I am no accountant, but that doesn't sound quite correct.
If you put the Cash Discounts account under Expenses, then that would be
a contra-account as it reduces the price of your expenses you pay the
wholesaler. So that credit is correct, but I don't see that there should
be a debit to your
Thank you Michael. I was unsure of how to use this in a double entry account.
WHen I get a discount from a wholesaler, then there is a credit to
Cash discounts,
which is an expense. There is also a corresponding debit to my
checking account.
When I issue a site wide discount there is a debit to
On Tue, May 14, 2024 at 10:10 PM Michael or Penny Novack
wrote:
> The wizard is only a starting point giving an example of TYPICAL
> accounts. There is no guarantee tat the set of accounts would =meet the
> needs of YOUR business. If your business never offered cash discounts,
> then your
On 5/14/2024 8:52 PM, nisp1953 wrote:
OS; OpenBSD 7.5 GENERIC.MP#82 amd64
Gnucash Ver.:
GnuCash 5.5
Build ID: 5.5+(2023-12-16)
I have set up a simple business account tree using the wizard. I have
Cash Discounst under expenses like so:
\/ Expenses
Bank Service Charge $0.00
OS; OpenBSD 7.5 GENERIC.MP#82 amd64
Gnucash Ver.:
GnuCash 5.5
Build ID: 5.5+(2023-12-16)
I have set up a simple business account tree using the wizard. I have
Cash Discounst under expenses like so:
\/ Expenses
Bank Service Charge $0.00
Cash Discounts$467.82
