[GNC] GC Best Practices for Investment Management

[R Losey]

On Thu, Nov 9, 2023 at 9:42 AM Michael or Penny Novack <
stepbystepfarm at comcast.net> wrote:

> On 11/8/2023 4:42 PM, R Losey wrote:
> > On Wed, Nov 8, 2023 at 12:17 PM Jediator <jediator at artemisspace.com>
> wrote:
> >
> >> After dumping QB and using GC for couple of months, I started really
> >> enjoying its features and simplicity. \
>
> >> I dumped Quicken about 7.5 years ago and went with GnuCash and haven't
> >> regretted it.
>
> Both QuickBooks and Quicken are products of Intuit but they are NOT the
> same.
>
> QuickBooks is double entry bookkeeping like gnucash is. Users of
> QuickBooks should have a minimal learning curve because they are not
> having to learn double entry bookkeeping at the same time as differences
> between how you use QuickBooks and how you use gnucash to do double
> entry bookkeeping.
>
> Quicken is not double entry bookkeeping. So making the transition to
> gnucash the user has to learn  the fundamentals of double entry
> bookkeeping at the same time. Those fundamentals have little to do with
> how to do it using gnucash (same fundamentals if the old days of pen and
> ink on paper -- the shortcut of entry of simple transactions directly in
> the ledger without a journal entry existed back then too, if only
> applicable to a subset of the ledger)
>
> Michael D Novack
>

All true even if not relevant to the OP.

Long ago, one of my college courses was in accounting, and I was aware (on
some level) of double entry bookkeeping, so perhaps that helped me.

I had often thought that Quicken should make its categories "accounts", so
I was so pleased to find GnuCash set up this way, so I took to it
straightaway.

I know that the categories of Quicken and the accounts in GnuCash are not
the same; however, every transaction in Quicken had two entries, so it
isn't quite as much of a change as people are often led to believe.


-- 
_________________________________
Richard Losey
rlosey at gmail.com
Micah 6:8