Beginners question, confused between real bank accounts and gnucash accounts

Dale Alspach alspach at math.okstate.edu
Thu Mar 24 14:59:38 EDT 2016


Disclaimer: I am not an accountant.

A way to think about this is to pretend that you had a separate set of books 
for your business and for your personal expenses. Then think of yourself as an 
employee. Paying an employee would be an expense of your business. So you are 
missing an expense account.

I would setup an expense account for your business with name something like 
Distributions to owner

Each time you draw from the business you record a 4 line transaction:

credit Business checking
debit  Distributions to owner
credit Income salary 
debit Personal checking

Dale



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