On Thursday, 5 March 2026 13:07:48 GMT Hartmut W Sager wrote:
>
> Opening balance of an account: This cannot be properly achieved by simply
> adding a record that pre-dates the actual transaction records (or by using
> the actual first transaction record). One *must use* the opening balance
> field of the "create new account" dialogue, *which is immutable*, and among
> other things (if done to all balance-bearing accounts), will result in a
> correct *opening equity* (assets minus liabilities) of the whole "set of
> books". These immutable (and reconciled) opening balances also form the
> correct basis for subsequent reconciliations.
Just for the record, Hartmut,
Gnucash absolutely does permit a "manual" opening balance transaction to be
created. One does not *have* to use the "create new account" dialog box.
>
> Reconciliation: The *only* purpose of account reconciliation is to confirm
> (or achieve) that an account balance in the books agrees with the account
> balance at the bank. ("Only", but it is absolutely essential.)
> Reconciliation does not, in any other way, affect the integrity of equity,
> assets, liabilities, etc.
>
following on from the recent etymology of "Cheque", "reconcile" means "to
agree - to settle a dispute - to come to an accord" You and some other
person (ie the bank) both present your view of the account and by reconciling,
you agree that as of some (random) date this list of txns has cleared and so
the balance has changed from x to y. (I have found bank errors but mostly
reconciling picks up my errors!). Of course, one cmay "abuse" the
reconcililiation in GC to track a contra-account etc. of refundables or so
on.
glad you're enjoying the group and using the software!
Maf.
> Hartmut W Sager
>
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