GnuCash Income - How to manage?

[Phil Longstaff]

On Wed, Jul 8, 2015 at 2:56 PM, Aaron Laws <dartme18 at gmail.com> wrote:

> On Wed, Jul 8, 2015 at 1:33 PM, SamuelHolmes82 <samuel.holmes6 at gmail.com>
> wrote:
>
> > 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?
> >
>
> When you make money, the transaction should be DR: revenue ("income")
> account, CR asset account.
>
>
This is backwards. Should be CR: revenue, DR asset account. You have it
correct below.



> For example, I am paid monthly, and the transaction looks like this
> (account types in parentheses):
>
> DR Federal Income Taxes (expense)
> DR Local Income Taxes (expense)
> DR Insurance (expense)
> DR HSA (asset -- bank account used for medical expenses)
> DR Checking (asset)
> DR Parking Permit (expense)
> CR salary (revenue)
>
> Hopefully that helps a bit, but feel free to ask more questions as there
> are plenty of very knowledgeable, kind, patient, warm-hearted, savvy folks
> on this list ready and eager to help.
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