*****SPAM***** Re: Accounting 101 Debit -vs- Credit

[Seth Gordon]

SPAM: -------------------- Start SpamAssassin results ----------------------
SPAM: This mail is probably spam.  The original message has been altered
SPAM: so you can recognise or block similar unwanted mail in future.
SPAM: See http://spamassassin.org/tag/ for more details.
SPAM: 
SPAM: Content analysis details:   (6.2 hits, 5 required)
SPAM: YOUR_INCOME        (4.4 points)  BODY: Doing something with my income
SPAM: NO_MX_FOR_FROM     (1.8 points)  No MX records for the From: domain
SPAM: 
SPAM: -------------------- End of SpamAssassin results ---------------------

>     Account:Liquid:Savings debit $0.14
>     Income:Interest credit $0.14
> 
> I would expect interest income to credit my Savings account, since the
> balance increases.

As I understand it, the money in your savings account is considered a 
"debit" because it's what the bank owes you, and these kinds of accounts 
are traditionally written up from the bank's point of view.

I suppose another way to look at it is that if you consider your income 
to be a credit, then wherever it goes has to be considered a debit, to 
make everything balance.

--sethg