diff --git a/src/bin/gnucash-bin.c b/src/bin/gnucash-bin.c
index ddaa4267c2..1bfc72b28d 100644
--- a/src/bin/gnucash-bin.c
+++ b/src/bin/gnucash-bin.c
@@ -590,7 +590,6 @@ inner_main (void *closure, int argc, char **argv)
 
     /* TODO: After some more guile-extraction, this should happen even
        before booting guile.  */
-    gnc_prefs_init ();
     gnc_main_gui_init();
 
     gnc_hook_add_dangler(HOOK_UI_SHUTDOWN, (GFunc)gnc_file_quit, NULL);
diff --git a/src/gnome-utils/gnc-gnome-utils.c b/src/gnome-utils/gnc-gnome-utils.c
index 42c64b5917..feeb03b747 100644
--- a/src/gnome-utils/gnc-gnome-utils.c
+++ b/src/gnome-utils/gnc-gnome-utils.c
@@ -669,6 +669,7 @@ gnc_gui_init(void)
 
     g_set_application_name(PACKAGE_NAME);
 
+    gnc_prefs_init();
     gnc_show_splash_screen();
 
     gnome_is_initialized = TRUE;