Thanks for all of the information... however, getting back to the original question, I'm not sure how to record IRA taxable distributions. I thought I was doing it, but I am apparently not.
Let me write through a couple of cases. In the first one, I'm selling $1000 worth (10 shares) of security A and having it go directly to my checking account with no income tax withholding. (some of these may be USA-centric terms; I apologize for that). If I can create a "Sell" transaction that sells 10 shares at $1000; the other entry would be to increase my taxable distribution category by $1000. But what next? My checking account doesn't have the $1000 increase, but then what is the "other" category to use for that transaction?? I looked at my data, and what I've been doing is that the other side of the Sell transaction is a deposit to my bank account, but this fails because there is no record of a taxable distribution. On Thu, Jan 12, 2023 at 2:42 PM Michael or Penny Novack < stepbystepf...@comcast.net> wrote: > On 1/12/2023 12:41 PM, R Losey wrote: > > 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? > > a) Double entry bookkeeping goes back a long way, long enough that Latin > still in use for communications among the educated in Europe. Think of > "debit" and "credit" not in terms of plus and minus (before European > math had negative numbers) but as "he owes"(me) and "he trusts" (me). In > other words he owes me that amount and he trusts me for that amount (I > owe him) > > Now look again at the bank account.In YOUR books a debit (the bank > owes you this money) and in the bank's book a credit (the bank owes you > this money) > > b) Debit on the left and credit on the right. In the old days ledger > pages had two sides, one side for the debits and the other for the > credits (and no balance column). Perhaps within my lifetime it became > more common to use three column paper with debit and credit transactions > with one date, check number, description, and journal reference column > then a left for debit, a right (middle) for credit, and a balance. o a > running balance was kept << finding the balance was a process in the old > days before that >> > > NOTICE -- so far pen and ink on paper, and gnucash is simply modelling that > > Michael D Novack > > _______________________________________________ > 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.
