Re: Setting up initial account balances

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

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