https://lists.gnucash.org/pipermail/gnucash-user/2024-May/111808.html
> Does [Debits and Credits] make more sense now?
Yes, well put. That perspective would be worth reworking as a brief
information pane in the Guide.
>
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On 5/5/2024 11:55 AM, ph hermes wrote:
what are the accounts you have set up in assets? it sounds like you only
have your equity balance. in my asset section, i have all my bank accounts,
petty cash, etc. as well. and i have separate accounts for each of my
equity assets (often sub accounts)...
what are the accounts you have set up in assets? it sounds like you only
have your equity balance. in my asset section, i have all my bank accounts,
petty cash, etc. as well. and i have separate accounts for each of my
equity assets (often sub accounts)... not just 1 account called equity.
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On 5/4/2024 10:53 PM, flywire wrote:
David, the guide even warns that accounting debits and credits are
used contrary to the way most people understand them. The average
punter will be wrong, and if they get it right the next punter will
likely bet they are wrong.
Yes, depends on perspective,
David, the guide even warns that accounting debits and credits are
used contrary to the way most people understand them. The average
punter will be wrong, and if they get it right the next punter will
likely bet they are wrong.
Understood that those without an accounting background often
misunderstand what debits and credits actually mean.
I don't know whether the thread you referenced reached a conclusion but
the accounting definitions of debit and credit and how they are used in
accounting is however formally
>
> You need to get a grasp of double entry bookkeeping concepts...
I agree but I wouldn't focus on the formal meaning of Credit/Debit, even if
you understand it most people have the wrong understanding -
https://lists.gnucash.org/pipermail/gnucash-user/2023-May/106929.html - and
following the
Brian,
The entry recording your opening balaces will have debit amounts to
your asset accounts and equal credit amounts to the Equity:Opening
Balance accounts. For Liability accounts the entry will be credit
amounts with corresponding debit amounts to the Equity:Opening
Balances.
This is how
On 5/4/2024 1:18 PM, Brian Higgins via gnucash-user wrote:
I really need to talk with someone to get this right. My equity
opening balance is $ 6802.59 ( close enough) on 1/1 24, and my check
register is $3892.258 on 1/1/24 and my petty cash is $5 on 1/1 /24, so
why does my equity account
I really need to talk with someone to get this right. My equity opening
balance is $ 6802.59 ( close enough) on 1/1 24, and my check register
is $3892.258 on 1/1/24 and my petty cash is $5 on 1/1 /24, so why does
my equity account value on show up as equal to the assets? I thought
the equity
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