty cash' and provide a starting balance by transfering it from checking,
savings, or another asset account.
You'll be gaining income from this business, and have expenses (which can be
attributed to each rental unit or customer) and probably have to pay taxes
on the revenue. Where equity enters the picture I've no idea.
Also, keep the thread on the mail list as it may be of value to others now
or later.
Regards,
Rich
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