Is "Transfer" same as making a "Journal Entry"

Phil Longstaff phil.longstaff at gmail.com
Mon Feb 5 10:47:40 EST 2018


In an accounting sense, giving money to pay off the principal of a loan is
not an expense. It is a transfer to pay down a liability. Similarly, giving
money towards an RRSP (Canada) or 401K (US) is not an expense. It is a
transfer to an asset account. These are the transfers that are captured by
"Transfer". It is the money to pay down liabilities or increase assets.

On Mon, Feb 5, 2018 at 9:42 AM, Roger Miskowicz <rmisko11 at gmail.com> wrote:

> I am curious as to what 'Transfer' means in the 'Budget'?
>
> On Mon, Feb 5, 2018 at 9:19 AM, Fran_3 via gnucash-user <
> gnucash-user at gnucash.org> wrote:
>
> > gnuCash Menue's offer:   Actions -> Transfer
> > Which seems to allow a simple way to debit one account and credit
> > another... right?
> > if so isn't that the same functionality as what is called a "Journal
> > Entry" ?
> > Thanks.
> >
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