Starting with GNUCASH

Jeff VanderDoes vanderdoes at msn.com
Fri Dec 7 01:25:13 EST 2012


All,

I'm eager to start using gnucash but realize there is a learning curve to
get it right. I''ve read the concepts manual and the user guide but don't
claim to have absorbed it all.  Having used quicken and MS Money for many
years I'm sure I've gained habits that I'll have to relearn in gnucash.
 I'm pretty confident with a bit of guidance I can get it figured out
though.

I'm starting out with understanding the pkg from a personal user
perspective and leave business use to a future date for now. The area where
I'm pondering most about is the understanding of how to apply the
transactions I receive from the bank.  I think I have understanding of
checking account usage  and individual expense account to record
transactions.

Loans have me a little baffled. Say mortgage has payment and some goes to
reduce principal and some goes to escrow for taxes and insurance and
interest on loan goes to expense account.  Do I use the accounts and minus
from checking and add to escrow. then do another set of transactions minus
from escrow and add to interest expense; credit from escrow and debit (I
get debit and credit confused) mortgage loan... then when taxes paid credit
from escrow and debit home insurance (expense account)?  Do I ever have a
transaction to some type of equity account?

----

what about a home equity loan... since it's a loan against the house what
accounts would i set up and how would I record a payment on the loan?

Thanks for initial pointers...
Jeff


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