[GNC] New user - help understanding accounts

[Adrien Monteleone]

Welcome to GnuCash!

While you are reading the Tutorial, keep in mind that ‘account’ is not something limited or special like a bank account. (which is just one type of account) Your bank has a liability account in their books ‘with your name on it’. (I put that in quotes because they likely use numbers instead and I have no idea how their software works, but the basics are the same)

Note, for your bank, your account is their liability - they owe it to you.

Also keep in mind, this is why people often get confused about the terms ‘debit’ and ‘credit’. Since for the bank, your account is a liability, a credit to your account increases it. But in your books, that same account is an asset, it is something you own. (even though you don’t possess it in hand) And to increase it, you would debit it. The difference in terms is an issue of perspective of the speaker’s books.

Regards,
Adrien

> On Dec 13, 2019 w50d347, at 1:58 AM, Anton Hughes <anton.c.hughes at gmail.com> wrote:
> 
> Hello
> 
> I'm trying to setup gnucash to do my bookkeeping.
> 
> I've downloaded all of my transactions from my bank account, and can import
> them into gnucash
> 
> However, I find the Accounts to be confusing. My bank account isnt
> something I would classify as an expense or an income as there are both
> deposits and withdrawals.
> 
> To me, it seems that the gnucash 'Account' is more of a description, or
> category, of a transaction, eg, Office supplies, and not analogous to a
> bank account.
> 
> Is there another concept in gnucash that is specifically for bank accounts?
> 
> Thanks