On 11/24/2024 12:04 AM, R Losey wrote:
Now this puzzles me... double entry bookkeeping is double bookkeeping,
whether a transaction has the simple case of "used my credit card to
buy gas" or a transaction with a dozen accounts (such as a
paycheck, with deductions for 401K, medical insurance, dental
insurance, social security taxes, medicare taxes, and so on). In each
transaction, there must be a balance.
Even back when I used Quicken, I had entries with multiple splits.
The more my understanding of accounting grows, the more I appreciate
GnuCash.
You especially appreciate it if you learned in the days of pen and ink
on paper. No more posting errors! No more work to produce standard
reports like Balance Sheet and P&L. No more errors in the trial balance
to find/correct.
OK. I guess a simple example is in order. A, B, and C are out to lunch
together, A a friend of B and C a friend of B, but A and C strangers to
each other. They will be each paying their own tab. A says "oops, left
my wallet in my desk drawer. B can you lend me a twenty?" B says "I
don't have any extra cash on me. C, can you lend me a twenty?" C says
"sure, and hands a twenty to A.
What does this transaction look like on B's books? Of course the
question isn't really about gnucash but about accounting (which
account(s) are being debited and which credited) Hint: May need to be
creating accounts.
Michael D Novack
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