Can Gnucash Be Used As Single Entry?

[Mike or Penny Novack]

On 1/23/2016 4:09 PM, JL Marcos ENDO wrote:
> My business is very simple, with about 30 expense entries a year entries and one income entry a month.
> No loans, no mortgages, no rentals or real estate, no inventory.
>
> I believe Single Entry system is all I need.
>
> Can I use Gnucash that way?
>
> thank you

No, gnucash is a partial automation (virtual journal, autoposting) of 
standard double entry bookkeeping.

The thirty expense entries, how are they paid? (cash from your pocket or 
a checking account, etc.)
That one income item, where does it go? (cash into your pocket or a 
checking account, etc.)

For a moment, assume the latter. Then that checking account would be the 
other side of each of those expense or income transactions. That's the 
"double entry" part (any transaction is entered into at least two ledger 
accounts). But you would enter that transaction in just one of the 
accounts (and simply indicate what the other is). You wouldn't be 
entering anything twice. VIRTUAL journal*.

Michael D Novack

* In the old pen and ink on paper days, a transaction would first be 
entered into the journal. THEN it would be posted into each of the 
affected ledger account. Gnucash does all that (backwards) entered from 
just one of the affected ledger accounts.