Financial Reports on GNUCASH Version 2.4.0

[Derek Atkins]

Francis,

Please make sure all your messages go to the list and to me directly.
You'll get better answers there.

For those on GnuCash-User:  Here is Francis' message.

-derek

Francis thomas Mandeya <ftmandeya at yahoo.com> writes:

> Can someone with knowledge of accounting please make a comment?
>
> Francis
>
> ------------------------------------------------------------------------------
> From: Francis thomas Mandeya <ftmandeya at yahoo.com>
> To: Derek Atkins <warlord at MIT.EDU>
> Sent: Sat, April 30, 2011 11:54:09 PM
> Subject: Re: Financial Reports on GNUCASH Version 2.4.0
>
> Can anyone tell me on using GNU_Cash version 2.4.0 for normal transactions
> which are entered as follows in the ledger:
> --------------------------------------------------
>     Debit  =  Bank Deposits or Cash Accounts 
>               =  Expenses
> --------------------------------------------------
>     Credit = Income or Recepits or
>           
>                = Bank Withdrawals
>     ________________________________
>   
> When you run the following reports why do you end up with negative reports in
> the following accounts----
>
> Run Reports/Income & Expense/ Income Statement => Why do we end up with
> negative Income? How do we correct such a problem?
>
> Even when you run the balance sheet as follows:
>
> Run Reports/Assets and liabilities/Balance Sheet => A negative balance sheet
> does appear? How do you correct this problem?
>
> Is there some technicality in GNUCash that I am missing?
>
> Your assistance will be most appreciated as I have selected this software to
> manage our information system.
>
> Thank you.
>
> Thomas Mandeya
>
> ------------------------------------------------------------------------------
> From: Derek Atkins <warlord at MIT.EDU>
> To: Francis thomas Mandeya <ftmandeya at yahoo.com>
> Cc: gnucash-user at gnucash.org
> Sent: Wed, April 20, 2011 10:20:40 PM
> Subject: Re: Financial Reports on GNUCASH Version 2.4.0
>
> Hi,
>
> Sorry for the previous reply; your original message eventually got
> moderated through.
>
> Francis thomas Mandeya <ftmandeya at yahoo.com> writes:
>
>> Can anyone tell me on using GNU_Cash version 2.4.0 for normal transactions
> which
>> are entered as follows in the ledger:
>> --------------------------------------------------
>>    Debit    =  Bank Deposits or Cash Accounts 
>>              =  Expenses
>> --------------------------------------------------
>>      Credit = Income or Recepits or
>>           
>>                = Bank Withdrawals
>>      ________________________________
>
> I believe you are conflating issues here, and probably not fully
> understanding double-entry accounting.
>
>> When you run the following reports why do you end up with negative reports
> in
>> the following accounts----
>
> Probably because you entered the transaction backwards.
>
>> Run Reports/Income & Expense/ Income Statement => Why do we end up
>> with negative Income? How do we correct such a problem?
>
> Fix your transactions.  When you have income you Debit Bank/Cash and
> Credit Income.  When you have an expense you Credit Bank/Cash and Debit
> Expense.  I suspect you have your transactions in reverse.
>
>> Even when you run the balance sheet as follows:
>>
>> Run Reports/Assets and liabilities/Balance Sheet => A negative balance sheet
>> does appear? How do you correct this problem?
>>
>> Is there some technicality in GNUCash that I am missing?
>
> Most likely you have your transactions backwards.
>
>> Your assistance will be most appreciated as I have selected this software to
>> manage our information system.
>>
>>
>> Thank you.
>>
>> Thomas Mandeya
>
>> Please remember to CC this list on all your replies.
>> You can do this by using Reply-To-List or Reply-All.
>
> -derek
>
> --
>       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
>       Member, MIT Student Information Processing Board  (SIPB)
>       URL: http://web.mit.edu/warlord/    PP-ASEL-IA    N1NWH
>       warlord at MIT.EDU                        PGP key available
>

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
       warlord at MIT.EDU                        PGP key available