2013-04-27 GnuCash IRC logs
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02:30:02 <ajitabhpandey> Hi Folks, Needed some advise on GNU Cash.
02:30:42 <ajitabhpandey> I recently migrated my company account to GNU cash. This will be my second audit and I want it to happen on GNUcash.. Had some queries on opening balance.
02:32:08 <ajitabhpandey> I made the following initial entries from the last years balance sheet of manual audit
02:33:00 <ajitabhpandey> The closing balance of cash in hand, bank account and sundry debtors (Account receivables) were entered as it is
02:33:13 <ajitabhpandey> as opening balance of 1st April 2012.
02:35:13 <ajitabhpandey> However the last years balance sheet shows a capital account (liability) of my initial investment in the company. Do I need to enter this closing balance of Capital Account as opening balance of 1st April 2012? I am confused at this moment because this account being a liability has given me a tax benefit already during last audit, so if I enter again as opening balance then this years audit it will still show in as liability
02:35:21 <ajitabhpandey> any suggestions?
02:39:42 <ajitabhpandey> Also how do I enter the profit & loss account opening balance. My guess us this should go in as retained earnings in the equity account, am I correct. And I also think that I should no longer be entering the opening balance for capital account (unless I am adding any new capital to the business).
02:39:54 <ajitabhpandey> Please let me know if my assumptions are correct
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