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Vanilla 1.1.2 is a product of Lussumo. More Information: Documentation, Community Support.
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- CommentAuthorbreezesa
- CommentTimeJan 1st 2008
I just can't get my mind around this credit/debit stuff. When you take in money, why don't you credit your cash account? (You now have more cash). And when you spend money why don't you debit your cash account? (You now have less cash). Seems to make sense to me that way. Accounting says the exact opposite. I know I"m really dumb here but HHHEEELLLPPP!! -
- CommentAuthorwildchild
- CommentTimeJan 4th 2008
Assets such as cash increase by debit...when you gain cash, equipment or any other asset you record the amount received into the debit side.
On the other hand there are the Liabilities & Equity which are exactly the opposite, they increase by credit and decrease by debit. -
- CommentAuthorCounter
- CommentTimeJan 9th 2008
You might look at the explanations on AccountingCoach.com for Debits & Credits and Accounting Equation.
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