Re: documentation error on debits/credits?
John Ralls <jralls <at> ceridwen.us>
2014-11-24 03:21:01 GMT
> On Nov 23, 2014, at 5:16 PM, Jeffrey H Hotchkiss <jefreiki <at> maine.rr.com> wrote:
> Wow, thank you for the quick and complete response, John! I very much doubt I would have had this level of
service from Quicken.
> I got to that outdated doc by just doing a Google search and picking a good description from the first
results page — much easier than navigating the manual, but now I see the inherent risks of such an approach.
> Until I internalize it, I’ve put a little table reference on a card on my wall, showing how Dr/Cr records
increase or decrease accounts on either side of the balance sheet. I had learned the principles and many
details, in a couple of decades of IT support for enterprise-scale accounting systems, but had lost the
debit/credit memory. Also, I had learned the equation as Assets = Liabilities + Capital (which I took to
mean equity back then), so it was easier to remember what the transactions did on either side of the balance
sheet. But, because I always had a worms-eye, software view of the various ledgers (AP, AR, etc.), I never
really got into the trial balance process, and thus did not get the exact connection between balance sheet
and income statements. Using Gnucash, I get it now. Also, I’m starting to see how Gnucash is simpler and
more transparent than Quicken in how it presents the data I enter.
> So, even though I left IT a decade ago, the mismatching skills are still strong - so I’m not surprised
I’m only the second to find this. I’ll accept a prize of free lifetime updates!
> I’m coming late to the use of open source software, having just switched from an ancient Windows PC to a
Macbook this year, and not having an appetite for spending bundles on bloated platforms like MS Office or
Quicken. I also use LibreOffice, and I’m very happy with that, too.
> Thanks again, very much —
You’re welcome, but please remember to copy the list on all replies.