Double Entry Bookkeeping for Personal Finance
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- เผยแพร่เมื่อ 8 ก.ค. 2024
- A simple introduction to using double-entry bookkeeping for personal finance: Why you should care, what it is, and examples of getting started with both Beancount and GnuCash.
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Thank you so much for this! I hated the checkbook style of bookkeeping and gave up on trying to track my money in any significant way. I wanted double entry but for a long time I could only ever find advice for businesses and it was overcomplicated for personal finance. I've been waiting for this video for over 10 years. I'm so glad you decided to share this
Thanks, William!
"UI Sugar" could possibly be the greatest roast known to man 😂
I wish I could take credit for it, but the term has been used among developers for years.
I agree that doing it half-assed is worse than not doing it. Garbage in, garbage out. The reason I'm tracking my finances is because I want to have my questions answered accurately. If I'm doubting the validity of my answers, then that's just frustrating. Thanks for the video!
Clear no-nonsense video. Great work!
Glad it was helpful!
You made the case for Double entry for personal finance in 20 mins. Super simple. Thanks
Thank you for your kind words!
This is a great overview. Thanks so much for putting it together!
Glad it was helpful!
Thank you so much for making this Tea Leaves!
Thank you So much for making this video!!!so hapoy I stumble to your channel,such a big help!More power to you...
Excellent video! Thank you!
Glad you liked it!
Thank you, this is a perfect explanation!
Glad it was helpful!
Great video! Would love to see more!!!
Glad you liked it!
perfect explanation! thank you!
Glad you enjoyed it!
Great presentation! Thanks so much for doing this.
Glad you found it useful, Reginald!
Thank you! I am drafting a bookkeeping system for my personal budget and your video is beyond helpful!
Glad you found it useful!
Thank you so much for taking the time to explain this in a straight forward way and make it easy to understand. I was looking for a to the point explanation of how to adapt to personal finance to double entry and this made it super easy.
Glad your found it to be of use!
Please do more videos on Beancount!!. This will be very valuable.
Hey there love this video1 Was just what I was looking for. Thank you!
Glad you liked it!
Great video! Found it very useful to watch. Would love to see more videos on GnuCash. Specifically on how to track investments (eg how GnuCash treats mutual funds and stock categories, best practices when accounting for such investments with this software, etc)
I would also suggest adding GnuCash to the title/tags to make it more searchable on TH-cam. I stumbled on this video when searching for "personal finance", and it would have been even more helpful for me had I found it when I searched for GnuCash (before I RTFM'd it)
thank you very much for this. Clearly explained
Thanks for your kind words!
I liked the introduction and little history
Yes! 20 years a Quicken 2003 user (solid program, no issues), changed to GnuCash when I switched to Linux. Initially felt lost with double entry but now much happier with it. Still learning. Thanks for video 🙂
Thank you for the comment!
Thank you!! This is awesome. Double-entry is new to me, and I'm on a software team that write double-entry accounting software. This is REALLY helpful to understanding why I'm doing some of the things I'm doing 🤣
It's also almost impossible to find a "double entry for home" intro, so I was stoked when I found this.
What’s really strange is that in the early -980s, most accounting software was double entry. It was Quicken that sort of killed the entire concept for home users by introducing their (very bad, but simple to understand) check register model.
wow teacher, first time after many videos I get it! Thank you! PS I'm an American TH-camr in Japan and got to learn to do this in Japanese!
ようこそ、えりーさん！ I am glad that you found it helpful!
CAn you please do a video about stock transactions?
That thumbnail had me like "oh, he's got a guest presenter today".
I've been feeling not very polished lately, so I should see if she's available to guest-host!
I got all excited about Gnucash and then realised - it's ONLY double-entry bookkeeping. Now that's awesome if I'm running a business, but as you said it only answers "How much did I make, How much did I spend?" which are questions in hindsight. What I would LOVE is something like Gnucash that also let me keep all my money in my mortgage saver-offset account - but broke it down into different 'Sinking Funds' (for all my upcoming family budget expenses.) Then it should report: “How much do I have in various Sinking Funds? and “How far through my allocated spending of different spending categories am I today?” Do you have any hints on how to set these up? Say I wanted to save for something big like a wedding, but also my smaller monthly amounts for quarterly payments (like utilities, rates, etc.) How do I set up Sinking Funds for these? What I can't get my head around is the fact that the cash is already in my savings-offset account. What kind of General Ledger would I do for Sinking Funds? Would that be something like a Liability account that reconciles with Expenses?
Gnucash has a budgeting feature, but it's...pretty rough. I can't in good conscience recommend anyone use it.
The national average food cost doubled in 4 years. Great video, thanks!
This is not true, US Bureau of Labor Statistics (where you need to get this information) shows an increase of 19% from Jan 2021 to Jan 2023 and another 1.2% from Jan 2023 to Jan 2024.
This is really interesting. What do you class interest rate income as? Because that is a new asset of funds but where did it come from?
Basically, there are five "types" of accounts: assets, liabilities, income, expense, and equity. Interest would be an income account; conceptually when you receive money you credit or draw from the income account (which thus gets a negative balance) and then debit the appropriate asset account.
How do you take interest rates on liabilities into account?
I'll put together an example of this, maybe next week. More or less, interest paid would be booked as flowing to an expense account, from an asset such as a bank account. In the case of paying something as a mortgage, part of the payment from your bank account would to to pay down the liability, and part to the interest expense account.
Hello Sir
from where i can donwload and isntal this software i despreatly need this can you please guide . thanks
Anywhere to donate? You saved me hours.
Glad it helped!
No need for donations: just like, subscribe, and tell your friends. Thanks for the kind words!
I've been looking for an English translation of Pacioli's 27 page bookkeeping treatise but have had no luck. Can you recommend one?
Not sure if it's available online for free, but this looks like one possibility: www.amazon.com/Rules-Double-Entry-Bookkeeping-Particularis-scripturis/dp/1453702024
And this one is available online: books.google.com/books?id=6WAiAQAAIAAJ&source=gbs_book_other_versions
Thanks!
Can someone list double-entry accounting software available for managing personal finance?
The list is almost endless. I've highlighted a few of them on my channel, such as GnuCash, Manager.io, and Finances 2. What platform are you on?
pah-chi-OH-lee
:-)
Well now we’re over eight minutes. Over eight minutes your video says it’s 17 minutes long so almost half of it is just an introduction? I would rather have you get to the point and then if you have all this other stuff to comment about it just fine. Don’t tell me the stuff you’re not going to do until after the fact.
Thanks for the feedback, Nancy! Sorry the pacing didn't suit you.
I have been listening now for seven minutes you are still not to the point of how to do it. You have taken over seven minutes to tell me about it why I need to do it where it came from. I want you to get to the point if you’d like to talk why don’t you make a video where all you do is talk and explain beforehand that you only are going to talk. You have a good voice to be on the video and you were going to talk and then you can just talk and talk and talk. But when you’re making a video that says how to do bookkeeping a one minute intro would be just fine and then get on the point.
I found his intro to be helpful, one segment built on another. It might be helpful in the description to put time references, so that would help people cut to the chase.