Thanks; I know the information is out there, but intuitively, it doesn't make sense to me that depositing funds to my bank account is a "debit" transaction to the bank. It comes from the concept of credit being "added to" and debit being "substracted from", I suppose.
Is the "Debit on the left" and "Credit on the right" true in general accounting, or just GnuCash? I've played with the toggling, but I like the informal names; it is much more intuitive, and I don't see a need to potentially confuse myself. On Wed, Jan 11, 2023 at 6:34 PM Adrien Monteleone < adrien.montele...@lusfiber.net> wrote: > For completeness and posterity, that would be: > > Dr. Assets:Bank > Dr. Expenses:Tax > Cr. Assets:Fund > > If you're ever unsure as to what the 'formal' column labels would be, > you can always toggle Preferences > Accounts > Labels > Use formal > accounting labels while viewing a register in question. They toggle in > the view as you toggle the preference. (you don't need to commit the > preference first.) > > Another easy to remember tip: > > Debit is ALWAYS on the left > Credit is ALWAYS on the right > > This coincides with the Accounting Equation: > > Assets = Liabilities + Equity > > and the expanded version: > > Assets + Expenses = Liabilities + Retained Earnings + Income > > Assets & Expenses (on the left of the '=') are increased via Debits > (left column) > > Liabilities, Retained Earnings (Equity), & Income (on the right of the > '=') are increased via Credits (right column) > > Because: > > Debits = Credits > > Hope that helps! > > Regards, > Adrien > > On 1/11/23 6:05 PM, R Losey wrote: > > I apologize for not using "debit" and "credit" terms, but I'm not sure > I'd > > get them right. > > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > -- _________________________________ Richard Losey rlo...@gmail.com Micah 6:8 _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
