The simple explanation to double entry accounting is that for every debit you enter, you must enter a corresponding credit. If you debit an asset account for $100.00, you must make one or more credit entries matching the $100.00 debit. e.g. - you transfer $100.00 into cash. That cash has to have come from somewhere. It could be a transfer from another asset account, which would necessitate a credit to that other asset account, or it could be offset by a credit to a liability account, such asaccounts payable or owner equity. The reasoning for this is simple - assets must always equal liabilities plus equity. On Sat, 2003-02-01 at 12:44, David Mandala wrote: > You might want to get a book on double entry bookkeeping. Any accountant > knows how to set it up and make entries. It is not intuitive without so > type of training. That said double entry bookkeeping is how most > businesses track their finances. Single entry is frowned up in > accounting circles. > > Cheers, > > Davidm > > On Sat, 2003-02-01 at 11:45, Nathan England wrote: > > -----BEGIN PGP SIGNED MESSAGE----- > > Hash: SHA1 > > > > > > What I don't like about gnucash, and admittedly it's because I really don't > > know how to use it, but I realy wanted to use financial something! for my > > finances. > > > > Anyway, if I click on my income account, type in a description, then add $300 > > to the income field, it gives me a window saying: > > > > "The current transaction is not balanced. > > > > [ ] Balance it manually > > [ ] Let GnuCash add an adjusting split > > [x] Adjust current account split total " > > > > If I select the "adjust current account split total" everything disappears. It > > still shows the transaction, but no money involved. If I select the "Let > > GnuCash add an adjusting split" the same thing happens. If I select Balance > > it manually, I get a whole bunch of negatives everywhere and nothing makes > > sense. > > > > I'm running version 1.6.8 > > I also have 1.4 (not installed) and that one works grand, but I wanted all the > > new flashy things, and it's not working for me!! lol > > > > Am I doing something horribly wrong or what? > > > > nathan > > > > Am Freitag 31 Januar 2003 02:55 nachmittags/abends schrieb Carl Parrish: > > > On Fri, 2003-01-31 at 06:46, Vaughn Treude wrote: > > > > My two cents again: > > > > I'd also like to try GnuCash. I use QuickBooks right now, but the most > > > > annoying thing (other than the fact that it runs in Windows) is that they > > > > keep trying to wring extra money out of you. Every year there's a new > > > > set of tax tables, and they're not cheap. And they're always pushing new > > > > versions and changing the file formats. I got tired of paying for the > > > > new tax tables - since I'm my company's only employee, it was a small > > > > convenience. I finally just took the IRS Employers' Guide and used it to > > > > do a spreadsheet to calculate my withholding, then I'd enter all those > > > > figures in manually. I would've already converted to GnuCash, but the QB > > > > file formats are different than Quicken's, and the last time I checked, > > > > there were no converters for QB's files. If I can ever make the time, > > > > maybe I'll look into working on that myself. > > > > > > > > Vaughn Treude > > > > > > I'm using GNUCash I *love* it. If you're looking for a replacement for > > > quicken I'd say easy. If you're a quickbooks user....I'd say depends. > > > 1.8 should be released sometime next week. But gnucash is *hard* to > > > install. Its like all the nightmares people associate with installing on > > > Linux. For me it was worth learning how though. With the new Account > > > Payable / Account Receivable accounts. The invoice / bill druid and the > > > scheduled transactions. It has now become the only finance tool I need > > > (oh did I mention that you can connect it to gnuTimeTracker to auto > > > create Invoices?). Its great but its not an out of the box solution. I > > > *often* need to pull in support from CVS. For instance I *think* > > > Quickbooks can export in OFX format. And if you have the OFX library > > > installed Gnucash can read that but you have to compile support for it > > > in. So if you like playing with code, by all means get gnucash. If not > > > you may want to wait till your distro has the features you need. > > > > - -- > > Nathan England > > > > Arcanum Linux ! > > nathan at the-arcanum.org > > jabber id: linuxjunkie@jabber.earth.li > > > > "A free society is one where it is safe to be unpopular." > > - --Adlai Stevenson > > > > > > Registered Linux User #189789, Machine #106603 > > www.sincerechoice.org > > > > Spam related material will be forwarded to: > > uce@ftc.gov > > -----BEGIN PGP SIGNATURE----- > > Version: GnuPG v1.0.7 (GNU/Linux) > > > > iD8DBQE+PBW8Q7yNnsYcupwRAgW2AJ9Nyl2lV8PclJhQo6k6Ou1CMRXMFQCgqqMz > > ZTW1ofxv9NKe7QDVkSUWy9E= > > =LO6M > > -----END PGP SIGNATURE----- > > > > --------------------------------------------------- > > PLUG-discuss mailing list - PLUG-discuss@lists.plug.phoenix.az.us > > To subscribe, unsubscribe, or to change you mail settings: > > http://lists.PLUG.phoenix.az.us/mailman/listinfo/plug-discuss > -- > David IS Mandala > gpg fingerprint 8932 E7EF CCF5 1B8C 1B5C A92E C678 795E 45B2 D952 > Phoenix, AZ (480) 460-7546 HP, (602) 741-1363 CP > http://www.them.com/~davidm/ > > --------------------------------------------------- > PLUG-discuss mailing list - PLUG-discuss@lists.plug.phoenix.az.us > To subscribe, unsubscribe, or to change you mail settings: > http://lists.PLUG.phoenix.az.us/mailman/listinfo/plug-discuss > >