Tax refunds

[plussier@mindspring.com]

In a message dated: Tue, 01 Oct 2002 17:03:26 +0200
Tim Kynerd said:

>I think you mean the other way around. IAAA (at least, I majored in
>accounting in college), and debiting an expense account INCREASES the amount
>of the expense. Crediting an asset account DECREASES the balance of that
>account.

Err, okay, sure. I always considered that use of the terminology
rather counter-intuitive, since in my mind:

	debit = decrease
	credit = increase

Regardles, I take money out of the Expense:Taxes account and place it 
in the Assets:Checking account when I get a refund.  When I'm paying 
my taxes, I take money out of Assets:Checking and place it into 
Expense:Taxes.

To me, that means I debit the checking when money is going out, and 
credit the account which receives the money.

But, as I said, IANAA :) 


-- 

Seeya,
Paul
--
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