Michael, I gave a quite generic caveat if you didn't notice, but thanks
for the specific exception for posterity! (for that 1%, or so, as I
guess various of us from time to time, might judge or measure that
statistic, or make it up, as the case my be, or warrant.)
Regards,
Adrien
On 7/2/22 12:56 PM, Michael or Penny Novack wrote:
On 7/2/2022 3:38 AM, Adrien Monteleone wrote:
Starting from the source account is good practice no matter the type
of transaction.
Since funds in double-entry have to 'come from somewhere' and 'go to
somewhere', by always entering the transaction in the source account,
you are always choosing the destination(s).
Life is much less confusing that way. (yes, yes, before anyone else
chimes in, I know there are sometimes complicated transactions with
multiple sources...)
Regards,
Adrien
"Since funds in double-entry have to come from somewhere ...." might be
a trifle naive. There probably will be "funds" involved 99% of the time.
But there will be exceptions. Like:
a) You receive a statement from you employer that you have an "imputed
income" amount of $X.00 << the employer has paid the premium for your
group term insurance (a common employee benefit) but the portion of the
premium for the amount over $50,000 face value is considered income by
Uncle Sam >> That would be a debit "life insurance premiums" and a
credit "income" This MAY be bit by bit on your payroll statements
where the total income (including imputed) is greater then gross income.
b) Typical :journal transactions" like recording annual depreciation.
Michael D Novack
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