[GNC] Recommended Method of Entry for IRA Distributions

[Adrien Monteleone]

For completeness and posterity, that would be:

Dr. Assets:Bank
Dr. Expenses:Tax
   Cr. Assets:Fund

If you're ever unsure as to what the 'formal' column labels would be, 
you can always toggle Preferences > Accounts > Labels > Use formal 
accounting labels while viewing a register in question. They toggle in 
the view as you toggle the preference. (you don't need to commit the 
preference first.)

Another easy to remember tip:

Debit is ALWAYS on the left
Credit is ALWAYS on the right

This coincides with the Accounting Equation:

Assets = Liabilities + Equity

and the expanded version:

Assets + Expenses = Liabilities + Retained Earnings + Income

Assets & Expenses (on the left of the '=') are increased via Debits 
(left column)

Liabilities, Retained Earnings (Equity), & Income (on the right of the 
'=') are increased via Credits (right column)

Because:

Debits = Credits

Hope that helps!

Regards,
Adrien

On 1/11/23 6:05 PM, R Losey wrote:
> I apologize for not using "debit" and "credit" terms, but I'm not sure I'd
> get them right.