On 8/14/2023 12:11 PM, Paras Desai wrote:
Thanks for a sharing fundamental understanding of accounting, that too
coming from a person who seems to have actually done booking keeping
with pen and paper is a real treat. 😊
LOL --- it wasn't THAT long ago.
In the 1950's (I was a teen in the late 50's) only a few of the largest
corporations had computers. Almost everybody was still using pens and
accounting ruled paper. It would still have been true in the 70's and
early 80's that the majority of bookkeeping was done on paper.
Mind, because I did learn in the late 50's, I do have a better
understanding of the process and exactly what gnucash is automating. The
BIG deal is that it is "autoposting" (finding and correcting errors made
while posting from the journal to the ledger were the bane of our
existence). The shortcut allowing entry directly into the ledger for
transactions with just two accounts mimics "cashbook accounting" which
we had in those pen and ink on paper days just for a small subset of the
"most popular" accounts (accounting paper only so wide) and gnucash
extends that to the entire ledger. Another biggie is automatic
generation of the reports.
Michael D Novack
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