On 17 April 2019 at 19:12, ToddAndMargo said:
> On 4/16/19 1:24 AM, Fred Bone wrote:
> >> So I should switch my opening balance to a negative number?
>
> > Possibly. It rather depends on whether your account was overdrawn when
> > you started your current books.
>
> My paper bank book and bank s
Adrien,
Your willingness to help others in such situations far outstrips my own, and I
commend you for it.
I've said it before, but it bears repeating: I think it is better to refer
users to the documentation first, and address their questions at a later stage,
for a number of reasons.
Fir
David,
I agree, a reading of the Guide would have helped significantly.
Perhaps I should have refrained from personal assistance and commentary and
simply pointed to the relevant sections. That is likely the better approach,
especially since the ‘work’ in explaining is already done.
Regards,
A
> On Apr 17, 2019, at 11:18 PM, AC wrote:
>
> On 2019-04-17 20:00, Adrien Monteleone wrote:
>> And I also agree that the GnuCash defaults of informal labels and Basic View
>> are much simpler to comprehend.
>>
>> However, once someone encounters a situation where they don’t understand
>> ’tra
Adrien,
The Guide covers in some detail both the concept of double entry and debits and
credits. In fact, some have suggested that the guide goes into too much detail
about these concepts.
It was the reason I suggested that the recent user consult the documentation,
since it explained everyth
On 2019-04-17 20:00, Adrien Monteleone wrote:
> And I also agree that the GnuCash defaults of informal labels and Basic View
> are much simpler to comprehend.
>
> However, once someone encounters a situation where they don’t understand
> ’transfer’ account or the nature of double-entry, problems
Colin,
I agree, most people are coming from a place of hearing those terms from the
institution’s perspective, which confuses many at first.
And I also agree that the GnuCash defaults of informal labels and Basic View
are much simpler to comprehend.
However, once someone encounters a situation
On 4/16/19 9:32 AM, Colin Law wrote:
It may have been mentioned before but in Settings > Accounts there is
a checkbox, Use formal accounting labels. If you clear that then the
headings on bank accounts say withdrawal and deposit, and on Credit
card accounts say Charge and Payment, which I find m
“Debt” and “Debit” are NOT the same thing, despite they are 1 letter apart.
If the balance of your bank account is positive (you have money to spend in it)
then your opening balance entry in GnuCash should be a debit to that account
and a credit to `Equity:Opening Balances`.
That isn’t because
On 4/16/19 5:41 AM, Michael or Penny Novack wrote:
On 4/15/2019 6:11 PM, ToddAndMargo via gnucash-user wrote:
Hi All,
Now that I am feeling brave coming off of creating a charge
card account, I decided to create a saving account.
My bank statement shows deposits as positive numbers and
withdra
On 4/16/19 1:24 AM, Fred Bone wrote:
So I should switch my opening balance to a negative number?
Possibly. It rather depends on whether your account was overdrawn when
you started your current books.
My paper bank book and bank statement shows a positive number.
They way I am understanding
On Tue, 16 Apr 2019 at 01:14, John Clark via gnucash-user
wrote:
>
> Because these terms ‘never make sense’, as seen by this example. It is far
> more simpler to just say, money coming in, on the left, money going out on
> the right… or is the other way around...
Money moves from right to left,
On 4/15/2019 6:11 PM, ToddAndMargo via gnucash-user wrote:
Hi All,
Now that I am feeling brave coming off of creating a charge
card account, I decided to create a saving account.
My bank statement shows deposits as positive numbers and
withdrawals as negative numbers, so I decided to follow sui
On 15 April 2019 at 15:43, ToddAndMargo said:
[...]
> So, when I deposit something to the bank, I am actually
> losing money (giving it to someone else), so it is a debit?
No, you are handing it to them, so they owe it back. That's what "debit"
means, after all.
> So I should switch my opening
Sorry, too much copying and pasting and not enough proofreading. That second
‘report’ should have read:
===
ToddAndMargo Balance Sheet (partial)
as of April 15, 2019
Assets
Cash$ 250
Savings $ 900
-
Total Assets$1150
==
As Dale mentioned in another reply, money moves from credit to debit.
Do not think of the money as moving from you to the bank.
Think of the money as moving from one (or more) of your accounts to another one
(or more) of your accounts.
Everything is done within and from the perspective of *your
> On Apr 15, 2019, at 4:10 PM, Adrien Monteleone
> wrote:
>
> I wrote a longer reply, but let’s get this out of the way first:
>
> What makes you think ‘losing money’ = ‘debit’?
Because these terms ‘never make sense’, as seen by this example. It is far more
simpler to just say, money coming
On 4/15/19 4:10 PM, Adrien Monteleone wrote:
What makes you think ‘losing money’ = ‘debit'?
Hi Adrian,
By "losing money", I meant money moving away from me.
From me (debit) to the bank
By the way, I am a bit disturbed with myself that I actually
understood your reply.
By chance do you have a
I wrote a longer reply, but let’s get this out of the way first:
What makes you think ‘losing money’ = ‘debit'?
Regards,
Adrien
>
> Hi Adrian,
>
> So, when I deposit something to the bank, I am actually
> losing money (giving it to someone else), so it is a debit?
>
> So I should switch my op
>> On Apr 15, 2019, at 5:11 PM, ToddAndMargo via gnucash-user
wrote:
>>
>> Hi All,
>>
>> Now that I am feeling brave coming off of creating a charge
>> card account, I decided to create a saving account.
>>
>> My bank statement shows deposits as positive numbers and
>> withdrawals as negative nu
A simple rule for getting the debit and credit correct is
money flows from credit to debit.
So if you want to remove $10 from the savings account that will be a
credit of $10 to savings and debit of $10 to some other account(s) such
as Expense.
Dale
On 4/15/19 5:11 PM, ToddAndMargo via gnucash-
Another reminder - the Bank’s use of “debit/credit” with respect to your
account is with respect to your account in *their* books which lies on the
opposite of the ledger/accounting equation from *your* books.
So when they ‘debit your account’ to decrease it, that is because *to them*
your acco
No, debiting an asset account means you increased it. A withdrawal would be a
credit to an asset account.
Remember:
Assets + Expenses = Liabilities + Equity + Income
Left side of “=“ means ‘debit increases/credit decreases’
The opposite for the right side of the “=“
Regards,
Adrien
> On Apr
Hi All,
Now that I am feeling brave coming off of creating a charge
card account, I decided to create a saving account.
My bank statement shows deposits as positive numbers and
withdrawals as negative numbers, so I decided to follow suite
Okay, I set the initial test balance to +100. It shows
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