GnuCash Income - How to manage?

[Phil Longstaff]

Your bank account, which should also be a gnucash account.

On Wed, Jul 8, 2015 at 3:01 PM, Samuel Holmes <samuel.holmes6 at gmail.com>
wrote:

> Yes I follow this - but my question is: Where do I put the second entry
> for the money coming INTO my Income account? My Income account starts as
> zero. I add funds to it as I get paid.  BUT if I do this, I end up with an
> Imbalance. So I need somewhere that this income can come from, but where,
> without creating an Imbalance?
> On 8 Jul 2015 19:57, "Phil Longstaff" <phil.longstaff at gmail.com> wrote:
>
>> 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?
>>>
>>>
>>>
>>> --
>>> View this message in context:
>>> http://gnucash.1415818.n4.nabble.com/GnuCash-Income-How-to-manage-tp4679348.html
>>> Sent from the GnuCash - User mailing list archive at Nabble.com.
>>>
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>>
>>
>>