Re: Income shows as negative
On 3/11/2018 3:14 AM, D wrote: Hello, Although I am *not* an accountant, I understand that in standard accounting, income is shown as a negative balance. The Tutorial covers this. There is a setting that allows you to display income accounts with reversed signs, if this bothers you. "debit" and "credit" have the opposite sense in the same way as "positive" and "negative" do but are not the same thing UNLESS you have specified that. In traditional accounting "negative" refers to an account having a balance in the opposite sense of what is expected. For example, a credit balance in an account normally debit or a debit balance in an account normally credit. An account of type "income" would normally have a credit balance. Michael D Novack ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: Income shows as negative
On 2018-03-10 22:48, am wrote: > I just finished setting up gnuCASH and found that after entering > income (and other date ie expenses, etc) it shows up as negative(in > parenthesis). This would mean a negative income? Why would it not > show as expected - POSITIVE income since there was no loss. Is this > how accounting works? What am I missing? Accounting as you learned it sounds like I learned it: Debits = Credits (or Debits - Credits = 0) Assets + Expenses = Liabilities + Equities + Income Most transactions increase the values of the accounts. For example, if you buy something for $100 on credit, both Assets and Liabilities increase by $100. But GnuCash, instead of having a balance like that, instead sets up Debits + Credits = 0 Assets + Expenses + Liabilities + Equities + Income = 0 If you buy something on credit, Assets increase by $100 and Liabilities decrease by $100 -- i.e, Liabilities become more negative, and -400 is less than -300. You can make this go away, mostly, in Edit » Preferences » Accounts. Under "Reverse Balance Accounts", select "credit accounts". You'll get used to this after a while. Unfortunately, some reports don't honor this preference, or their treatment of it is buggy, so they will show credit accounts as negative after you make this change. Income Statement and Balance Sheet reports get it right; the General Ledger report (as opposed to the General Ledger tool) puts the wrong sign on totals. -- Regards, Stan Brown Tompkins County, New York, USA http://BrownMath.com http://OakRoadSystems.com ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: Income shows as negative
Hello, Although I am *not* an accountant, I understand that in standard accounting, income is shown as a negative balance. The Tutorial covers this. There is a setting that allows you to display income accounts with reversed signs, if this bothers you. David On March 11, 2018, at 8:59 AM, Ken Pyzik wrote: I am thinking it could be dependent upon what account type you set it up as. Is it set as an Income Account or an Expense Account type? It is possible you have it setup as an Expense Account type which is why it would show as a negative expense?If that is not it -- then you would have to give a little more detail on the setup to see why it is opposite what you expect. -Original Message- From: gnucash-user On Behalf Of am Sent: Saturday, March 10, 2018 7:48 PM To: gnucash-user@gnucash.org Subject: Income shows as negative I just finished setting up gnuCASH and found that after entering income (and other date ie expenses, etc) it shows up as negative(in parenthesis). This would mean a negative income? Why would it not show as expected - POSITIVE income since there was no loss. Is this how accounting works? What am I missing? Thanks for any help ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - 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 To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - 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 To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
RE: Income shows as negative
I am thinking it could be dependent upon what account type you set it up as. Is it set as an Income Account or an Expense Account type? It is possible you have it setup as an Expense Account type which is why it would show as a negative expense?If that is not it -- then you would have to give a little more detail on the setup to see why it is opposite what you expect. -Original Message- From: gnucash-user On Behalf Of am Sent: Saturday, March 10, 2018 7:48 PM To: gnucash-user@gnucash.org Subject: Income shows as negative I just finished setting up gnuCASH and found that after entering income (and other date ie expenses, etc) it shows up as negative(in parenthesis). This would mean a negative income? Why would it not show as expected - POSITIVE income since there was no loss. Is this how accounting works? What am I missing? Thanks for any help ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - 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 To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
