Do I put the 15000 I paid for the business in opening balance equity?
submitted by opening balance equity

Arnold

No. List the assets, then subtract the liabilities, and the difference is the equity. What you paid for the assets, net of the debt you assumed, represents your cost, but not the business equity.

berdena

no

Derek

That $15,000 is gone. It's not in the business, so it's not equity.

The appropriate account for the money is the former owner's Cash account.