[GNC] new to gnucash

[Adrien Monteleone]

Nothing counter-intuitive about it. It’s a matter of perspective.

People are used to hearing the bank telling them that putting money in their account is a ‘credit’ to their account. That’s correct for the bank, because your account is their liability. Increasing a liability is done with a credit.

But in your books, that account is an asset, which is increased by a debit.

Regards,
Adrien

> On Jan 5, 2019, at 10:57 AM, Michael Hendry <hendry.michael at gmail.com> wrote:
> 
>> On 5 Jan 2019, at 16:41, Mike Kerstetter <mkerstetter62 at gmail.com> wrote:
>> 
>> Hello all. I'm brand new to gnucash. I want it to do just the basics of keeping a register and reconciliation of a couple bank and credit card accounts. I had Money Sunset Deluxe and currently have Quicken (which is now charging a yearly subscription). I'm muddling through setting up my accounts and I am baffled at the seemingly backward credit and debit columns in the register. A deposit to my Checking (or payment to my credit card account) shows up under "DEBIT" and a charge to my accounts shows up under "CREDIT".  The balance is correct. Am I doing something wrong in my set-up?
>> 
>> Thanks,
>> 
>> Mike Kerstetter
> 
> Hi, Mike.
> 
> Welcome to gnucash, and to the mysterious world of double-entry bookkeeping!
> 
> No, you haven’t made a mistake, cash received by an account is regarded as a debit and cash paid as a credit.
> 
> I’m not an accountant and I frequently have to chant “Debit the Receiver” to remind myself how it goes.
> 
> No doubt one of the experts in the forum can point you in the direction of an explanation of this counter-intuitive situation, or you could try Googling.
> 
> Michael
> 
> 
> 
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