Newbie - Need help with examples
lipchg at gmail.com
Fri Oct 21 15:49:14 EDT 2016
Thank you for your reply.
For question 1), you mentioned
Liabilities:FriendLoan credit $4000
Expenses:Insurance debit $4000
If the $4000 is being transfers from Friend > Gave cash to me > Deposit the
money into my Bank Savings > Internet banking to pay for insurance.
Do I need to also make entries into like the following?
Liabilities:FriendLoan credit $4000 , "Transfer" > Assets:Cash debit $4000
Assets:Cash credit $4000 , "Transfer" > Assets:Bank Savings debit $4000
Assets:Bank Savings credit $4000 , "Transfer" > Expenses:Insurances debit
I assume that this will only required if I need to see the specific where my
money comes from and goes to right?
Last question is do I really need to use the Assets > Checking Accounts?
I find that most tutorial reference to this account for debit and credit.
I don't have a Checking Account in my bank in real life. So do I need to
make believe and use this Checking Account for my every transactions? or I
can do without it?
Thank you again for your help. Really clears a lot for me.
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