[GNC] I need basic help

[R Losey]

On Fri, Oct 20, 2023 at 11:57 AM Michael or Penny Novack <
stepbystepfarm at comcast.net> wrote:

> On 10/20/2023 11:47 AM, Edwin Booth wrote:
> > Thank you Michael. The ancient history of these terms is really
> > interesting. I don’t really “get it” yet but I see the idea here. Very
> > hard to set aside the use of credit and debit in the modern sense and
> > use them in a very different way. Counter intuitive.
>
> Not exactly. The confusion over "modern sense" is something else. Thus
> when R. Losey says:
>
> "It*IS*  hard because the accounting use of debit/credit is different from
> the common or colloquial usage of the words. In everyday usage, people tend
> to use "debit" as a synonym for "decrease" and "credit" to mean "increase",
> and that is NOT the case in accounting, as the tutorials helpfully
> explain."
>
> .... No, the confusion is NOT because accounting use is different but
> confusion over whose books are you looking at. We are sued to seeing
> these "in reverse" on statements we from from the bank for our bank
> accounts or credit card accounts because on those it is from THEIR point
> of view, not ours.
>

I disagree; I've heard people in non-financial situations use "debit" to
mean "decrease" and "credit" for "increase"; such as "His recent actions
have credited his stock of goodwill "  or "he owes me; I have a huge credit
balance with him".

But this is starting to get away from GnuCash.

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