Split Transactions SOLVED
Mike or Penny Novack
stepbystepfarm at mtdata.com
Wed May 6 15:02:05 EDT 2015
is that while the total is
placed in the first line as a deposit, each check entered in the split are
entered as withdrawals. I looked at each income account and they are
appropriately listed there as income.
Does this make sense to you? Seems to work.
Perfect sense. This is a case where "user friendly" labels aren't.
For an asset account, debits are increases and credits are decreases. For an income account, debits are decreases and credits are increases (an income account is on the opposite side of the ledger from an asset account).
You are depositing money so if entering in the account for the bank account, that total is the debit and being split into an number of income accounts being credited (which looks like a "withdrawal" from the point of view of an asset account).
If you are really very new to double entry bookkeeping this may take some getting used to and if the user friendly labels confuse you you can specify using old fashioned debits and credits (left side, right side, you don't think of necessarily and increase or decrease because THAT depends on what sort of account)
Michael D Novack
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