How to do it using gnucash is not your problem. How to do it even were
you using pen and ink on paper is your problem. In other words, you
don't know the account to debit in order for the transaction to be in
balance.
Hint: Accounts of type income and expense are both temporary accounts of
fundamental type equity. So if you credit an income account and debit
equity by the same amount you have NOT really changed your total equity.
If you closed the books, that income amount would have ended back up in
equity, just as the Balance Sheet report includes the net of unclosed
income and expense accounts as unrealized gain or loss (the amount that
WOULD be transferred to equity were the books closed).
Michael D Novack
PS -- Then tutorial is intended as a very basic guide just to get you
started. If you are needing to record transactions involving more
complex situations then bite the bullet and work your way through a
typical "Accounting 101" text (ideally, one for accounting under the
rules of YOUR jurisdiction
I am just wondering, how this transaction can be effected in GNUCASH.
I tried to search for wiki and some old communication on this subject
but could not get the clear idea. Hence, thought of seeking help here.
Will very much appreciate any help
With my best regards
Paras
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