how to automatically update equity account as each transaction is entered?

[Mike or Penny Novack]

On 4/21/2016 4:12 PM, Francis Gerund wrote:
> Hi Tommy,
>
>
> Michael,
> I am thinking maybe I should just forget GnuCash for now, and just try to
> re-learn what accounting I did know years ago, the way I learned it then:
> by using paper ledger pads - the kind you can still get at office supply
> stores.  Agonizingly tedious, but at least the ledger pads won't argue
> with
> the accounting books (with me in the middle)!

Stop right there for a moment. IF you know how to do accounting the old 
fashioned way, pen and ink on pads ruled for journal and ledger you 
should have no trouble learning to use gnucash. For people with that 
sort of background (but no experience using modern accounting package) 
just need to have a slightly different description.

First: select the option that has "debit" and "credit" as the column 
titles. That will be more familiar.

Second: It can help to visualize what gnucash (or a similar package) is 
doing. It is "autoposting" and will let you enter the transaction 
"backwards", first in the ledger (starting in any of the affected 
accounts) and then gnucash creates the virtual journal entry. But for a 
moment, imagine that it were the other way around,that  you entered the 
transaction in the journal, hit enter, and poof, by magic posted for 
you. Well you CAN select this view of what is going on. If you do that 
......

Would be just like entering the transaction in the journal, but never 
having to do the post to the ledger (automatic).

Remember, the default "view" is what the developers thought would be 
easiest to teach people with NO previous bookkeeping experience. Those 
with the old fashioned experience might learn how to use gnucash quicker 
choosing a different "view"

Michael D Novack