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Re: Beginning balances
- Subject: Re: Beginning balances
- From: Chris Travers <..hidden..>
- Date: Thu, 16 Apr 2009 20:35:54 -0700
On Thu, Apr 16, 2009 at 7:59 PM, James Stevens <..hidden..> wrote:
> I've looked around, even in the manual and don't see any reference on
> how to establish beginning balances (My Bank/checking account)
> I would think to go to GL and add a transaction however, I don't want to
> put another account in the negative. Should I create a temporary account
> in the Chart of accounts and debit it to add my balance to the Bank
> account? Then delete the temporary account from the Chart of accounts ?
Enter all beginning balances via a GL transaction. If you still have
a balance, put it in an equity account.
Books should be balanced (and the sum of all amounts in the books 0)
at all times.