GnuCash Income - How to manage?

Phil Longstaff phil.longstaff at gmail.com
Wed Jul 8 14:57:40 EDT 2015


In order to handle income, the two sides of the transaction should be 1)
your income account, and 2) your bank account.

On Wed, Jul 8, 2015 at 1:33 PM, SamuelHolmes82 <samuel.holmes6 at gmail.com>
wrote:

> 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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>
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