>> On Apr 15, 2019, at 5:11 PM, ToddAndMargo via gnucash-user
<gnucash-user@gnucash.org> wrote:
>>
>> Hi All,
>>
>> Now that I am feeling brave coming off of creating a charge
>> card account, I decided to create a saving account.
>>
>> My bank statement shows deposits as positive numbers and
>> withdrawals as negative numbers, so I decided to follow suite
>>
>> Okay, I set the initial test balance to +100. It shows in
>> balance as 100. All is well so far.
>>
>> Then I put 10 in the debit column of the account, meaning I
>> withdrew 10 from the account.
>>
>> Problem: the balance went to 110, not to 90. What did
>> I do wrong THIS time?
>>
>> Many thanks,
>> -T
On 4/15/19 3:17 PM, Adrien Monteleone wrote:
Another reminder - the Bank’s use of “debit/credit” with respect to your
account is with respect to your account in *their* books which lies on the
opposite of the ledger/accounting equation from *your* books.
So when they ‘debit your account’ to decrease it, that is because *to them*
your account is a liability. (right side of the equation)
But in your books you would credit your account to decrease it, because it is
on the left side of your equation. (an asset)
And notice, that when they debit, you credit - debits and credits still balance
- even across books! (neat hunh?)
Regards,
Adrien
Hi Adrian,
So, when I deposit something to the bank, I am actually
losing money (giving it to someone else), so it is a debit?
So I should switch my opening balance to a negative number?
I think I might be going insane. :'(
Thank you for all your patience with this!
-T
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