It is not too difficult.
OK.
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 checking.
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 account.
Let me know if you need additional
help.
Cheers
From: fedora-list-bounces@xxxxxxxxxx [mailto:fedora-list-bounces@xxxxxxxxxx] 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 otherwise.
Cheers
Marc
On 9/23/05, Robert
Bell <robert@xxxxxxxxxxxxxxxxx>
wrote:
OK, I just don't get gnucash. I want to track a simple cash account for
my group of Cub Scouts. I am only used to Quicken so I haven't done any
double entry accounting before. My understanding is that I need an
income and and an expense account? I really have two sources of income
donations and fund raising. I created 3 accounts Donations, Fund raising
and Expenses. Is this the correct way? So I added an entry to Donations,
$100 for example and it tells me the transaction is not balanced. What
does that mean, there has to be someplace I can record income without
requiring that it come from another account right? I'm sure I'm missing
some basic idea here.
Thanks
robert
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