Double-entry is an accounting technique in which every event is recorded in two separate accounts. The event is recorded in one account as a credit, and in the other account as a debit.

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Get GnuCash to use the Opening Balances account for new accounts

I’m still new to GnuCash, and as such I’m setting up all my accounts. When I first created the file, I didn’t add all my accounts because I wanted to set up only a few at a time. The accounts I did ...
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44 views

Representing a personal loan with double entry

I have received a family loan (no interest or penalties, just a friendly loan) from my parents which is deposited into my savings account for my bank. I'm having issues understanding how I should ...
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90 views

Double entry book keeping for hardcore personal finance [closed]

I'm looking for some experienced feedback with double entry book keeping software that can be tuned for personal finances. I'm not sure if I'm a rare breed, but I like to know my worth at all times ...
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43 views

Is ledger-cli appropriate for storing detailed information from receipts? [closed]

I'm evaluating different software to track my personal expenses, and since I'm fine with command line and plain text files, I'm now considering ledger command line application. But I'd like to store ...
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57 views

What would be the appropriate account for written off loans to friends and family?

In the past I have lent some money to friends and family, which I have not gotten back. I don't want to ask them for the cash, but I do want to clean up my accounts. How would I record this in my ...
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91 views

What's an account called that always balances to 0?

I use a pretty standard double-entry system in GnuCash (Income/Expenses, Assets/Liabilities). With my wife going back to school this fall, I did something in my accounting that I haven't done before: ...
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4answers
212 views

In double entry accounting, as an employee, how do I enter expenses?

I'm new to accounting and just started using GnuCash for my personal finances. Question As an employee (not a company), how would you enter the following transaction into GnuCash? Situation I ...
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54 views

How to record a transaction with more than one purpose?

Suppose I pay with my credit card, £15 at a store, where £10 is for stationery used for my business meeting which is a claimable expense, and £5 is for my lunch which is a personal expense. I think ...
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59 views

Double-entry bookkeeping conundrum - how to log built-in fees?

So today I was trying to figure out how to do some double-entry bookkeeping for one of my projects. The service is similar to a bank teller - it accepts money on one end, charges some fees, and gives ...
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183 views

In double-entry book keeping, is income always negative?

I've begun trying to learn some money managing techniques, but when fiddling with gnucash I've found that in double-entry accounting, where all money has to come from somewhere, the income accounts ...
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113 views

How do I do double-entry bookkeeping for separately-managed investment accounts?

Double-entry bookkeeping is new to me but is something I'm trying to apply to our personal finances. The area I am struggling with is how to deal with our investments. We have a mix of Canadian RRSP ...
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930 views

Double-entry accounting: how to keep track of mortgage installments as expenses?

Context: I am new to double-entry accounting, I use GnuCash for my personal family bookkeeping. At the moment, the main goal for me is to keep track of incomes/expenses of our family over time. For ...
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272 views

Accounting for paying bills for (and being reimbursed by) another person

I an currently using Gnucash to manage my expenses. I am new to double-entry accounting and find many aspects of it to be confusing. Here's a situation that currently happens monthly. I'd like to know ...
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1answer
85 views

Where to record existing assets when starting double-entry accounting

Very rarely would anyone start recording their accounting with zero assets or liabilities. Question is - under which account would you record them? Specifically, if you own property, you would debit ...
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1answer
220 views

How to record the finding of 10 dollars lying on the street and their subsequent placement into one's wallet (in gnucash)?

Within gnucash: within the Cash in Wallet account: description: found some money in the street transfer: Imbalance-USD or create a new arbitrary one-off account called something like "Penny Lane" ...
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1answer
124 views

How do I enter a house sale into my accounting package?

We sold our house and purchased a new one. The money from the sale went into our lawyer's trust account, and then was passed onto the vendor that sold us the new house. In my accounting package, I ...
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217 views

How to record existing double entries in GnuCash

For example if I transfer $ 5,000.00 from my checking to savings a/c on 6/1 these two entries appear in my bank a/c statement - Checking: 6/1 -5,000.00 Transfer to checking a/c YYY Saving: ...
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885 views

In double entry accounting, how do I enter a loan?

I have taken an accounting course several years ago, but I'm a little rusty. I'm using GnuCash, double entry accounting software. I have a loan from a friend, so no interest. I have paid about half ...
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How to account for Capital Gains (Losses) in double-entry accounting?

After taking an introductory financial accounting class, I decided to use GnuCash to keep track of my personal finances. I have 5 major accounts in my general ledger: Equity Currently only used to ...
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157 views

Software for keeping track of Loans and expenses between multiple people

I am keeping track of the finances for an eco-village using double entry book-keeping with GNUCash. I like it so far, but we are keeping track of loans we have taken out from many individuals (no ...
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2answers
360 views

How should I record the changing value of an investment in accounting software?

I have the following (simplistic) structure set up in GnuCash, but this should apply to other software too: Assets Bank account Pension Income Salary Interest Every month, my salary is ...
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5k views

Correct method of recording bank transfer in double-entry accounting

What is the correct way to record the transfer of funds between 2 accounts of the same type (ie checking account to savings account)? Since they are both debit accounts, wouldn't crediting one and ...
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Starting with GnuCash. How to eliminate automatic entries ending up in the “unbalanced” account?

I just started using GnuCash and there is something I do not quite get how to get rid of (and whether I should try to get rid of). When I start importing transactions, I have expenses, income, etc. ...
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102 views

Accounting: Should a fee on an amount payable be applied in AR or AP account?

An application I'm building has a simplistic double-entry accounting component to it to keep track of funds passed owed to various parties. I'm unclear on how certain entries should be applied. Take ...
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173 views

How do I add my income to my personal finance balance?

I've never understood accounting really, apart from the basic concepts. Supposing I want to keep a better track of my money, I'm using Excel at this moment. I guess I need to move to some double entry ...
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Comprehensive tutorial on double-entry personal finance?

Can anyone recommend a comprehensive tutorial on using double-entry accounting to manage personal finances? I've read a few articles that make double-entry seem worth learning, but I'm struggling with ...