On 11/21/2024 6:32 PM, Boniforti Flavio wrote:
Hi Michael.
Thanks for your message.
You mean this type of view?
image.png
F.
The view is right, but the transaction isn't. The problem is that
accounts of type income and expense are on opposite sides of the ledger.
Let's step back for a bit and discuss the transaction in terms of what
happened. You had an item of inventory on your books for U. You sold it
for V, the buyer giving you a check for V which you deposited in your
bank account. But part of this deal was that you pay for shipment to the
buyer and that cost W, which you paid for somehow, a check, money from
your pocket, a credit card, etc.
Is that a correct description?
So you had a decrease in an asset (of all of its value, U) and an
increase in an asset (bank account goes up by that deposit V) and an
increase in income (sales) for the
'profit, not including expenses V-U) and so far in balance with
total debits = total credits ------ REMEMBER, an increase of an account
of type income is a credit.
BUT --- you also had an expense for the shipping cost X (a debit) which
you paid for somehow, a credit to a bank account, a wallet, or a credit
card charge.
In your entry, you have BOTH the income account and the expense account
as credits. Expense accounts are on the debit side of the ledger.
Michael D Novack
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