Setting up accounts from scratch

This section is intended for people who are using a personal finance program for the first time, or can't import their data into GnuCash using the QIF importer.

If you want, GnuCash can help set up a default set of accounts for you, using the New Account Setup druid. What's a druid? Well, it's kind of like a wizard, but it's called a druid. Why? Because it's not a wizard, it's a druid . . .

Anyway, the druid will take you through the process of creating a set of accounts to get you going. To get started, go to the "File" menu (in the top left hand corner of the GnuCash window), and select "New File". Simply follow the prompts to select a default currency, then select the types of accounts you wish to create. You will then be given the opportunity to enter opening balances for these accounts. Now, here's where things get a little tricky. The opening balances are just a transaction, but where is it transferred from? A special account of type "equity" is created, called "Opening Balances", and all opening balances consist of a transfer to (or from) this account.