adjusting journal entries
jsowden at americansentry.net
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?
> gnucash-user mailing list
> gnucash-user at gnucash.org
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.
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.
More information about the gnucash-user