[GNC] Consolidation of family member accounts

[Michael or Penny Novack]

On 8/14/2023 12:11 PM, Paras Desai wrote:
> Thanks for a sharing fundamental understanding of accounting, that too 
> coming from a person who seems to have actually done booking keeping 
> with pen and paper is a real treat. 😊
>
LOL --- it wasn't THAT long ago.

In the 1950's (I was a teen in the late 50's) only a few of the largest 
corporations had computers. Almost everybody was still using pens and 
accounting ruled paper. It would still have been true in the 70's and 
early 80's that the majority of bookkeeping was done on paper.

Mind, because I did learn in the late 50's, I do have a better 
understanding of the process and exactly what gnucash is automating. The 
BIG deal is that it is "autoposting" (finding and correcting errors made 
while posting from the journal to the ledger were the bane of our 
existence). The shortcut allowing entry directly into the ledger for 
transactions with just two accounts mimics "cashbook accounting" which 
we had in those pen and ink on paper days just for a small subset of the 
"most popular" accounts (accounting paper only so wide) and gnucash 
extends that to the entire ledger. Another biggie is automatic 
generation of the reports.

Michael D Novack