[GNC] new to gnucash

Stephen M. Butler kg7je at arrl.net
Sat Jan 5 22:50:14 EST 2019


On 1/5/19 1:53 PM, Adrien Monteleone wrote:
> Nothing counter-intuitive about it. It’s a matter of perspective.

And remembering.  I have to ask my wife each and every time -- even when
I wrote my earlier reply!  I'm thinking I need to hang a sign on the wall:

    DEBITS:  Assets, Expenses

    CREDITS:  Liabilities, Capital/Equity, Revenue

    Debits on the left side.  Credits on the right side.   Right side is
toward the Kitchen!

That last piece is just for me.  Your kitchen might be someplace else. 
That just keeps me from picking the other right side.

--Steve


>
> 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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-- 
Stephen M Butler, PMP, PSM
Stephen.M.Butler51 at gmail.com
kg7je at arrl.net
253-350-0166
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