Thanks a lot. Yes the result field is 1.

May be you can help me with my objective or guide me to the right track:

I want to view exactly what happens when I execute ANY given transaction (as learning for now, and later on for trouble-shooting), how to do that?

Thanks in advance.

Missed my call-to-action in above sad.
I am a newbie still exploring the system. Am I missing something /doing something wrong? Has someone else experienced similar? Any fixes / workarounds (apart from db dumps before and after transaction and Diff of the two)? Please Help!

I enabled $sql_trail in config.php file (following advice on forum) to enable me to see what was getting posted and where. From phpmyadmin when I looked at the table sql_trail - msg,  it says: "could not insert quick entry for Bank Deposit 3" whereas the correct value is actually posted in the quick_entries table. Similarly it gives the same "could not insert ... "could not update ..." etc for all transactions that I tried.