I really need to talk with someone to get this right. My equity opening
balance is $ 6802.59 ( close enough) on 1/1 24, and my check register
is $3892.258 on 1/1/24 and my petty cash is $5 on 1/1 /24, so why does
my equity account value on show up as equal to the assets? I thought
the equity account would show as the balance of all owners investment in
the business, and as a liability, and thus a negative number. Would a
bookkeeper or accountant who may not be familiar with Gnucash be able to
help me figure this out?
Note: I have returned the Equity parent account to placeholder, and I
see there is an Opening Balance Equity as a child account of that. So
really, is my opening balance equity just the total of my assets on
1/1/24, or is it a register snapshot of a capital account, as of Jan
1st, meaning all the $ I have shoveled into this turkey since day one,
starting back in 2021? I feel I should enter $ 6802.59, and I think
that goes on the credit side, ( an increase in GnuCash)) since it is a
'special liability', where the bank account was debited that amount,
over time, in 2021. I am starting these books fresh as of Jan 1 2024.
Thank you, I just need some hands on help getting me started.
Brian
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