Gnucash 2.4 Small Business Accounting: Beginner's Guide: Manage your accounts with this desktop financial manager application

From the menu, select Actions | Transfer to open the Transfer Funds window.

In the Basic Information pane, enter 300 in the Amount field, leave today's date unchanged in the Date field, enter the check number 2073 in the Num field, and enter Withdraw cash in Description.

Scroll down in the Transfer From list and select Checking Account. You may have to click on the + sign to open the tree, if the account is not visible.

Scroll down in the Transfer To list and select Cash. At this point, the window should look like this:

Select OK to commit the transaction.

We will now confirm that the transaction has been entered in the respective accounts correctly. In the Account tab, double-click on the Checking Account. It will open in a separate Checking Account tab. This is known as the account register for Checking Account. You...

To open the account register, select the Expenses:Office Supplies account in the Accounts tab and double-click to open it. Once selected, you can also click the Open button in the toolbar or click the right mouse button and select Open Account. GnuCash will open the Expenses:Office Supplies account register in a separate tab. GnuCash will start a new transaction and put the focus on the date field with today's date as the default one.

Let us make sure that your view settings are in line with the steps in the tutorial. Go to the View menu and confirm that there is a dot in front of Basic Ledger and Double Line is not checked, as shown in the following screenshot:

Click on the small button on the right of the Date field to drop down a date selection calendar. Click on yesterday's date...

Preparatory Exercise: Now that you know how to create accounts, go ahead and create a new account VA Sales Tax of type Liability with Liabilities as the parent account. You can refer to Chapter 1, Getting started with GnuCash for the specific steps to create a new account.

Open the Checking account register. GnuCash will start a new transaction and put the focus on the date field with today's date as the default. If not, start a new transaction by selecting Transaction | Enter Transaction from the menu. Alternatively, you can click on the Enter Transaction button on...

Editing transactions: Remember the $300 cash withdrawal? You suddenly realized that you actually withdrew $350. We are going to edit the transaction to correct this amount. Open the Cash account register, click on the amount, then make your changes, and click Enter. Check that this change is automatically reflected in both Cash and Checking Account. By the way, you can make this edit from either one of these accounts.

Cancelling edits: In the same transaction, select the Num field and change it to 1595 and Tab out. Let us say, immediately after tabbing out, you realize that you have edited the wrong field, and horrors! You don't seem to have even a wisp of recollection what the number...

Place the cursor anywhere in the split transaction we created for sales tax in the earlier tutorial.

Go to Transaction | Duplicate Transaction or right-click and select Duplicate Transaction.

A dialog called Duplicate Transaction will prompt for a new Date and Number for the transaction. Select a Date and enter 83791 in the Number field:

Click on OK to add the transaction to the register.

Edit the transaction so that the new description is Gaming PC, the new check amount is $630, the new Sales amount is $600, and the new sales tax is $30.