Re: Transfer query.
On 6/13/2017 2:00 PM, Eric Coates wrote: "Credit" and "Debit" are technical terms that accountants use in a way somewhat different from "real" people. As a way of understanding this it may help to think that "ordinary" people tend to think in terms of how a transaction affects them, accountants think in terms of how it affects the counter party (when you deposit money in a bank you see it as crediting you, an accountant sees it as creating a debt the bank owes you). If anyone knows of an easier/more correct way to explain it I, for one, would like to hear it I will try. Double entry bookkeeping goes back to the days when educated people (people who could read/write) used Latin for semi secret. You deposit money in the bank. That means the bank OWES you that money (you can demand it back) debit = he owes You owe somebody else (that liability account). He trusts that you will pay when demanded credit = he trusts THAT was the big advance in trade/banking. That they didn't have to physically transfer all the money involved, could just exchange debits and credits and then the only physical money that had to be transferred was to adjust balances. It didn't do thieves/pirates any good to steal documents being shipped indicating who owed whom or had a credit with whom. 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.
Re: Transfer query.
Many thanke to all who replied. I am now sorted. Regards Ken. From: David Carlson Sent: 13 June 2017 17:52 To: Derek Atkins Cc: Ken Tibbles; gnucash-user@gnucash.org Subject: Re: Transfer query. To elaborate on Derek's explanation, all the 'Charges' in your credit card (Liability) account should appear on the right side in the credit card account, and on the left side in the various expense accounts if you 'jump' to the expense accounts. On Tue, Jun 13, 2017 at 11:44 AM, Derek Atkins mailto:de...@ihtfp.com>> wrote: Hi On Tue, June 13, 2017 12:20 pm, Ken Tibbles wrote: > Hi, > > > I am trying to move from "MoneyMaker Ex" and use Gnucash for my home > accounts instead. > > > However, when trying to enter the payment of my credit card balance I > create a payment in my current accout (which shows as a withdrawl) with > the transfer to the credit account (an account under Liabilities) which > then shows as a payment not a receipt. This is the correct behavior. A payment to your CC should show up as a payment! >Therefore my credit card balance > has doubled not reduced to zero. > > > What am I doing wrong? It sounds like you're entering all your credit card transactions wrong, as payments as opposed to charges. > Regards > > Ken. > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. -derek -- Derek Atkins 617-623-3745 de...@ihtfp.com<mailto:de...@ihtfp.com> www.ihtfp.com<http://www.ihtfp.com> Computer and Internet Security Consultant ___ gnucash-user mailing list gnucash-user@gnucash.org<mailto: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.
Re: Transfer query.
When using informal labels, it is important to keep in mind that they only apply to the account for that register, they do not always have meaning per split. Debit/Credit however will always be the same no matter which side of the transaction you are viewing. Additionally, the columns don’t move on you. Debit is always on the left and Credit always on the right. The expanded Accounting Equation is a helpful reminder of which to do: Assets = Liabilities + Equity + (Revenue - Expenses) If you re-arrange for all positive signs you get: Assets + Expenses = Liabilities + Equity + Revenue Debit: Left Side of the equation and left column in the register Credit: Right Side of the equation and right column in the register > On Jun 13, 2017, at 1:00 PM, Eric Coates wrote: > > > Hi Ken > > I had a similar problem when I started with gnuCash - and so, it seems, have > lots of other people: > > I am guessing that when you look at the tab for your current account two of > the headings are "Debit" and "Credit" and when you pay your salary into the > account the number appears in the "Credit" section. If that is the case first > a word of explanation then the correction, if it isn't the case stop reading > now, you'll just be wasting time! > > "Credit" and "Debit" are technical terms that accountants use in a way > somewhat different from "real" people. As a way of understanding this it may > help to think that "ordinary" people tend to think in terms of how a > transaction affects them, accountants think in terms of how it affects the > counter party (when you deposit money in a bank you see it as crediting you, > an accountant sees it as creating a debt the bank owes you). If anyone knows > of an easier/more correct way to explain it I, for one, would like to hear it > > The solution is to click Edit/Preferences and choose the Account tab on the > left side of the window. If I'm right in my guess (no guarantees!) you'll see > the "Use formal accounting labels" is ticked. Untick it and close the window. > Back in the main window close all open tabs and reopen your current account. > > If I'm right in my guess (no guarantees!) the "Debit" and "Credit" headings > will have changed to "Increase" and "Decrease". (Headings in your credit card > tab will also have changed to "Payment" and "Charge"). These heading can be > interpreted in an "everyday" sense and ... you'll see your payments INTO the > account appear as decreases and payments FROM the account appear as increases > which is wrong. > > I know of no way to automatically correct the entries (someone else might) so > I'm afraid you could be in for quite a bit of work. Sorry. > > Take care > > Eric > > > On 13/06/17 17:20, Ken Tibbles wrote: >> Hi, >> >> >> I am trying to move from "MoneyMaker Ex" and use Gnucash for my home >> accounts instead. >> >> >> However, when trying to enter the payment of my credit card balance I create >> a payment in my current accout (which shows as a withdrawl) with the >> transfer to the credit account (an account under Liabilities) which then >> shows as a payment not a receipt. Therefore my credit card balance has >> doubled not reduced to zero. >> >> >> What am I doing wrong? >> >> >> Regards >> >> Ken. >> >> ___ >> 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. ___ 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.
Re: Transfer query.
Hi Ken I had a similar problem when I started with gnuCash - and so, it seems, have lots of other people: I am guessing that when you look at the tab for your current account two of the headings are "Debit" and "Credit" and when you pay your salary into the account the number appears in the "Credit" section. If that is the case first a word of explanation then the correction, if it isn't the case stop reading now, you'll just be wasting time! "Credit" and "Debit" are technical terms that accountants use in a way somewhat different from "real" people. As a way of understanding this it may help to think that "ordinary" people tend to think in terms of how a transaction affects them, accountants think in terms of how it affects the counter party (when you deposit money in a bank you see it as crediting you, an accountant sees it as creating a debt the bank owes you). If anyone knows of an easier/more correct way to explain it I, for one, would like to hear it The solution is to click Edit/Preferences and choose the Account tab on the left side of the window. If I'm right in my guess (no guarantees!) you'll see the "Use formal accounting labels" is ticked. Untick it and close the window. Back in the main window close all open tabs and reopen your current account. If I'm right in my guess (no guarantees!) the "Debit" and "Credit" headings will have changed to "Increase" and "Decrease". (Headings in your credit card tab will also have changed to "Payment" and "Charge"). These heading can be interpreted in an "everyday" sense and ... you'll see your payments INTO the account appear as decreases and payments FROM the account appear as increases which is wrong. I know of no way to automatically correct the entries (someone else might) so I'm afraid you could be in for quite a bit of work. Sorry. Take care Eric On 13/06/17 17:20, Ken Tibbles wrote: Hi, I am trying to move from "MoneyMaker Ex" and use Gnucash for my home accounts instead. However, when trying to enter the payment of my credit card balance I create a payment in my current accout (which shows as a withdrawl) with the transfer to the credit account (an account under Liabilities) which then shows as a payment not a receipt. Therefore my credit card balance has doubled not reduced to zero. What am I doing wrong? Regards Ken. ___ 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.
Re: Transfer query.
To elaborate on Derek's explanation, all the 'Charges' in your credit card (Liability) account should appear on the right side in the credit card account, and on the left side in the various expense accounts if you 'jump' to the expense accounts. On Tue, Jun 13, 2017 at 11:44 AM, Derek Atkins wrote: > Hi > > On Tue, June 13, 2017 12:20 pm, Ken Tibbles wrote: > > Hi, > > > > > > I am trying to move from "MoneyMaker Ex" and use Gnucash for my home > > accounts instead. > > > > > > However, when trying to enter the payment of my credit card balance I > > create a payment in my current accout (which shows as a withdrawl) with > > the transfer to the credit account (an account under Liabilities) which > > then shows as a payment not a receipt. > > This is the correct behavior. A payment to your CC should show up as a > payment! > > >Therefore my credit card balance > > has doubled not reduced to zero. > > > > > > What am I doing wrong? > > It sounds like you're entering all your credit card transactions wrong, as > payments as opposed to charges. > > > Regards > > > > Ken. > > > Please remember to CC this list on all your replies. > > You can do this by using Reply-To-List or Reply-All. > > -derek > > -- >Derek Atkins 617-623-3745 >de...@ihtfp.com www.ihtfp.com >Computer and Internet Security Consultant > > ___ > 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.
Re: Transfer query.
Hi On Tue, June 13, 2017 12:20 pm, Ken Tibbles wrote: > Hi, > > > I am trying to move from "MoneyMaker Ex" and use Gnucash for my home > accounts instead. > > > However, when trying to enter the payment of my credit card balance I > create a payment in my current accout (which shows as a withdrawl) with > the transfer to the credit account (an account under Liabilities) which > then shows as a payment not a receipt. This is the correct behavior. A payment to your CC should show up as a payment! >Therefore my credit card balance > has doubled not reduced to zero. > > > What am I doing wrong? It sounds like you're entering all your credit card transactions wrong, as payments as opposed to charges. > Regards > > Ken. > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. -derek -- Derek Atkins 617-623-3745 de...@ihtfp.com www.ihtfp.com Computer and Internet Security Consultant ___ 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.
Transfer query.
Hi, I am trying to move from "MoneyMaker Ex" and use Gnucash for my home accounts instead. However, when trying to enter the payment of my credit card balance I create a payment in my current accout (which shows as a withdrawl) with the transfer to the credit account (an account under Liabilities) which then shows as a payment not a receipt. Therefore my credit card balance has doubled not reduced to zero. What am I doing wrong? Regards Ken. ___ 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.
