Will, The confusion often arises because your bank regards a savings/checking account in your name as a liability in their books while in your own books it is an asset. Conversely your credit card is an asset in the bank's books and a liability in yours
See https://www.gnucash.org/docs/v4/C/gnucash-guide/chapter_accts.html#:~:text=The%20accounting%20equation%20that%20links,rearranged%20Assets%20%2D%20Liabilities%20%3D%20Equity. Wikipedia also has a few good articles dealing with the Accounting equation and Debits and Credits to accounts. Summary Accounting equation Assets = Liabilities +Equity + Income - Expenses If you rearrange it as Assets +Expenses = Liabilities +Equity +Income then Increases to account balances of accounts of the type on the LHS are Debits and decreases are Credits and conversely Increase to account balances for accounts on the RHS are Credits and decreases are Debits. David ----- David Cousens -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
