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:
> > > >
> > 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
> > > >
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> --
> 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/
>
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