[GNC] Interest Income

[Alan A Holmes]

Hi Abe,

One thing that helped me to understand using GnuCash when I first started was the naming of the columns. If you unset Edit->Preferences->Accounts->Label->Use formal accounting labels you then get column headings such as Receive and Spend rather than Debit and Credit. Much easier to get my head around when I first started, more real world than accounting. In fact I've left it unset even after 3-4 years of using GnuCash, even though I know, more or less, what I'm doing now.



Alan A Holmes

-----Original Message-----
From: gnucash-user <gnucash-user-bounces+gnucash=alanaholmes.me.uk at gnucash.org> On Behalf Of Abe Sternberg
Sent: 20 February 2023 20:17
To: Gyle McCollam <gmccollam at live.com>; gnucash-user at gnucash.org
Subject: Re: [GNC] Interest Income

I understand that part.  If I buy clothes, I debit (-) the checking account and credit the clothes (+) account.  It is when things are not obvious or go to something like an equity account that I am totally at sea.

Thanks again,

Abe

On 2/20/2023 15:04, Gyle McCollam wrote:
> 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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