[GNC] Interest Income

[Abe Sternberg]

Good advice.

So much knowledge and savvy in the community.

Thanks again to all,

Abe

On 2/21/2023 04:32, Alan A Holmes wrote:
> 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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