Newbie - Need help with examples
sunfish62 at yahoo.com
Sat Oct 22 02:04:54 EDT 2016
I would make my accounts match, GnuCash with real life. If you received money from your friend as a transfer to your savings account, and then paid for insurance from there, then make the transactions mirror that. That is, have two transactions, one between the loan and your savings, the second from savings to insurance. Personally, I might not have a transaction for the cash pay, just because it adds a layer without adding much meaning, but that's up to you.
Similarly, if you don't have a checking account, don't make one up. The tutorial users a checking account because it is a common occurrence.
On Sat, Oct 22, 2016 at 0:49, gargameow<lipchg at gmail.com> wrote: Hi David,
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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