Questions tagged [double-entry]
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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Why do we still need double-entry bookkeeping in the age of computers?
I recently learned a bit about double-entry bookkeeping and although I believe I understood the how I didn't really understand the why. At first it seems to me that splitting each account into debit ...
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Lemonade stand in ledger cli
The Accounting Game
There's a book that introduces accounting called The Accounting Game by Mullis and Orloff:
ledger-cli file
Here's one approach to implementing the transactions from chapter 1 in ...
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how to properly record details of big purchase into the ledger? [closed]
Suppose I bought the car for $10k. I would imagine that journal entry for the purchase would include $10k on debit and credit side and go to accounts like 'Payable' and 'Assets'.
Suppose I need to ...
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How to capture Treasury T-Bill reinvestment activity in GNUCash
I use GNUCash, I like it a lot. Double-entry is awesome but sometimes it's difficult to determine the "right way" to record something. I've recently started investing in some T-Bills and I'm ...
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Query about double entry going to wrong column
I have just started using GNU Cash and most accounts I have been able to set up without any major issues.
But have a query on how can we reverse columns for some entries?
Let me start with a couple of ...
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How can I track gift money in GnuCash?
I'm fairly new to GnuCash and this kind of accounting. I'm trying to work out how to receive gift money as cash and spend it via a credit card.
I've also started looking at reports so I can see how I'...
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Liability account for inventories sold but pending delivery [closed]
Forgive me if this is a stupidly basic question. I'm not a trained accountant, just a software developer. So the question is -
Is there a standard (or de facto standard) way for recording pending ...
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How to record currency conversion in a journal entry
I am keeping track of my personal finances in a physical accounting journal. At a currency exchange desk, I converted 100 CAD into 75 USD. How should I record this transaction in my journal? In double-...
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Tracking taxable reimbursement in double entry accounting with cash accounting (as employee)
Let's suppose we have the following events
2021-12-15: I paid $1000 rent from my checking account.
2022-01-15: I received $1000 in my checking account from my employer as the housing allowance (...
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What accounting entries should I make for writing off a personal loan?
I loaned my father $20. This is how I recorded the transaction in GnuCash:
Account
Debit
Credit
Assets:Loans:Father
$20
Assets:Banks:USD
$20
Now, I want to forgive the debt. What entries should I ...
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How to account for a transfer that includes a liability
I have been trying to figure out how to use GnuCash / double-entry accounting in order to correctly enter the following situation:
I have asset accounts for my bank account and for 529 accounts for my ...
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How do I record Purchased Annual Leave?
My employer has an arrangement where one can "purchase" annual leave. This works by giving you say 40 hours of additional annual leave to take whenever you like, and then over the course of ...
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Double entry bookkeeping - Record incoming money which I would hold temporarily as a custodian
My dad's clients often transfer payments, which they owe to my dad, into my bank account [for technical reasons, some payment types into my account are not currently available in my dad's]. After a ...
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How to balance out trading between different currencies and dividends on a ledger?
TL;DR: I'm wondering how should I balance out values when dealing with multiple currencies being traded over time along with normal expenses that might occur along the way, as well as transactions ...
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Double-entry accounting example for Christmas gift from family member
A family member, Sandra, pays $10 as a Christmas gift for Joe's daughter, Anne. Joe is learning accounting and records the entry as follows. Joe wants to check if the following entries are correct or ...
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