Multiple category entries

David Therkelsen david at therkelsen.us
Sun Mar 16 16:55:50 EDT 2014


I am a newbie with respect to accounting software, although once, very long
ago (more than 2 decades) I earned a minor degree in accounting.  Sigh.

I have started with GnuCash's basic accounts, and made a few minor changes.

In a business I have started, I have purchased a computer at a cost of $500. 
I have credited my 'Checking Account' asset for that amount, lessening its
value by $500.  I have debited an asset account called 'Equipment Assets',
increasing its value by $500.  So far, so good.

I also need to show the computer purchase as an expense of $500.  I have
debited an expense account called 'Computer' for this amount.  In the
'Transfer' column of this transaction, my first response was to debit the
same 'Equipment Assets' account as above, but of course that results in two
$500 dollar entries to that account, making it look as though I made two
purchases and have $1000 in assets.

Looking at the language, it seems that I need to credit an expense account
to balance this transaction, but that doesn't make sense.

Certainly I'm making a bad assumption in what I have done here, but I don't
know what it is.

Please help an old guy.


RFT!!!
Dave Therkelsen
-- 
He has achieved success who has lived well, laughed often and loved much;
who has enjoyed the trust and love of good people; who has filled his niche
and accomplished his task; who has left the world better than he found it.
-- B. Stanley



--
View this message in context: http://gnucash.1415818.n4.nabble.com/Multiple-category-entries-tp4669256.html
Sent from the GnuCash - User mailing list archive at Nabble.com.


More information about the gnucash-user mailing list