diff --git a/conservancy_beancount/plugin/core.py b/conservancy_beancount/plugin/core.py
index 550b5a2c4b8e9a5566ac6372361eb95de3f975bf..a5667e726d9d92964bfdc10d1cfbbab49cddaa72 100644
--- a/conservancy_beancount/plugin/core.py
+++ b/conservancy_beancount/plugin/core.py
@@ -185,7 +185,10 @@ class _PostingHook(TransactionHook, metaclass=abc.ABCMeta):
         cls.HOOK_GROUPS = cls.HOOK_GROUPS.union(['posting'])
 
     def _run_on_txn(self, txn: Transaction) -> bool:
-        return txn.date in self.TXN_DATE_RANGE
+        return (
+            txn.date in self.TXN_DATE_RANGE
+            and not data.is_opening_balance_txn(txn)
+        )
 
     def _run_on_post(self, txn: Transaction, post: data.Posting) -> bool:
         return True
diff --git a/conservancy_beancount/plugin/meta_entity.py b/conservancy_beancount/plugin/meta_entity.py
index 7f4ecf1ffad82d85c51ffe46d3d4a8e0309975f8..d39997d353e8afdfc41f78be6ce65a1cb8c225ce 100644
--- a/conservancy_beancount/plugin/meta_entity.py
+++ b/conservancy_beancount/plugin/meta_entity.py
@@ -49,6 +49,8 @@ class MetaEntity(core.TransactionHook):
     del alnum
 
     def run(self, txn: Transaction) -> errormod.Iter:
+        if data.is_opening_balance_txn(txn):
+            return
         txn_entity = txn.meta.get(self.METADATA_KEY, txn.payee)
         if txn_entity is None:
             txn_entity_ok = None
diff --git a/conservancy_beancount/plugin/meta_project.py b/conservancy_beancount/plugin/meta_project.py
index b47d9fe6ab20aaf16afb90bedc7ccdab513cf90f..0014706ba196258db5638bad53b768e3464726f3 100644
--- a/conservancy_beancount/plugin/meta_project.py
+++ b/conservancy_beancount/plugin/meta_project.py
@@ -40,6 +40,7 @@ class MetaProject(core._NormalizePostingMetadataHook):
     DEFAULT_PROJECT = 'Conservancy'
     PROJECT_DATA_PATH = Path('Projects', 'project-data.yml')
     VALUES_ENUM = core.MetadataEnum('project', {DEFAULT_PROJECT})
+    RESTRICTED_FUNDS_ACCT = 'Equity:Funds:Restricted'
 
     def __init__(self, config: configmod.Config, source_path: Path=PROJECT_DATA_PATH) -> None:
         repo_path = config.repository_path()
@@ -78,7 +79,10 @@ class MetaProject(core._NormalizePostingMetadataHook):
             source=source,
         )
 
-    def _run_on_post(self, txn: Transaction, post: data.Posting) -> bool:
+    def _run_on_opening_post(self, txn: Transaction, post: data.Posting) -> bool:
+        return post.account.is_under(self.RESTRICTED_FUNDS_ACCT) is not None
+
+    def _run_on_other_post(self, txn: Transaction, post: data.Posting) -> bool:
         if post.account.is_under('Liabilities'):
             return not post.account.is_credit_card()
         else:
@@ -86,6 +90,7 @@ class MetaProject(core._NormalizePostingMetadataHook):
                 'Assets:Receivable',
                 'Expenses',
                 'Income',
+                self.RESTRICTED_FUNDS_ACCT,
             ) is not None
 
     def _default_value(self, txn: Transaction, post: data.Posting) -> MetaValueEnum:
@@ -96,3 +101,17 @@ class MetaProject(core._NormalizePostingMetadataHook):
             return self.DEFAULT_PROJECT
         else:
             raise errormod.InvalidMetadataError(txn, self.METADATA_KEY, None, post)
+
+    def _run_on_txn(self, txn: Transaction) -> bool:
+        return txn.date in self.TXN_DATE_RANGE
+
+    def run(self, txn: Transaction) -> errormod.Iter:
+        # mypy says we can't assign over a method.
+        # I understand why it wants to enforce thas as a blanket rule, but
+        # we're substituting in another type-compatible method, so it's pretty
+        # safe.
+        if data.is_opening_balance_txn(txn):
+            self._run_on_post = self._run_on_opening_post  # type:ignore[assignment]
+        else:
+            self._run_on_post = self._run_on_other_post  # type:ignore[assignment]
+        return super().run(txn)
diff --git a/tests/test_meta_entity.py b/tests/test_meta_entity.py
index f9caac672f38310b313b0a601b489658a7dbc7a2..58646e4cdbd3f729eddf13221f95328f9193124c 100644
--- a/tests/test_meta_entity.py
+++ b/tests/test_meta_entity.py
@@ -165,3 +165,7 @@ def test_which_accounts_required_on(hook, account, required):
         assert errors
         assert any(error.message == "{} missing entity".format(account)
                    for error in errors)
+
+def test_not_required_on_opening(hook):
+    txn = testutil.Transaction.opening_balance()
+    assert not list(hook.run(txn))
diff --git a/tests/test_meta_invoice.py b/tests/test_meta_invoice.py
index 7de49c5016799d6a08c4aa3887d0ba290ebd9d06..4cd70e1665c2459284f20712eb371cdb934928d6 100644
--- a/tests/test_meta_invoice.py
+++ b/tests/test_meta_invoice.py
@@ -29,7 +29,7 @@ REQUIRED_ACCOUNTS = {
 
 NON_REQUIRED_ACCOUNTS = {
     'Assets:Cash',
-    'Equity:OpeningBalance',
+    'Equity:Retained',
     'Expenses:Other',
     'Income:Other',
     'Liabilities:CreditCard',
@@ -140,3 +140,7 @@ def test_missing_invoice(hook, acct1, acct2):
     ])
     actual = {error.message for error in hook.run(txn)}
     assert actual == {"{} missing {}".format(acct1, TEST_KEY)}
+
+def test_not_required_on_opening(hook):
+    txn = testutil.Transaction.opening_balance()
+    assert not list(hook.run(txn))
diff --git a/tests/test_meta_payable_documentation.py b/tests/test_meta_payable_documentation.py
index 4b6a4faa284b073113eba5084a85a703f286ca6c..7cabd8ecc5f2f84e528cfaa4f80c77b64e72d4d9 100644
--- a/tests/test_meta_payable_documentation.py
+++ b/tests/test_meta_payable_documentation.py
@@ -163,3 +163,11 @@ def test_paid_accts_not_checked(hook):
 def test_does_not_apply_to_other_accounts(hook, account):
     meta = seed_meta()
     check(hook, None, account, post_meta=meta)
+
+def test_not_required_on_opening(hook):
+    txn = testutil.Transaction(postings=[
+        ('Liabilities:Payable:Accounts', -15),
+        ('Liabilities:Payable:Vacation', -25),
+        (next(testutil.OPENING_EQUITY_ACCOUNTS), 40),
+    ])
+    assert not list(hook.run(txn))
diff --git a/tests/test_meta_paypal_id.py b/tests/test_meta_paypal_id.py
index c70d99ae50528a589a64ef9d0057209b0c7a0a17..49d736ee0f47521f98afd521f3a612760187e618 100644
--- a/tests/test_meta_paypal_id.py
+++ b/tests/test_meta_paypal_id.py
@@ -187,3 +187,10 @@ def test_invoice_payment_transaction_ok(hook, txn_id, inv_id):
         ('Expenses:BankingFees', 3),
     ])
     assert not list(hook.run(txn))
+
+def test_not_required_on_opening(hook):
+    txn = testutil.Transaction(postings=[
+        ('Assets:PayPal', 1000),
+        (next(testutil.OPENING_EQUITY_ACCOUNTS), -1000),
+    ])
+    assert not list(hook.run(txn))
diff --git a/tests/test_meta_project.py b/tests/test_meta_project.py
index 5c372dcccf5756ebac80640d709f158bccbdfc54..5149e356d4634bb31118c0e14ad93861cc9e6334 100644
--- a/tests/test_meta_project.py
+++ b/tests/test_meta_project.py
@@ -90,6 +90,8 @@ def test_invalid_values_on_transactions(hook, src_value):
     ('Assets:Receivable:Accounts', True),
     ('Assets:Receivable:Loans', True),
     ('Equity:OpeningBalance', False),
+    ('Equity:Funds:Restricted', True),
+    ('Equity:Funds:Unrestricted', False),
     ('Expenses:General', True),
     ('Income:Donations', True),
     ('Liabilities:CreditCard', False),
@@ -154,3 +156,13 @@ def test_invalid_project_data(repo_path_s, data_path_s):
     config = testutil.TestConfig(repo_path=repo_path_s)
     with pytest.raises(errormod.ConfigurationError):
         meta_project.MetaProject(config, Path(data_path_s))
+
+def test_not_required_on_opening(hook):
+    txn = testutil.Transaction.opening_balance('Equity:Funds:Unrestricted')
+    assert not list(hook.run(txn))
+
+def test_always_required_on_restricted_funds(hook):
+    acct = 'Equity:Funds:Restricted'
+    txn = testutil.Transaction.opening_balance(acct)
+    actual = {error.message for error in hook.run(txn)}
+    assert actual == {f'{acct} missing project'}
diff --git a/tests/test_meta_receipt.py b/tests/test_meta_receipt.py
index b251ddafaf1b0d9eb14cd8eac7fbe19b5f37953b..af7a37025cec0929239a0d76eff0dbfa99fbfa1c 100644
--- a/tests/test_meta_receipt.py
+++ b/tests/test_meta_receipt.py
@@ -86,7 +86,7 @@ NOT_REQUIRED_ACCOUNTS = itertools.cycle([
     'Assets:PayPal',
     'Assets:Prepaid:Expenses',
     'Assets:Receivable:Accounts',
-    'Equity:OpeningBalance',
+    'Equity:Retained',
     'Expenses:Other',
     'Income:Other',
     'Liabilities:Payable:Accounts',
@@ -342,3 +342,10 @@ def test_fallback_on_zero_amount_postings(hook, test_acct, other_acct, value):
         (test_acct.name, 0, {test_acct.fallback_meta: value}),
     ])
     assert not list(hook.run(txn))
+
+@pytest.mark.parametrize('test_acct,equity_acct', testutil.combine_values(
+    ACCOUNTS,
+    testutil.OPENING_EQUITY_ACCOUNTS,
+))
+def test_not_required_on_opening(hook, test_acct, equity_acct):
+    check(hook, test_acct, equity_acct, None)
diff --git a/tests/test_meta_receivable_documentation.py b/tests/test_meta_receivable_documentation.py
index 0843e2ce22d3c498ae920ad4476d67160015ae30..ad41abb6a1b35a7b7fd9e17d9210fb9bde8e4ad3 100644
--- a/tests/test_meta_receivable_documentation.py
+++ b/tests/test_meta_receivable_documentation.py
@@ -205,3 +205,11 @@ def test_configuration_error_without_rt():
     config = testutil.TestConfig()
     with pytest.raises(errormod.ConfigurationError):
         meta_receivable_documentation.MetaReceivableDocumentation(config)
+
+def test_not_required_on_opening(hook):
+    txn = testutil.Transaction(postings=[
+        ('Assets:Receivable:Accounts', 100),
+        ('Assets:Receivable:Loans', 200),
+        (next(testutil.OPENING_EQUITY_ACCOUNTS), -300),
+    ])
+    assert not list(hook.run(txn))