On 2021-02-15 14:12, Larry Long wrote: > Stan, > You gave an excellent intro into the fundamentals of accounting (and GnuCash)!
> I would like to follow up with a basic question of my own. > Let's say that I have added my new car's value to Assets and my auto loan to > Liabilities.After a year, I log the car's depreciation as a reduction to it's > account in Assets.Where is the account for the offsetting depreciation > amount?Is that an expense? Yes, the two splits for a record of depreciation are a minus to Asset:Car and an equal and opposite plus to Expense:Car Depreciation -- or perhaps Expense:Transportation. Of course you can set whatever account titles you wish, and you can also decide how finely you want to subdivide things. Don't know if you've set up your GC to use standard accounting terminology, but if you have then it would be a credit to the asset (which decreases it) and a debit to the expense (which increases that). -- Stan Brown Tehachapi, CA, USA https://BrownMath.com https://OakRoadSystems.com _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
