Good advice.
So much knowledge and savvy in the community.
Thanks again to all,
Abe
On 2/21/2023 04:32, Alan A Holmes wrote:
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
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