documentation error on debits/credits?

John Ralls jralls at ceridwen.us
Sun Nov 23 22:21:01 EST 2014


> On Nov 23, 2014, at 5:16 PM, Jeffrey H Hotchkiss <jefreiki at maine.rr.com> wrote:
> 
> Wow, thank you for the quick and complete response, John! I very much doubt I would have had this level of service from Quicken.
> 
> I got to that outdated doc by just doing a Google search and picking a good description from the first results page —  much easier than navigating the manual, but now I see the inherent risks of such an approach.
> 
> Until I internalize it, I’ve put a little table reference on a card on my wall, showing how Dr/Cr records increase or decrease accounts on either side of the balance sheet. I had learned the principles and many details, in a couple of decades of IT support for enterprise-scale accounting systems, but had lost the debit/credit memory. Also, I had learned the equation as Assets = Liabilities + Capital (which I took to mean equity back then), so it was easier to remember what the transactions did on either side of the balance sheet. But, because I always had a worms-eye, software view of the various ledgers (AP, AR, etc.), I never really got into the trial balance process, and thus did not get the exact connection between balance sheet and income statements. Using Gnucash, I get it now. Also, I’m starting to see how Gnucash is simpler and more transparent than Quicken in how it presents the data I enter.
> 
> So, even though I left IT a decade ago, the mismatching skills are still strong - so I’m not surprised I’m only the second to find this. I’ll accept a prize of free lifetime updates!
> 
> I’m coming late to the use of open source software, having just switched from an ancient Windows PC to a Macbook this year, and not having an appetite for spending bundles on bloated platforms like MS Office or Quicken. I also use LibreOffice, and I’m very happy with that, too.
> 
> Thanks again, very much —
> 

You’re welcome, but please remember to copy the list on all replies.

Regards,
John Ralls





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