For some new users of gnucash who are also new to double entry
bookkeeping the tutorial will suffice. But others will struggle with the
fundamental double entry bookkeeping basic concepts. In THAT case I suggest.
a) Finding some entry level guides to double entry. bookkeeping. Gnucash
is a TOOL that makes doing double entry bookkeeping a LOT easier than
using pen and ink on special lines paper (either bound in books or
"loose leaf")
b) IF you are having trouble with the "user friendly" column names
switch to "formal" where the left column will always be "debit" and the
right column always
"credit" regardless of where in the ledger you place the account. The
"user friendly labels" change according to the type of the account.
Assets are accounts that (usually) have a debit balance. << on debit
side of ledger >>
Liabilities are accounts that (usually) have a credit balance <on credit
side of ledger >>
Equity accounts (usually) have a credit balance. Income and Expense
accounts are temporary accounts of fundamental type Equity (closing into
Equity being deferred). Expenses normally debit and Income credit (so
expenses decrease equity, make it less credit, and income increases
equity, makes it more credit. With gnucash you can defer closing
indefinitely as it can produce reports "as if you did".
If this debit/credit thing seems strange, double entry bookkeeping is
older than negative numbers in European math. So the "senses" are
debit/credit, only addition used as opposed to plus/minus with both
addition and subtraction.
Michael D Novack
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