[GNC] Beginner Accounting Question

[Patrick Skelton]

Hi,

I'm steadily 'getting' the double-entry idea. In my accounts (which I have
just begun experimenting with), I have an account that is called 'Personal
Money Used'. This is of type Cash. I use this account when I use my own
personal account (i.e. nothing to do with the business) to buy something
for the business.

I have two questions about this account:

1. What is the correct parent account for this? It feels to me like it is a
Liability - money the business owes me but I suspect liabilities are debts
to external entities (i.e. not me, the business owner).
2. Would I be better accounting for such purchases simply as money I put
into the business (i.e. as an increase in Owner's Equity)?

I'm trying hard to get into this but can't afford to pay for professional
lessons so any help at all would be very welcome.

Kind wishes  - Patrick