Re: Opening Balance Equity

[Richard L. <ri...@th...>]

On Thursday 03 January 2002  4:54, David Wolf wrote:
> I'm sure this will be a (somewhat?) silly question.. I need to know how 
> to enter starting balances into the ledger. I tried making a GL entry 
> that wasn't balanced to open the accounts at '$x'.. but, of course it's 
> too smart for that ;)
> 
> So.. How do I do it? :)

You should really have an initial balance sheet that is ... in balance.  I 
haven't got my sql-ledger up and running yet so I don't know if it will 
accept a whole stack of opening balances in one GL posting, but if it 
won't, or if (like me) you are disorganized enough to be working through 
the opening balances piecemeal, you can start a liability account for 
opening balances and put all the contras in there.  When the opening 
balance is balanced, that account will be too.  Alternatively, wait a bit 
for a difinitive answer from some accountancy professional...
--
richard