ferguson at BRVMLAW.COM
Fri Sep 23 18:35:29 UTC 2005
It is not too difficult.
If you get monies - donations or fund raising it goes into a bank
account...so you need to create an account in the general ledger chart
of accounts that says something like Checking A/C - Peoples Bank and
another that is Savings A/C - Peoples Bank.
So when you Credit Income you must Debit Cash in Bank, either savings or
On the other side of the coin when you spend monies for postage, donuts,
gas etc, you will DEBIT the expense account and CREDIT the Cash in Bank
Let me know if you need additional help.
From: fedora-list-bounces at redhat.com
[mailto:fedora-list-bounces at redhat.com] On Behalf Of Marc M
Sent: Friday, September 23, 2005 2:30 PM
To: For users of Fedora Core releases
Subject: Re: OT: GnuCash
I am struggling with the same thing myself. From what I can tell, the
double entry thing means that for EACH transaction you have to make sure
you do two things. Like if you take money out of an ATM machine that is
1 reducing ATM savings or whatever it came from
2. crediting 'loose cash' or whatever you wanna call it.
I think I am going to have to really work to do this right, but it makes
a lot of sense in the bigger picture, as long as it isn't too hard to
work with. It forces you to think like an accountant about it in terms
of where to put money and where it came from (ie what to reduce or
increase). My guess is that you need to add something to whatever
balances out your Donations entry. IOW the 100 bucks didn't come out of
the sky or grow on trees, you have to account not only for balances but
where the money comes from. Sounds to me like you need something along
the lines of a 'Donations Source' account. Maybe you can create that
account, use it for balancing purposes only, and basically ignore it
On 9/23/05, Robert Bell <robert at thebellfamily.com> wrote:
OK, I just don't get gnucash. I want to track a simple cash
my group of Cub Scouts. I am only used to Quicken so I haven't
double entry accounting before. My understanding is that I need
income and and an expense account? I really have two sources of
donations and fund raising. I created 3 accounts Donations, Fund
and Expenses. Is this the correct way? So I added an entry to
$100 for example and it tells me the transaction is not
does that mean, there has to be someplace I can record income
requiring that it come from another account right? I'm sure I'm
some basic idea here.
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