[GNC] Interest Income

[Gyle McCollam]

Just think of double entry as when you are spending, the money comes from some account and is spent on something (expense account).  When you are receiving money, it comes from somewhere Income, donation, etc. and gets put into some asset account, savings, building fund, cash on hand.  There are two items for every expanse or receipt.


Thank You,

Gyle McCollam

Gyle McCollam

gmccollam at live.com<mailto:gmccollam at gyleshomes.com>           email

________________________________
From: Abe Sternberg <abe.h.sternberg at gmail.com>
Sent: Monday, February 20, 2023 2:53 PM
To: Gyle McCollam <gmccollam at live.com>; gnucash-user at gnucash.org <gnucash-user at gnucash.org>
Subject: Re: [GNC] Interest Income

That sounds too simple - I'll try it.  I really get confused with this double-entry business, but these records are for a non-profit and I have to be sure they are kept correctly.

Regards,
Abe

On 2/20/2023 14:31, Gyle McCollam wrote:
Just a thought, if you haven't set up your savings account before and you are setting up the initial balance as the transaction you are referring to you would debit the savings account and credit an equity account.  Most likely a beginning balances account.


Thank You,

Gyle McCollam

Gyle McCollam

gmccollam at live.com<mailto:gmccollam at gyleshomes.com>           email

________________________________
From: gnucash-user <gnucash-user-bounces+gylemc=gmail.com at gnucash.org><mailto:gnucash-user-bounces+gylemc=gmail.com at gnucash.org> on behalf of Abe Sternberg <abe.h.sternberg at gmail.com><mailto:abe.h.sternberg at gmail.com>
Sent: Monday, February 20, 2023 12:46 PM
To: gnucash-user at gnucash.org<mailto:gnucash-user at gnucash.org> <gnucash-user at gnucash.org><mailto:gnucash-user at gnucash.org>
Subject: [GNC] Interest Income

I have just started using Gnucash for my savings account, not much money
involved here, and wanted to enter my first transaction.  Not being good
at double-entry bookkeeping, I have no idea what are the two off-setting
accounts.  I imagine that I use income, but what is the other account?

Thanks for your help to a dumb guy.

Abe
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