Setting opening balances retrospectively.

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Setting opening balances retrospectively.

Adam Funk
(I've been experimenting with gnucash with the intention of "going
live" with it at the beginning of October.)

I noticed that when you create an account you have the option of
setting an opening balance, but you can't do this retrospectively with
"Edit account" from the accounts tree.  So I've been setting up asset
& liability accounts with very rough guesses of opening balances and
01 Oct as the relevant date, since I know that I can correct those values
in the register later.  But do I need to do this at all?

Is there any difference between an opening balance entered in the
"Create account" dialogue and a manual register entry with the typed
description "Opening Balance" offset against "Equity:Opening
Balances"?

And when, if ever, does an "Opening Balance" get locked --- when I
reconcile the account?

Thanks,
Adam

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Re: Setting opening balances retrospectively.

Maf. King
On Friday 22 September 2006 11:24, Adam Funk wrote:
>
> Is there any difference between an opening balance entered in the
> "Create account" dialogue and a manual register entry with the typed
> description "Opening Balance" offset against "Equity:Opening
> Balances"?

Not as far as I am aware.  One way saves typing!

>
> And when, if ever, does an "Opening Balance" get locked --- when I
> reconcile the account?
>

No.  AFAIK, no register transaction gets "locked" (unless it is a posted
invoice from the business section), but once it is reconciled, you will get a
warning if you subsequently try to alter it.

HTH,
Maf.

> Thanks,
> Adam
>
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Re: Setting opening balances retrospectively.

Derek Atkins
In reply to this post by Adam Funk
Adam Funk <[hidden email]> writes:

> I noticed that when you create an account you have the option of
> setting an opening balance, but you can't do this retrospectively with
> "Edit account" from the accounts tree.  So I've been setting up asset
> & liability accounts with very rough guesses of opening balances and
> 01 Oct as the relevant date, since I know that I can correct those values
> in the register later.  But do I need to do this at all?

No.

> Is there any difference between an opening balance entered in the
> "Create account" dialogue and a manual register entry with the typed
> description "Opening Balance" offset against "Equity:Opening
> Balances"?

Nope, no different at all.

> And when, if ever, does an "Opening Balance" get locked --- when I
> reconcile the account?

Well, as much as anything in gnucash is "locked"..  But yeah, once
you reconcile the account (and reconcile the Opening Balance) then
it'll warn you if you try to modify it again.

> Thanks,
> Adam

-derek

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       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
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Re: Setting opening balances retrospectively.

Adam Funk
On 2006-09-22, Derek Atkins <[hidden email]> wrote:

>> And when, if ever, does an "Opening Balance" get locked --- when I
>> reconcile the account?
>
> Well, as much as anything in gnucash is "locked"..  But yeah, once
> you reconcile the account (and reconcile the Opening Balance) then
> it'll warn you if you try to modify it again.

Sounds reasonable.

Thanks for the continuing advice!

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