Record exspense

Hi could you tell me why i record an exspense it logs it on reports as a debit and then a credit

Posted by Dave Claridge on Feb 21, 2010 11:35 PM GMT

Hi Dave,

In double-entry accounting, every transaction affects at least two accounts. For example, when you record a rent payment, the Cheque Account is decreased (credited) and the Rent account is increased (debited).

See here for more information on double-entry accounting:
http://www.quickmba.com/accounting/fin/double-entry/

Regards,

Posted by Mark McLaren (Solar Accounts) on Feb 22, 2010 2:03 PM GMT