tag:infinitekind.tenderapp.com,2009-01-14:/discussions/suggestions/13205-support-equity-accounts-notably-equityopening-balancesInfinite Kind: Discussion 2020-08-23T00:20:22Ztag:infinitekind.tenderapp.com,2009-01-14:Comment/483557482020-05-22T23:25:46Z2020-05-22T23:25:46ZSupport Equity accounts (notably, Equity:Opening-Balances)<div><p>I'm a fellow user.</p>
<p>There is no reason you cannot create an account or a category (which are really a type of account) for this and draw against them for the opening balance, The Initial balance field is just a convenient approach for the average user.</p>
<p>GNUCash is of course a full accounting program while Moneydance is really aimed at Personal Finance but with accounting rules determining how transactions work.</p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/483557482020-05-23T19:46:27Z2020-05-23T19:46:28ZSupport Equity accounts (notably, Equity:Opening-Balances)<div><p>Categories are income or expense; the entire reason to not use them for this is that doing so torches your ability to answer the question "how much income or expense do i have for the period in question?"</p>
<p>Using an asset account (and letting it become negative) is possibly better, but will torch your ability to answer the question "What's my net worth"?</p>
<p>That's why equity accounts exist in accounting.</p></div>peterbtag:infinitekind.tenderapp.com,2009-01-14:Comment/483557482020-05-23T21:12:05Z2020-05-23T21:12:05ZSupport Equity accounts (notably, Equity:Opening-Balances)<div><p>I would make the following observations</p>
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<p>A category can be excluded from a report so the values are not included</p>
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<p>An account can be marked as inactive, so while still usable the balance will not be shown and again such an account can be included or excluded from reports at will.</p>
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<p>The mot common equity account in accounting is owners equity in a business, which are shareholders funds in a public company and these values are shown in a balance sheet.</p></div>dwgtag:infinitekind.tenderapp.com,2009-01-14:Comment/483557482020-05-24T00:18:53Z2020-05-24T00:18:54ZSupport Equity accounts (notably, Equity:Opening-Balances)<div><p>Sure, there are ways to hack around the lack of equity accounts. But since this was the 'suggestions', forum, I'm suggesting fixing the lack instead of asking for workarounds.</p></div>peterb