GnuCash Income - How to manage?
SamuelHolmes82
samuel.holmes6 at gmail.com
Wed Jul 8 13:33:56 EDT 2015
Hi there,
I have been playing about with GnuCash. I think it is an excellent program
but I need a bit of advice on how to manage balances etc.
I know that GnuCash uses "double entry" accounting. I know what this means,
and I understand that there have to be two entries for a single transaction.
I get this.
What I am finding difficult to figure out however, is how to manage Income
in my accounts. Managing expenses is simple enough - I just have an account
called "expenses", which starts at £0.00 balance, and fills up with entries
as I record transactions. Income, however, will be a bit more complicated.
Let's assume for the sake of argument that I will never know exactly how
much my weekly income will be. Therefore I cannot just create an account
that has an amount X in it, which I use as my income. My income account
will need to be empty at the start of each month, and as I get paid, or
other funds come in, then these will be noted in the "Income" account.
However I am not sure how I should manage this - given the double entry
nature of GnuCash I am always left with an "Imbalance-GBP" account that I
can do nothing to get rid of. As I am hopefully being clear about, I
understand EXACTLY why this account exists, and I know that in order to get
rid of it, the imbalances have to be removed.
How then should I manage Income in GNUCash?
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