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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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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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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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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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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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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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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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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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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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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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 ...