tag:infinitekind.tenderapp.com,2009-01-14:/discussions/general-questions/378-double-entry-and-other-newbie-questionInfinite Kind: Discussion 2021-03-19T08:28:02Ztag:infinitekind.tenderapp.com,2009-01-14:Comment/2389752009-07-09T15:37:05Z2009-07-09T15:37:05ZDouble Entry and other Newbie Question<div><p>Hi Ellen</p>
<p>While Moneydance is a double entry accounting system behind the
scenes, The user interface trys to simplify the process. The other
side of the transaction is the category in the transaction
register. For example if you make a $100 payment in your checking
account and set the category to Groceries. The Groceries category
is an expense account on the other side of this transaction. If you
right click on the the $100 transaction and select "Show Other
Side" You will see the transaction register for the Groceries
account. It will also have a transaction for $100 in it and its
category will be the checking account.</p>
<p>If you only record taxable transactions your checking account
would not be in sync with your actually bank account. I think I
missunderstand what you are asking here. Would you please elaborate
little.</p>
<p>Sincerely</p>
<p>Ben Spencer</p></div>Ben Spencertag:infinitekind.tenderapp.com,2009-01-14:Comment/2389752009-07-09T16:44:34Z2009-07-09T16:44:34ZDouble Entry and other Newbie Question<div><p>Hi Ben,</p>
<p>Thank you for your response. It sounds like the double entry
system won't stop me<br>
from using Moneydance the way I used Quicken.<br></p>
<p>I'm sorry I wasn't clearer. I used Quicken for three functions
only: to balance my checking account, keep track of taxable income
and expenses, and run reports for my taxes. I didn't enter
nontaxable transactions to my credit card and investment accounts,
but I did enter all transactions to my checking account so I could
balance it.</p>
<p>I'm looking forward to using Moneydance and learning about the
many features it has that my ancient version of Quicken did
not.</p>
<p>Thank you again for your help.</p>
<p>Ellen</p></div>ellentktag:infinitekind.tenderapp.com,2009-01-14:Comment/2389752009-07-09T16:48:39Z2009-07-09T16:48:39ZDouble Entry and other Newbie Question<div><p>You are welcome.</p>
<p>Ben</p></div>Ben Spencer