adjusting journal entries

John Sowden jsowden at
Thu Jun 6 21:18:17 EDT 2013

On 06/06/2013 08:01 AM, Rachel Gage wrote:
> How do I post an adjusting journal entry in Gnu Cash?
> Thanks.
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I am learning the gc way of things, which is a little cryptic, but this 
is straight forward.  Assuming you are using accrual accounting as 
opposed to cash accounting.  You use the Tools>general ledger entry.  
This is actually a "general Journal".  There is no 'source account', 
like writing a check.  You enter the debit and credit. So, let's say, at 
the beginning of the year, you bought a huge chunk of chocolate, using 
the following entry:

DR  Asset Chocolate Chunk     1,000.00
CR Cash-Checking Account                         1,000.00

During this reporting period, the current quarter, you consumed some of 
the chocolate chunk.  The adjusting entry, made before creating the 
quarterly balance sheet would be:

DR  Chocolate Expense                30.00
CR  Asset Chocolate Chunk                             30.00

What happened is, during the current quarter, you consumed some of the 
big chocolate chunk, so the asset was reduced by the amount consumed.

You might substitute Office Supplies for Chocolate Chunk.


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