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Barbie7
March 22, 2022
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Prior post of separating debit and credit transactions on the Balance Sheet

  • March 22, 2022
  • 1 reply
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I previously asked a question about how to separate debit and credit transactions on a Balance Sheet. I have since received another answer from another individual which is a simple solution. The secret was to use the Balance Sheet Detail report and go to customize and filter and just click Debit and Credit and Balance, instead of just amount.

Best answer by Rustler

I'm not sure what the original issue was, but it sounds like you posted credits and debits to the same account. If that is not it, then disregard.

But with a few very rare exceptions, that should not be done.

Credits post to liability accounts, debit post to asset accounts as a general rule.

1 reply

Rustler
RustlerAnswer
March 22, 2022

I'm not sure what the original issue was, but it sounds like you posted credits and debits to the same account. If that is not it, then disregard.

But with a few very rare exceptions, that should not be done.

Credits post to liability accounts, debit post to asset accounts as a general rule.

    B
    Barbie7Author
    March 22, 2022

    Yes, they would be to the same account. It was a non-profit organizations where some income accounts were designated as liabilities - donations were received and then paid out. They did not always equal the same in some  months, so It's nice to have a total of the amounts received and the amounts paid out separated and totaled rather than having to add the expenses separately. For example, the following sample:

     

                                                                                                          Debits             Credits      Balance

     

    Feed the Squirrels                                                                          50.00              25.00         25.00

                                                                                                           75.00              35.00          65.00

     

    instead of                                                                                                                                  50.00

                                                                                                                                                     -25.00

                                                                                                                                                      75.00

                                                                                                                                                     -35.00

                                           

     

     

     

     

    B
    Barbie7Author
    March 22, 2022

    Okay! In my haste to reply to the previous reply, I did my debits and credits backwards so figured the balance incorrectly. I know for a current liability account - the debits are expenses and the credits are income. My point is it's nice to get a total of each debit and credit at the end of the month and not have to manually add them from the balance column where debits and credits were posted together with the balance at the end.

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