withdrawals/deposits

[Paul Schwartz]

----- Original Message ----

> From: Jim Douglas <jdz99 at hotmail.com>
> To: gnucash-user at lists.gnucash.org
> Sent: Monday, July 28, 2008 5:58:44 PM
> Subject: withdrawals/deposits
> 
> 
> What is the best way to initialize GUNCash for 2008.
> 
> Should I just take 2007 ending balance and enter it as a deposit on 1/1/08 as my 
> beginning balance? (am I missing something?)
> 
> Check amounts are added as 'Withdrawals',  is this correct or is there another 
> way to enter checks them? 
> 
> 
> Thanks,
> Jim
> 
Sounds like you need to do some reading about double entry bookkeeping. There's pretty good starting points in the docs. In order to maintain balance in your accounts, debits and credits have to equal each other every time you make an entry. You never make an entry to just one account.

HTH, if you read up it ought to make more sense for you.

Paul