Income categories subtracting from balance
Hi, I am just starting to use MD and have NO accounting background... just want it for the basics in tax reporting for my counsleing business. I added income categories for payments from insurance companies, but I see the payments are being deducted from the balance, not added. What do I need to change/do differently ? thanks
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1 Posted by -Kevin N. on 22 Jun, 2012 05:34 PM
Hi Paula,
Could you provide a screenshot of the register that you are entering the payments into. It may provide a clue as to the reason.
-Kevin N.
2 Posted by Ben Spencer on 22 Jun, 2012 10:11 PM
You should be entering the transactions in your bank account register and specifying the income category in the category field on those transactions. The amount should be entered in the deposit column. This will increase the value of the checking account and increase the balance on the income category.
Ben Spencer
Moneydance Support
3 Posted by Paula Brown on 27 Jun, 2012 06:27 PM
Thanks Ben...I am so illiterate at finance and accounting, I didn't realize there were two different columns-- one for deposits, one for spending...It's so basic, but if you have never done it before, its like Greek. a definite learning curve, but it's getting easier-- I know I will appreciate it when it comes time to do my taxes and I won't be sorting receipts and adding them all up by hand. :) thank you for responding!
Paula
> From: [email blocked]
> To: [email blocked]
> Date: Fri, 22 Jun 2012 18:11:30 -0400
> Subject: Re: Income categories subtracting from balance [Problems]
>
Scott Meehan closed this discussion on 27 Jun, 2012 07:01 PM.