Accounting in Linux ...?

[CADesign]

Hi KristineS,

I suspect it would help me as well.
With QB it's all pretty intuitive but I really don't have a good grasp on double-entry accounting, so if I could just sharpen up on that and be able to correctly fix an incorrect entry using the General Ledger it would be extremely helpful. Learning the correct terminology would sure make it easier to use a manual or help screen, as well.

Actually, there should be (and is, no doubt) a lot of helpful information on-line.

I just need to get into my research/ learning mode and get to work.
I do get slack times where this would be fairly easy to work into my routine(s).

Thanks,

Dave

[Evan]

You can't screw up QuickBooks with regards to two entries. You may apply it to the wrong account, in which case you can just edit the transaction. But when you create an invoice, you are in essence creating the following entry:

Debit Accounts Receivable $500
.....Credit Consulting Income $500

When you receive that payment, it's a debit to Undeposited Funds and credit to Accounts Receivable. For that deposit, it's a debit to Cash and credit to Undeposited Funds. You just don't see the entries, but they most certainly exist.

Debits and credits can take awhile to grasp, especially when you talk about a deposit being a debit to Cash. You, as a consumer, are familiar with it being a CREDIT to your account. In reality it's a debit.

The worse thing, it's the complete opposite for the bank. Your deposit is a liability for them, so your deposit ends up being debit Cash, credit Deposits Payable. And that check you just wrote to pay the mortgage ends up being debit Deposits Payable, credit Reserves (all of the money it has that just transfers from bank-to-bank in the ACH network).

It can be a headache!

[CADesign]

Thanks Evan,

... I think.

I'm smiling for sure, but if I wasn't totally confused before ...
... I'm on my way now.

The way I see it this Debit/ Credit thing is all a matter of perspective.
As a draftsman, I can understand perspective.

Dave

[Evan]

I guess I won't lecture you on the accounting equation then either

[billbenson]

personal version on Amazon was only $40 is for two users. That kind of surprised me as I thought it was a more expensive program. I'd do a little research, but it's probably worth checking out.