setting up mortgage liability and paying it off from a check account asset...

[David T.]

> On Jan 13, 2017, at 7:04 PM, Morgan Read <mstuff at read.org.nz> wrote:
> 
> On 13/01/17 04:07, David T. wrote:
>> 
>>> On Jan 13, 2017, at 8:05 AM, Buddha Buck <blaisepascal at gmail.com
>>> <mailto:blaisepascal at gmail.com>> wrote:
>>> 
>>> I just tried toggling the "Reverse Balanced accounts" options myself.
>>> This
>>> suggests (and looking at my gnucash xml file corroborates) that GnuCash
>>> internally treats debits as positive and credits as negative. So after
>>> setting "reverse balanced accounts" to none, I get positive (debit)
>>> balances in assets, and negative (credit) balances in liabilities. This
>>> also indicates I've received a total negative salary, etc.
>> 
>> Note: GnuCash follows accounting practice in using the terms “Credit”
>> and “Debit.” See:
>> 
>> https://www.gnucash.org/docs/v2.6/C/gnucash-guide/basics-accounting1.html#basics-accountingdouble2
>> 
> Thanks Peter, Buddha and David - I think I've got it sorted now.  David,
> yes - I was half expecting a RTFM, so thanks for the pointer :-)
> 

Morgan,

Honestly, I was just noting the somewhat difficult terminological challenges that accounting (and GnuCash) offers mortals. I know I still can’t keep them straight.

David

> Morgan.
> -- 
> Morgan Read
> United Kingdom
> <mailto:mstuffATreadDOTorgDOTnz>
> 
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