GnuCash might well be one of the most powerful financial tools available for the Android platform. So, make sure to select the correct TRANSFER ACCOUNT from the drop-down. If you don’t pay close attention to this feature, you’ll screw up your balances. It’s complicated at first, but once you get used to double-entry accounting, it make sense (this isn’t a lesson on double-entry accounting… sorry). In other words, if you withdraw money from one account, you must add it to another. For every transaction, there’s an equal and opposite transaction. The next important element of the Transaction window (one that is beholden to the double-entry accounting system) is the TRANSFER ACCOUNT drop-down. Once you tap the Split button, you can define exactly how the split is to occur ( Figure E).įigure E Using the split feature in GnuCash. Next is the Split button, which is directly to the right of the Deposit button and allows you to split a transaction between sub-accounts (say you want to pay your business rent from both your savings and checking asset accounts). If you’re actually creating a transaction that will withdraw money from that account, tap the Deposit button to switch that transaction to Withdrawal. By default, the new transaction is set as a Deposit. There are a few things you need to know about the Transaction screen.
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