Re: [SQL-Ledger-users] Documentation?

[Thomas S. <ps...@on...>]

Hi Mark
 I understand your confusion. I never really have gotten my mind completely
wrapped around Double Entry Bookkeeping. It seems very, very odd, to
me. Buy, yes, Asset accounts are debited when they receive value. So
your checking account will be debited to show that it now has money in
it. Further the A/P account that specifies money you owe falls into the
Credit column. Dont ask me why that simply what it says in Accounting,
Barron's Business Review Series, 3rd edition.

Don't even consider the meaning of the words Credit and Debit, they are
quite relative. 

-- 
Thomas Sawyer
ps...@on... - email
(303) 285-3487 x1594 - voicemail/fax



---- "Mark Tiramani" <ma...@fr...> wrote:
> [snip]
> > keywords mean. The messages are archived at sourceforge. A link to
> the
> > archive can be found at http://www.sql-ledger.org/misc/support.html
> 
> Thanks, I had checked the archive and read that message, and looked
> at the screenshots, but I 
> fear my problem is even more basic. I feel incredibly stupid, but.....
> 
> I'm using 1.2.7. I understand the general accounting principles but
> not the terminology involved, 
> and no-matter how I link or record a simple incoming invoice I can't
> get results that make sense 
> to me. If someone would be so kind as to give concrete help on the
> following example I'm sure I 
> could get my head around the rest:
> 
> I have a Chequing account used for whole payment, including VAT.
> and an invoice I need to pay for a server that includes 17.5% VAT (UK
> standard sales tax).
> 
> How should the Chequing account be set-up? I have: 'Asset', 'Account',
> 'Receivables: Deposit', 
> and 'Payables: Payment'  checked.
> 
> What should be entered/selected in the A/P -> 'Add Transaction' form
> fields for:
> Amount:, VAT:, Paid:
> I tried many daft things but this is the example I would most expect
> to work:
> 'Amount:'    1175   1820- Office Furniture & Equipment   (gross including
> VAT)
> 'VAT:'           175   2310-GST
> 'Paid:'         1175   1061-Chequing Account
> 
> However, this results in an Accounts List showing:
> Chequing Account  Credit 1175.00
> Office Furniture & Equipment  Debit  1175.00
> Accounts Payable  Credit  175.00
> GST   Debit  175.00
> 
> Debit total  1350
> Credit total 1350
> 
> Surely that can't be right :)
> 
> BTW I've added one account, 4340, for Sys admin income. All other accounts
> are using default 
> settings.
> 
> Any help appreciated,
> 
> Mark
> 
> Mark Tiramani
> FREDO Internet Services
> ma...@fr...
> 
> 

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