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From: Richard L. <ri...@th...> - 2002-02-16 08:32:52
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On Saturday 16 February 2002 8:13, Tom Cooper wrote: > Hi all, > > I am rying to set up a new database. How do i set up initial > account balances? The FAQ mentoins doing a GL entry, > but I can't do it. If I want to credit the cheque account, what > do I debit? Unless you are in the red, you probably want to _debit_ the cheque account. Use your balance sheet at the end of the previous period to set all the starting balances, which should then be in balance. What I would do (I'm no accountant so ask an expert) when I have to leave the account out of balance temporarily, is this. I set up a liability account called "starting balance" to hold the unbalanced amount. That account reverts to zero once I have sorted the balances of all the accounts. -- richard |