[GNC] Why is part of a split registered as "rebate" in the Transfer account?

[Boniforti Flavio]

Hi Michael - thanks for taking time to reply.

The description of the transaction(s) you made is correct, you
understood correctly. Now let me try to get it right according to what you
explained.
I should move the shipping cost (35,49) into the "Tot Increase" column,
right? This way it would become an expense in the "shipping costs" account
and not a "rebate" anymore?

BR,
F.

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Am Fr., 22. Nov. 2024 um 18:11 Uhr schrieb Michael or Penny Novack <
stepbystepfarm at comcast.net>:

> On 11/21/2024 6:32 PM, Boniforti Flavio wrote:
>
> Hi Michael.
> Thanks for your message.
> You mean this type of view?
> [image: image.png]
> F.
>
>
> The view is right, but the transaction isn't. The problem is that accounts
> of type income and expense are on opposite sides of the ledger.
>
> Let's step back for a bit and discuss the transaction in terms of what
> happened. You had an item of inventory on your books for U. You sold it for
> V, the buyer giving you a check for V which you deposited in your bank
> account. But part of this deal was that you pay for shipment to the buyer
> and that cost W, which you paid for somehow, a check, money from your
> pocket, a credit card, etc.
>
> Is that a correct description?
>
> So you had a decrease in an asset (of all of its value, U) and an increase
> in an asset (bank account goes up by that deposit  V) and an increase in
> income (sales) for the
> 'profit, not including expenses V-U)       and so far in balance with
> total debits = total credits ------ REMEMBER, an increase of an account of
> type income is a credit.
>
> BUT --- you also had an expense for the shipping cost X (a debit) which
> you paid for somehow, a credit to a bank account, a wallet, or a credit
> card charge.
>
> In your entry, you have BOTH the income account and the expense account as
> credits. Expense accounts are on the debit side of the ledger.
>
> Michael D Novack
>
>
>
>
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