GnuCash

Todd norrist at gmail.com
Fri Sep 23 18:44:32 UTC 2005


I wanted to use Gnucash for a long time and like you was stuck on the double
entries. Since i've gotten it working it has made things so much easier. The
key was the new account wizzard. It does all the wierd stuff for you.


On 9/23/05, Henry Hartley <henryhartley at westat.com> wrote:
>
> On Friday, September 23, 2005 1:59 PM Robert Bell said:
> >>
> >> OK, I just don't get gnucash. I want to track a simple cash
> >> account for my group of Cub Scouts. I am only used to Quicken so
> >> I haven't done any double entry accounting before. My understanding
> >> is that I need an income and and an expense account? I really have
> >> two sources of income donations and fund raising. I created 3
> >> accounts Donations, Fund raising and Expenses. Is this the correct
> >> way? So I added an entry to Donations, $100 for example and it
> >> tells me the transaction is not balanced. What does that mean,
> >> there has to be someplace I can record income without requiring
> >> that it come from another account right? I'm sure I'm missing
> >> some basic idea here.
>
> First, instead of a single "expenses" account, you would normally have
> expense accounts for various types of expenses. For example, "food",
> "supplies", "books" or whatever. If you don't care, just having
> "expenses" is probably fine.
>
> Next, in addition to income and expense accounts, you need "balance
> sheet" accounts. These are grouped into "Assets", "Liabilities" and
> "Equity" (or some other name that means the same thing). Assets are
> things of value. A bank account, a box with cash in it, stocks, bonds,
> equipment, etc. You probably have one - either a petty cash account or
> a bank account (or both). Liabilities are things with value to someone
> else. Typically these are outstanding loans, etc. You probably don't
> have any.
>
> In double entry accounting, each entry has, you guessed it, two entries.
> In this case ($100 donation) the other half is "where the money was
> put". In all probability the other half of every transaction will be
> your cash account.
>
> That's about as short a course on accounting as you are ever likely to
> see. It should NOT be relied upon in an audit. If you have more
> questions, send me and email off-list since this isn't really a Fedora
> Core or even a Linux topic.
>
> --
> Henry
>
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