income vs bank account

Chale's Avatar

Chale

13 Sep, 2009 09:38 PM

I have a question on basic setup of income vs bank accounts.

I have a business bank account that is used to pay bills and receive income for my business. If I set it up in MD as a bank account, when I go to print an Income/Expense report, my deposits are not being listed under the Income line item of the report. Currently business income is listed as a category of work:business income.

Any thoughts appreciated.

Thanks

  1. 1 Posted by Ben Spencer on 14 Sep, 2009 03:12 PM

    Ben Spencer's Avatar

    Hi Chale

    Please double check that you are applying the appropriate category to the deposit transaction in your business bank account. It might be helpful if you take a screenshot of the transaction register for you business account and attach it here so I can see if there is anything obviously incorrect. Press the print screen button on your keyboard to take a screenshot.

    Also double check that the category "work:business" is actually set up as an income category. Click Tool->"Edit Categories" to see the list of categories.

    Sincerely

    Ben Spencer

  2. 2 Posted by Charles on 14 Sep, 2009 08:45 PM

    Charles's Avatar

    Here is the attached screen shot. I know I am doing something wrong
    but my question but not sure what. I have that category as
    WORK:PRACTICE INCOME which is incorrectly listed as a EXPENSE
    account. Should I create a new income account listed as WORK with a
    subcategory of PRACTICE INCOME? I guess I am a bit confused because I
    always consider accounts to be an actual physical accounts and not
    categories. Wouldn't I just want to create an income category and not
    an income account?

    Second, is there a way to make subaccounts so I can keep work and home
    separate, i.e,

    Root
    Home
    Checking
    Savings
    Credit Card
    Work
    Checking
    Savings
    Credit Card

    Thanks,
    Charles

  3. 3 Posted by Ben Spencer on 14 Sep, 2009 08:57 PM

    Ben Spencer's Avatar

    Hi Charles

    Categories are just another name for income or expense accounts. They are accounts. We use the word category in the software in order to make the process of double entry book keeping a little more acessable to non accountants.

    I recommend that you create a new category called "WORK:PRACTICE INCOME " and be sure to set its type to income when you create it.

    You can set a property on an account called the parent. Click on an account on the home page to bring up its transaction register. The select Account->"Edit Account" from here you can set the parent of an account. unfortunately you can only set a parent account of the same type as the child account. So you cannot group your work credit card with your work checking account.

    Sincerely

    Ben Spencer

  4. Angie Rauscher closed this discussion on 24 Jul, 2011 07:00 PM.

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