See my last reply! I am backwards. I’m sure my Accounting classes in college in 1968-9 etc taught me the right way!
> On Dec 14, 2017, at 4:58 PM, Mike or Penny Novack > <stepbystepf...@dialup4less.com> wrote: > >> On 12/14/2017 5:23 PM, Alex Aycinena wrote: >>> On Thu, Dec 14, 2017 at 2:10 PM, Jack Slater <theillini...@gmail.com> wrote: >>> >>> How could that be? I’m paying from Checking. That’s a debit is it not? If >>> not then everything I’ve learned in 59 years is wrong! >>> >>> On Dec 14, 2017, at 4:08 PM, Alex Aycinena <alex.aycin...@gmail.com> >>> wrote: > Nope, you have it backwards. Double entry bookkeeping has two "senses", debit > and credit (not quite the same as positive and negative). There are three > FUNDAMENTAL types of accounts, asset, liability, and equity (type income and > expense are actually temporary accounts of fundamental type equity --- > hundreds of years ago they did not exist and transactions were entered > directly against equity). > > The normal balance of the type asset is debit (a debit increases an asset). > The normal balance of the types liability and equity is credit (a credit > increases a liability or equity) > > You are being confused by looking at the statement you get from your bank. > That is because from THEIR point of view, when you make a deposit it is a > credit (for THEM) and when they pay a check a debit (for THEM). But for you > it would be the other way around. > > Michael D Novack > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > https://lists.gnucash.org/mailman/listinfo/gnucash-user > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
