Reconciling the account, we create an entry and put that difference into a separate expense account. Of course we sometimes spend money and forget about the receipt. Once in a while we sit down and count the money in the wallet and compare it to the calculated value and use GnuCash's reconciliation feature.
I talked to her and we started collecting our receipts. So I created a wallet account for myself and another one for my wife.
Wouldn't it be cool to have an asset account called "wallet" and then book the cash expenses? My first thought was to create a generic account called "cash expenses". Next in my bank account is an ATM cash withdrawal. The first one was an utility payment for electricity.
GNUCASH TUTORIAL PERSONAL FINANCE SOFTWARE
Bank accountsĪt first I imported the current year's bank account entries from a file I created with my old banking software ProfiCash. Entering that source of the money, I made a note in OmniFocus to import the previous entries later, which I later did. Where did that money come from? Well from the previous year of course. I started the account and entered the starting balance. GnuCash encourages you to assign accounts and in doing so, taught me some valuable lessons. All I wanted was a software to track the family bank account. But I only want one accountĪt first I found it very annoying that I needed to have balancing entries all the time. The money I saved and the booking errors I uncovered paid for the time I pondered over the tutorial. Like all powerful tools it has a learning curve but it's well worth it.
The principle of balance demands for every change in value in one account you need to have a balancing change in another account.Ī proper ledger software forces you to think about every single transaction. The principles of double entry bookkeeping are effective and time proven. Many people think bookkeeping if for making your tax authorities happy. Some small businesses have less revenue to keep track of than your household. Did you ever wonder where it all went? Maybe you have a family, a house, some savings for retirement, a college fund for your kids, you have recurring payments, some passive income. Your household budget it bigger than you think Managing your private finances with a business grade double entry bookkeeping software sounds like a bit of overkill to you? Maybe you should give it a try and see if you can make bookkeeping a habit and get overview and insights into your spending habits, asset structure, insurance contracts and income. Finance Personal Bookkeeping with GnuCash
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