Entering expenses and income

chony chony2k at gmail.com
Tue Feb 21 10:27:28 EST 2012


Hi, I-m a totally newbie in accounting concepts and GnuCash. I noticed that
when I declare and income, it creates a trasaction from an automatically
created Inbalance-USD account. Why is that?

 I read that a transaction always involes two accounts, but if so, how can I
enter an income from a sell of a TV, for example? I sold my TV, I received
money for it, so for GnuCash, where does the money shoud come? do I have to
enter it first in a different account and the transfer ir to my Misc Income
account? I-m clearly missing some basic accounting concepts here.

the same for expenses.. I created an Miscelaneus Expenses account (of type
cash, like the Misc Incomes) GnyuCash, forces me to transfer the amount to
the Inbalance-USD account. 

Is this Inbalance account always necessary?

Ok, I tried reading the help but it takses for granted the reader knows
these basic concepts and doent explain them. Pleae help!

Thanks in advance!

--
View this message in context: http://gnucash.1415818.n4.nabble.com/Entering-expenses-and-income-tp4407325p4407325.html
Sent from the GnuCash - User mailing list archive at Nabble.com.


More information about the gnucash-user mailing list