Jumping into the accounting world can be a bit scary. There are lots of new concepts to learn, and things may look a little backwards from your personal bank accounts until you get used to the new way of doing things.
If you're looking at your reports and don't see what you're expecting, you can quickly check. The first step is knowing what should be a debit and what should be a credit.
When you use Open for collecting a payment or making one, or to connect your bank account to Open, or manually enter transactions, you don't have to worry about the debits and credits. Open handles all of this for you.
If you want to make sure your transactions are correct, go to Reports and click General Ledger. On this report, you can see all debits and credit account wise.
Asset accounts include bank accounts like checking or savings:
- Deposits are debits. On the transactions page, this will be marked as green.
- Withdrawals are credits. On the transactions page, this will be marked as red.
Loans and credit cards are liability accounts.
Received payments (transactions "paying off" your credit card) are debits. On the transactions page, this transaction will be marked in green. Expenses/purchases are credits. On the transactions page, this will be marked in red. If you want to dive into more detail, Accounting Coach has a great Debits & Credits Explanation.