diff --git a/CMakeLists.txt b/CMakeLists.txt
index 3aab5963996..88e0cdbfb33 100644
--- a/CMakeLists.txt
+++ b/CMakeLists.txt
@@ -8,7 +8,7 @@ if (POLICY CMP0094)
 endif()
 
 project (gnucash
-    VERSION 5.7
+    VERSION 5.8
 )
 
 enable_testing()
diff --git a/NEWS b/NEWS
index e491579626b..805e8391323 100644
--- a/NEWS
+++ b/NEWS
@@ -1,8 +1,14 @@
 Version history:
 ------- -------
-5.7  - 20 June 2024
+5.8  - 7 July 2024
 The following bugs have been fixed:
 
+    Bug 799347 - Edit account to make it sub account under other account
+
+There were no other changes.
+New and Updated Translations: Macedonian, Spanish
+5.7  - 20 June 2024
+The following bugs have been fixed:
 
     Bug 669031 - Save the Scheduled Transactions number of months
     Bug 669035 - Save the Scheduled Transaction divider position