Transferring $ from an income account to an asset account

Peter Spotts pspotts@alum.mit.edu
Fri, 20 Apr 2001 02:53:53 GMT


Folks,

I'm about to betray my poor performance in Accounting 101, but bear with=

me. Using 1.4.11 in lieu of Quicken and Moneydance, I post my full
paycheck to an Income account. When I set up deductions, two of them go
to 403b accounts I've established as Assets. I figure that once the
deductions are taken care of, I transfer the balance to my checking
account in Assets. (Yes, Virginia, he really does have some money left
over after deductions.)

Now... when I transfer money out of the Income account to the Asset
account as a charge against income, the transaction shows up in Assets a=
s
a reduction in the value column. It's as if I'd sold off mutual-fund
shares, rather than an added to them.

If I enter the 403b deduction as an addition in the value column in the
Asset account and "transfer" it to the Income account, it shows up among=

my paycheck deductions as an addition to the paycheck. (surprise,
surprise)

Obviously, I'm trying to get the paycheck deduction to look like a
deduction in the Income account AND an addition in the Asset account. Or=

am I missing something very basic about double-entry bookkeeping?

Any suggestions (besides where to leap)?

Pete Spotts