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> Changing Debit/Credit to Incoming/Outgoing smacks of jargon and will cause confusion. I disagree. Discussions like this on HN always invite someone to say "
by mrkeen 3y ago
> Changing Debit/Credit to Incoming/Outgoing smacks of jargon and will cause confusion.
I disagree. Discussions like this on HN always invite someone to say "Look, it's super simple. Credits are just... and debits are just ...". Then a reply saying "You have it backwards. Look, it's simple! Credits are just..."
I would be perfectly happy to ditch those terms forever.
- mrkeen 3y agoPlenty of downvotes, and yet, after writing this prediction, this thread is indeed filled with people all defining the terms 'Credit' and 'Debit' at one another. :D
- omichowdhury 3y agoYup I think it’s best to leave credits and debits behind. We can use more than 2 bits these days. I think a far more intuitive system is use negative numbers with a symmetrical accounting equation: Assets - Liabilities = Income - Expense Then you always think in terms of: - Do I have more or less assets? - Do I owe more or less liabilities? - Did I make more of less profits? - Did I make more or less losses? You can then use the accounting equation to check your reasoning. I go more into it here: https://news.ycombinator.com/item?id=40021375 https://news.ycombinator.com/item?id=40021375