Just think of double entry as when you are spending, the money comes from some account and is spent on something (expense account). When you are receiving money, it comes from somewhere Income, donation, etc. and gets put into some asset account, savings, building fund, cash on hand. There are two items for every expanse or receipt.
Thank You, Gyle McCollam Gyle McCollam gmccol...@live.com<mailto:gmccol...@gyleshomes.com> email ________________________________ From: Abe Sternberg <abe.h.sternb...@gmail.com> Sent: Monday, February 20, 2023 2:53 PM To: Gyle McCollam <gmccol...@live.com>; gnucash-user@gnucash.org <gnucash-user@gnucash.org> Subject: Re: [GNC] Interest Income That sounds too simple - I'll try it. I really get confused with this double-entry business, but these records are for a non-profit and I have to be sure they are kept correctly. Regards, Abe On 2/20/2023 14:31, Gyle McCollam wrote: Just a thought, if you haven't set up your savings account before and you are setting up the initial balance as the transaction you are referring to you would debit the savings account and credit an equity account. Most likely a beginning balances account. Thank You, Gyle McCollam Gyle McCollam gmccol...@live.com<mailto:gmccol...@gyleshomes.com> email ________________________________ From: gnucash-user <gnucash-user-bounces+gylemc=gmail....@gnucash.org><mailto:gnucash-user-bounces+gylemc=gmail....@gnucash.org> on behalf of Abe Sternberg <abe.h.sternb...@gmail.com><mailto:abe.h.sternb...@gmail.com> Sent: Monday, February 20, 2023 12:46 PM To: gnucash-user@gnucash.org<mailto:gnucash-user@gnucash.org> <gnucash-user@gnucash.org><mailto:gnucash-user@gnucash.org> Subject: [GNC] Interest Income I have just started using Gnucash for my savings account, not much money involved here, and wanted to enter my first transaction. Not being good at double-entry bookkeeping, I have no idea what are the two off-setting accounts. I imagine that I use income, but what is the other account? Thanks for your help to a dumb guy. Abe _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org<mailto:gnucash-user@gnucash.org> To update your subscription preferences or to unsubscribe: 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 To update your subscription preferences or to unsubscribe: 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.
