hi kinleyd, glad this is all helping you too. Once I make sense of all this I will write a page for newbies(like us) who want/need to use ledger. It will be a crash course of basic accounting and how it applies to ledger. I till havent wrapped my head around all the concepts well but this is 1 thing I might have under stood
Line 1 : Where money ended up (recorded in a positive) = Credit Line 2 : Where money came from (recorded in a negetive) = Debit Assets:Cash:Citibank $12,998.06 Liabilities:Account_Payable:Venture_Ent $-12,998.06 ; OR can be left blank as ledger will balance itself. Please tell me if I am headed in right direction. On Thursday, May 7, 2015 at 4:52:16 PM UTC+7, Kev Lau wrote: > > Hi, > I am still having difficulties with coming up with a proper mean of using > a ledger for my business. I am hoping that someone here could see my Ledger > and tell me if it looks sound. I don't want to make alot of entries and > later realize I have been doing it wrong. I have read some material on > accounting and feel that I understand how to make entries(but not sure how > well I am organized and structured) > > Below is a sample of my hypothetical testing ledger. If you could have a > look and give me some advise/tips I would deeply appreciate it. > > > > #GENERAL_ELECTRIC:ASSETS:CASH:CITIBANK US$-12,998.06 ;cash > recd, debit to cash acct. > #GENERAL_ELECTRIC:LIABILITIES:ACCOUNT_PAYABLE:VENTURE_ENTERPRISE US$ > 12,998.06 > > #GENERAL_ELECTRIC:EXPENSES:BANK:CITBANK:FEES US$-19.35 ;cash paid out > credit to cash acct. > #GENERAL_ELECTRIC:EXPENSES:BANK:CITIBANK:FEES US$-77.41 ;cash paid > out credit to cash acct. > #GENERAL_ELECTRIC:ASSETS:BANK:CASH > > #GENERAL_ELECTRIC:ASSETS:CASH:CITIBANK US$-4,998.06 > #GENERAL_ELECTRIC:LIABILITIES:ACCOUNT_PAYABLE:VENTURE-ENTERPRISE US$ > 4,998.06 > > #GENERAL_ELECTRIC:EXPENSES:BANK:CITIBANK:FEES US$-34.19 > #GENERAL_ELECTRIC:EXPENSES:COST_OF_GOODS_SOLD:TRIA_SOLAR:INV004 > US$-12,000.00 > #GENERAL_ELECTRIC:EXPENSES:BANK:CITIBANK:FEES US$-34.19 > #GENERAL_ELECTRIC:EXPENSES:COST_OF_GOODS_SOLD:DYNO_WORKS:INV004 > US$-3,808.00 > #GENERAL_ELECTRIC:ASSETS:CASH:CITIBANK > > #GENERAL_ELECTRIC:REVENUE:SALES:MICROSOFT:INV004 > > US$6,000.00 > #GENERAL_ELECTRIC:ASSETS:RECEIVABLES:INV004 > US$-6,000.00 > > > -- --- You received this message because you are subscribed to the Google Groups "Ledger" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/d/optout.
