General Discussions and Announcements


Postby ffcc » Tue Nov 18, 2008 5:29 pm

Hello there.
How should I do to enable double-entry?

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Re: Double-entry???

Postby mthadm » Tue Nov 18, 2008 7:45 pm

Its enabled by default.

If you look at an example of purchasing a cup of coffee from Starbucks you have 2 choices on how to record it in the ledger:

1. Single entry record
In a single entry model you will enter a new transaction and assign a Payee as Starbucks, category as Food, Subcategory as Lunch for example.

2. Double entry record
To register the same transaction as double-entried transaction you would need to create a Starbucks account, and do a transfer or split transfer from your credit card account into Starbucks account. Split transfer makes sense when you want to split the transaction between 2 or more accounts, for example to keep track of the sales tax.

Most people would not use double entries for their normal every day use, it is really designed for business uses when you need to constantly put ledger entries that appear in many accounts split between vendors, employees, liabilities etc.
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