diff --git a/api/app/account/fixtures.py b/api/app/account/fixtures.py
index 88f3c52..94ab0a7 100644
--- a/api/app/account/fixtures.py
+++ b/api/app/account/fixtures.py
@@ -1,4 +1,5 @@
 from datetime import date
+from decimal import Decimal
 
 from account.resource import AccountResource
 from account.schemas import AccountCreate, CategoryCreate
@@ -29,36 +30,42 @@ fixtures_account = [
       "parent_path": None,
       "type": "Asset",
       "opening_date": date(1970, 1, 1),
+      "opening_balance": Decimal("0.00"),
     },
     {
       "name": "Cash in Wallet",
       "parent_path": "/Accounts/Asset/Current Assets/",
       "type": "Asset",
       "opening_date": date(1970, 1, 1),
+      "opening_balance": Decimal("0.00"),
     },
     {
       "name": "Checking Account",
       "parent_path": "/Accounts/Asset/Current Assets/",
       "type": "Asset",
       "opening_date": date(1970, 1, 1),
+      "opening_balance": Decimal("0.00"),
     },
     {
       "name": "Savings Account",
       "parent_path": "/Accounts/Asset/Current Assets/",
       "type": "Asset",
       "opening_date": date(1970, 1, 1),
+      "opening_balance": Decimal("0.00"),
     },
     {
       "name": "Debt Accounts",
       "parent_path": None,
       "type": "Liability",
       "opening_date": date(1970, 1, 1),
+      "opening_balance": Decimal("0.00"),
     },
     {
       "name": "Credit Card",
       "parent_path": "/Accounts/Liability/Debt Accounts/",
       "type": "Liability",
       "opening_date": date(1970, 1, 1),
+      "opening_balance": Decimal("0.00"),
     },
 ]
 
diff --git a/api/app/account/resource.py b/api/app/account/resource.py
index 65309c1..4442b87 100644
--- a/api/app/account/resource.py
+++ b/api/app/account/resource.py
@@ -1,6 +1,8 @@
 from sqlmodel import select
 
 from account.models import Account
+from transaction.models import Split, Transaction
+
 
 class AccountResource:
     @classmethod
@@ -18,6 +20,25 @@ class AccountResource:
         model.parent_account = cls.get(session, model.parent_account_id)
         return model.parent_account
 
+    @classmethod
+    def create_opening_transaction(cls, session, account, schema):
+
+        equity_account = cls.get_by_path(session, "/Equity/")
+        t = Transaction()
+        split_opening = Split()
+        split_opening.id = 0
+        split_opening.transaction = t
+        split_opening.account = account
+        split_opening.amount = schema.opening_balance
+
+        split_equity = Split()
+        split_equity.id = 1
+        split_equity.transaction = t
+        split_equity.account = equity_account
+        split_equity.amount = - schema.opening_balance
+
+        account.transaction_splits.append(split_opening)
+
     @classmethod
     def schema_to_model(cls, session, schema, model=None):
         try:
@@ -27,6 +48,7 @@ class AccountResource:
                 schema.path = ""
                 schema.family = ""
                 model = Account.model_validate(schema)
+                cls.create_opening_transaction(session, model, schema)
         except Exception as e:
             print(e)
             raise
@@ -34,6 +56,7 @@ class AccountResource:
         model.compute_family()
         cls.validate_parent(session, model)
         model.compute_path()
+
         return model
 
     @classmethod
@@ -68,12 +91,10 @@ class AccountResource:
 
     @classmethod
     def create_equity_account(cls, session):
-        account_db = Account(name="Equity", family="Equity", type="Equity", path="/Equity/")
-        session.add(account_db)
-        session.commit()
-        session.refresh(account_db)
-
-        return account_db
+        if cls.get_by_path(session, "/Equity/") is None:
+            account_db = Account(name="Equity", family="Equity", type="Equity", path="/Equity/")
+            session.add(account_db)
+            session.commit()
 
     @classmethod
     def select(cls):
diff --git a/api/app/account/schemas.py b/api/app/account/schemas.py
index fb10721..23fdd63 100644
--- a/api/app/account/schemas.py
+++ b/api/app/account/schemas.py
@@ -63,6 +63,9 @@ class CategoryWrite(BaseAccountWrite):
         }
     })
 
+    opening_date: SkipJsonSchema[date] = Field(default=date(1970, 1, 1))
+    opening_balance: SkipJsonSchema[Decimal] = Field(default=0)
+
 class CategoryCreate(CategoryWrite):
     pass
 
diff --git a/api/app/core/types.py b/api/app/core/types.py
index 21a05a4..d46a769 100644
--- a/api/app/core/types.py
+++ b/api/app/core/types.py
@@ -7,8 +7,6 @@ from pydantic_core import core_schema
 
 @dataclass
 class MonetaryAmount:
-    amount: Decimal# = Field(decimal_places=2, default=0)
-
     @classmethod
     def __get_pydantic_core_schema__(
             cls, source: type[Any], handler: GetCoreSchemaHandler
@@ -16,26 +14,24 @@ class MonetaryAmount:
         assert source is MonetaryAmount
         return core_schema.no_info_after_validator_function(
             cls._validate,
-            core_schema.float_schema(multiple_of=0.01),
+            core_schema.decimal_schema(multiple_of=0.01),
             serialization=core_schema.plain_serializer_function_ser_schema(
                 cls._serialize,
                 info_arg=False,
-                return_schema=core_schema.float_schema(multiple_of=0.01),
+                return_schema=core_schema.decimal_schema(multiple_of=0.01),
             ),
         )
 
-    @staticmethod
-    def _validate(value: str) -> 'CompressedString':
-        inverse_dictionary: dict[str, int] = {}
-        text: list[int] = []
-        for word in value.split(' '):
-            if word not in inverse_dictionary:
-                inverse_dictionary[word] = len(inverse_dictionary)
-            text.append(inverse_dictionary[word])
-        return MonetaryAmount(
-            {v: k for k, v in inverse_dictionary.items()}, text
-        )
+    def __init__(self, *args, **kwargs):
+        super().__init__(*args, **kwargs)
 
     @staticmethod
-    def _serialize(value: 'CompressedString') -> str:
+    def _validate(value: Decimal) -> 'MonetaryAmount':
+        if value.as_tuple()[2] < -2:
+            raise ValueError(f'{value} has more than two decimal places.')
+
+        return value
+
+    @staticmethod
+    def _serialize(value: 'MonetaryAmount') -> str:
         return value.amount
diff --git a/api/app/initialize_db.py b/api/app/initialize_db.py
index e7cc9c7..949bd1a 100644
--- a/api/app/initialize_db.py
+++ b/api/app/initialize_db.py
@@ -1,12 +1,14 @@
 import main
 
+from account.resource import AccountResource
 from account.fixtures import inject_fixtures as account_inject_fixtures
 from db import create_db_and_tables, get_session, drop_tables
-from user import create_admin_account
+from user import create_admin_user
 
 drop_tables()
 create_db_and_tables()
 
 session = get_session().__next__()
-create_admin_account(session)
+create_admin_user(session)
+AccountResource.create_equity_account(session)
 account_inject_fixtures(session)
diff --git a/api/app/transaction/models.py b/api/app/transaction/models.py
index 9114e6c..b7b9cc2 100644
--- a/api/app/transaction/models.py
+++ b/api/app/transaction/models.py
@@ -1,4 +1,5 @@
 from decimal import Decimal
+from typing import Optional
 from uuid import UUID, uuid4
 
 from sqlmodel import Field, SQLModel, select, Relationship
@@ -50,7 +51,7 @@ class Transaction(TransactionBaseId, table=True):
 
 class SplitBase(SQLModel):
     account_id: UUID = Field(foreign_key="account.id")
-    payee_id: UUID = Field(foreign_key="payee.id")
+    payee_id: Optional[UUID] = Field(foreign_key="payee.id")
     amount: Decimal = Field(decimal_places=2)
 
 class SplitBaseId(SplitBase):
@@ -74,7 +75,7 @@ class SplitWrite(SplitBase):
             }
         }
     })
-    payee_id: UUID = PydField(json_schema_extra={
+    payee_id: UUID | None = PydField(json_schema_extra={
         "foreign_key": {
             "reference": {
                 "resource": "payees",