Managing the payment of expenses

frontAccountingYou need to make a Journal Entry that details the money leaving the bank account and arriving in the General Expenses account.  The entries that you make here must total to zero.

Interestingly money going out of your bank account is referred to as Credit, and money going into the General Expenses account is called Debit.  Not sure exactly why, to get the complete answer you'll have to ask an accountant!


Here's how to do it

  1. Banking and General Ledger > Journal Entry:  Make entries detailing where the money is coming from and where it is going to.
  2. As long as the entries tally you can click on Process Journal Entry.

 

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