<commit_before># Debitcredit

[![Build Status](https://travis-ci.org/vitaly/debitcredit.png)](https://travis-ci.org/vitaly/debitcredit)
[![Code Climate](https://codeclimate.com/github/vitaly/debitcredit.png)](https://codeclimate.com/github/vitaly/debitcredit)

Double Entry Accounting for Rails Applications

## Installation

* add `get 'debitcredit'` to your `Gemfile`
* and run `bundle install`
* run `rake debitcredit:install:migrations db:migrate`

## Installation

* and run `bundle update debitcredit`
* run `rake debitcredit:install:migrations db:migrate`

## Account Types, Debits and Credits

<http://en.wikipedia.org/wiki/Debits_and_credits>

In Double Entry Accounting there are 5 account types: Asset, Liability, Income,
Expense and Equity defined as follows:

**Asset** is a resource controlled by the entity as a result of past events and
from which future economic benefits are expected to flow to the entity

**Liability** is defined as an obligation of an entity arising from past
entries or events, the settlement of which may result in the transfer or
use of assets, provision of services or other yielding of economic benefits in<commit_msg>upgrade instructions in README<commit_after># Debitcredit

[![Build Status](https://travis-ci.org/vitaly/debitcredit.png)](https://travis-ci.org/vitaly/debitcredit)
[![Code Climate](https://codeclimate.com/github/vitaly/debitcredit.png)](https://codeclimate.com/github/vitaly/debitcredit)

Double Entry Accounting for Rails Applications

## Installation

* add `gem 'debitcredit'` to your `Gemfile`
* and run `bundle install`
* run `rake debitcredit:install:migrations db:migrate db:test:prepare`

## Upgrade

* and run `bundle update debitcredit`
* run `rake debitcredit:install:migrations db:migrate`

### IMPORTANT: version 0.2.0 introduced backwards incompatible changes:

Transactions were renamed to entries. You need to rename:

* Transaction to Entry
* transactions to entries
* has_transactions to has_entries

## Account Types, Debits and Credits

<http://en.wikipedia.org/wiki/Debits_and_credits>

In Double Entry Accounting there are 5 account types: Asset, Liability, Income,
Expense and Equity defined as follows:

**Asset** is a resource controlled by the entity as a result of past events and
from which future economic benefits are expected to flow to the entity

**Liability** is defined as an obligation of an entity arising from past
entries or events, the settlement of which may result in the transfer or
use of assets, provision of services or other yielding of economic benefits in
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