[GNC] A question on loans

[Michael or Penny Novack]

On 11/21/2019 1:06 PM, Mark Phillips wrote:
> David,
>
> Thanks for your emails and explanations. What I am really looking for, is
> how to do this transaction:
>
> Increase the loan amount by $30,000 to bring it to the current value.
>
> I don't know where to put the offsetting entry for the $30,00


When opening books (creating initial balance amounts for accounts) the 
opposite side of the transaction(s) would be equity. Either a whole 
bunch of individual transactions or two split transactions (one for all 
the debits to equity and one for all the credits). Theoretically can do 
it with ONE split transaction split on both sides and just the net to 
equity but that'd be hard to do correctly.

Michael D Novack

PS -- and this is NOT really a gnucash question (that answer would be 
the same no matter what you used, even old fashioned pen and ink on 
paper. Software like gnucash does NOT mean you don't have to learn the 
fundamentals of double entry bookkeeping/accounting. The software makes 
it easier to do, but you still have to know WHAT to do.