I took the advice of others here and the docs when I started my GNC instance a few years ago. For the first year of operation, I chucked everything I discovered I hadn't yet tracked into Equity::Opening Balances as recommended.

All well and good, but now every Balance Sheet has that Equity account on it. I realize it's true (at least as true as my accounting over the years), but I haven't added anything to it since the end of 2020 and I now wonder if it just becomes a permanent fixture or if it should be rolled up into some other account for some reason.

I understand that this account is just used when you're setting up the books in GNC and has balancing transactions for new assets, liabilities, or equities that you're just entering into the books. (eg. Debit newly-entered Asset::..::Savings that existed before; Credit Equity::Opening Balances.) Everything balances, but now that opening balance lies there on every Balance Sheet ever printed thereafter. :)

1 Answer 1


Yes, the Opening Balance will stay the same, even if you use the "Close Book" feature every last day of the year to move all Income and Expense into Equity:Retained Earnings.

The way to hide the Opening Balance from the balance sheet is to display Equity as a whole.

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .