Hi Abe, One thing that helped me to understand using GnuCash when I first started was the naming of the columns. If you unset Edit->Preferences->Accounts->Label->Use formal accounting labels you then get column headings such as Receive and Spend rather than Debit and Credit. Much easier to get my head around when I first started, more real world than accounting. In fact I've left it unset even after 3-4 years of using GnuCash, even though I know, more or less, what I'm doing now.
Alan A Holmes -----Original Message----- From: gnucash-user <gnucash-user-bounces+gnucash=alanaholmes.me...@gnucash.org> On Behalf Of Abe Sternberg Sent: 20 February 2023 20:17 To: Gyle McCollam <gmccol...@live.com>; gnucash-user@gnucash.org Subject: Re: [GNC] Interest Income I understand that part. If I buy clothes, I debit (-) the checking account and credit the clothes (+) account. It is when things are not obvious or go to something like an equity account that I am totally at sea. Thanks again, Abe On 2/20/2023 15:04, Gyle McCollam wrote: > Just think of double entry as when you are spending, the money comes > from some account and is spent on something (expense account). When > you are receiving money, it comes from somewhere Income, donation, > etc. and gets put into some asset account, savings, building fund, > cash on hand. There are two items for every expanse or receipt. > > Thank You, > > *Gyle McCollam* > > Gyle McCollam > > gmccol...@live.com <mailto:gmccol...@gyleshomes.com>email > > ---------------------------------------------------------------------- > -- > *From:* Abe Sternberg <abe.h.sternb...@gmail.com> > *Sent:* Monday, February 20, 2023 2:53 PM > *To:* Gyle McCollam <gmccol...@live.com>; gnucash-user@gnucash.org > <gnucash-user@gnucash.org> > *Subject:* Re: [GNC] Interest Income > That sounds too simple - I'll try it. I really get confused with this > double-entry business, but these records are for a non-profit and I > have to be sure they are kept correctly. > > Regards, > Abe > > On 2/20/2023 14:31, Gyle McCollam wrote: >> Just a thought, if you haven't set up your savings account before and >> you are setting up the initial balance as the transaction you are >> referring to you would debit the savings account and credit an equity >> account. Most likely a beginning balances account. >> >> Thank You, >> >> *Gyle McCollam* >> >> Gyle McCollam >> >> gmccol...@live.com <mailto:gmccol...@gyleshomes.com>email >> >> --------------------------------------------------------------------- >> --- >> *From:* gnucash-user >> <gnucash-user-bounces+gylemc=gmail....@gnucash.org> >> <mailto:gnucash-user-bounces+gylemc=gmail....@gnucash.org> on behalf >> of Abe Sternberg <abe.h.sternb...@gmail.com> >> <mailto:abe.h.sternb...@gmail.com> >> *Sent:* Monday, February 20, 2023 12:46 PM >> *To:* gnucash-user@gnucash.org <mailto:gnucash-user@gnucash.org> >> <gnucash-user@gnucash.org> <mailto:gnucash-user@gnucash.org> >> *Subject:* [GNC] Interest Income >> I have just started using Gnucash for my savings account, not much >> money involved here, and wanted to enter my first transaction. Not >> being good at double-entry bookkeeping, I have no idea what are the >> two off-setting accounts. I imagine that I use income, but what is the >> other account? >> >> Thanks for your help to a dumb guy. >> >> Abe >> _______________________________________________ >> gnucash-user mailing list >> gnucash-user@gnucash.org <mailto:gnucash-user@gnucash.org> To update >> your subscription preferences or to unsubscribe: >> https://lists.gnucash.org/mailman/listinfo/gnucash-user >> <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. > _______________________________________________ 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. _______________________________________________ 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.
