Re: [GNC] Can a bank account have sub-accounts?
Michael: My bad for saying "typically". I didn't mean to say that the other solutions presented don't work. And certainly if required to be both held in a different bank account with each allowed transaction paid from that account then it should be, that depends on local requirements and or types of funds. But it seems in this case it's not a requirement since specifically they say they only have one bank account. In that case I have definitely used analytical dimensions for that. I attach both donations and expenses related to a particular restricted use to a specific analytical dimension. Then by running a transaction report on that dimension, I report both on revenues and expenses related to that use, and get the remaining balance left. One advantage of this technique is that it doesn't matter where the allowed expenses are paid from (for instance if they are paid from several bank accounts, via a credit card, cash box, etc). I have also used this technique where the restricted funds cannot be booked as income until they are spent, in order to retrieve the list of allowed expenses to be billed to the fund on a quarterly or yearly basis or whatever. It's not this case here, just showing how various requirements call for different solutions. In that case the restriction takes the form of a liability account that is only reduced when "billed" against at which point the equivalent corresponding income is booked and liability reduced. The billing itself is done by tracking specific allowed transactions analytically. So definitely more than one way to skin a cat but it's very much situation dependent. Not trying to criticize any other solutions, just sharing my own experience, but also a lot of my uses are in specific countries and it might not work in others. --Vincent On Wed, Mar 15, 2023, 07:18 Michael or Penny Novack < stepbystepf...@comcast.net> wrote: > On 3/13/2023 5:47 PM, Vincent Dawans wrote: > > This sort of fund accounting is typically taken care of by using the > > analytical dimension feature offered by some accounting softwares. > > Unfortunately gnuCash doesn't have that feature (yet). > > Here is an article somewhat explaining how it works (for a different > > accounting package): > > > https://www.bakertilly.com/insights/tame-your-wild-not-for-profit-chart-of-accounts-with-dimensions > > That was not the situation this person was asking about. > > Non-profits often have "restricted" donations, funds donated that are > only usable for certain purposes. That restriction can be formal/legal, > in which case really should be kept in a segregated account. But a small > non-profit might have not enough to bother with that and might have some > funds only "morally restricted" (can, in emergencies, used for other > purposes). > > Even when restricted funds kept in a separate account, if a small > org/small amounts the several restricted funds might be kept in a single > account. > > Michael D Novack (who has been treasurer of several 501(c)3 orgs > > > ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can a bank account have sub-accounts?
I agree with Michael. If the OP had separate accounts at the same bank, in Gnucash he could have a parent account of BANK and subaccounts for each separate account (AACT1, ACCT2, ACCT3, etc.). In this case he would receive separate statements for each account and could reconcile each. On the other hand, if as he states, he wants one acct at the bank and subaccount for each type of expenditure he could set up the parent as BANK. This is the same as the 1st case. Under this parent he could set up Gnucash accounts as Virtual ACCT1, Virtual ACCT2, etc. He would receive only 1 bank statement and he could reconcile the parent acct, selecting to include subaccount by checking the box under "Ending Balance". As long as there is no legal requirement to keep the funds in separate accounts I don't see any harm in tracking it this way. Thank You, Gyle McCollam Gyle McCollam gmccol...@live.com<mailto:gmccol...@gyleshomes.com> email From: gnucash-user on behalf of Michael or Penny Novack Sent: Wednesday, March 15, 2023 10:18 AM To: Vincent Dawans Cc: gnucash-user@gnucash.org Subject: Re: [GNC] Can a bank account have sub-accounts? On 3/13/2023 5:47 PM, Vincent Dawans wrote: > This sort of fund accounting is typically taken care of by using the > analytical dimension feature offered by some accounting softwares. > Unfortunately gnuCash doesn't have that feature (yet). > Here is an article somewhat explaining how it works (for a different > accounting package): > https://www.bakertilly.com/insights/tame-your-wild-not-for-profit-chart-of-accounts-with-dimensions That was not the situation this person was asking about. Non-profits often have "restricted" donations, funds donated that are only usable for certain purposes. That restriction can be formal/legal, in which case really should be kept in a segregated account. But a small non-profit might have not enough to bother with that and might have some funds only "morally restricted" (can, in emergencies, used for other purposes). Even when restricted funds kept in a separate account, if a small org/small amounts the several restricted funds might be kept in a single account. Michael D Novack (who has been treasurer of several 501(c)3 orgs ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can a bank account have sub-accounts?
On 3/13/2023 5:47 PM, Vincent Dawans wrote: This sort of fund accounting is typically taken care of by using the analytical dimension feature offered by some accounting softwares. Unfortunately gnuCash doesn't have that feature (yet). Here is an article somewhat explaining how it works (for a different accounting package): https://www.bakertilly.com/insights/tame-your-wild-not-for-profit-chart-of-accounts-with-dimensions That was not the situation this person was asking about. Non-profits often have "restricted" donations, funds donated that are only usable for certain purposes. That restriction can be formal/legal, in which case really should be kept in a segregated account. But a small non-profit might have not enough to bother with that and might have some funds only "morally restricted" (can, in emergencies, used for other purposes). Even when restricted funds kept in a separate account, if a small org/small amounts the several restricted funds might be kept in a single account. Michael D Novack (who has been treasurer of several 501(c)3 orgs ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can a bank account have sub-accounts?
This sort of fund accounting is typically taken care of by using the analytical dimension feature offered by some accounting softwares. Unfortunately gnuCash doesn't have that feature (yet). Here is an article somewhat explaining how it works (for a different accounting package): https://www.bakertilly.com/insights/tame-your-wild-not-for-profit-chart-of-accounts-with-dimensions There is a workaround in gnuCash I have used before in some cases but it only works as long as all entries in a split come or go to the same dimension. Here I am just pasting from an old comment I wrote in the gnucash enhancement request for this feature https://bugs.gnucash.org/show_bug.cgi?id=113772 The current work-around I am using is to create my dimensions as a bunch of accounts under a new high-level structure (Dimensions for instance). Then I create a sub-account for each type of dimension Departments, Projects, Events, etc). Finally under each sub-account I create sub-accounts for each actual dimension. These accounts will never have any money in them so they will not interfere with the real GL accounts. Instead, I simply use them to add additional splits pointing to the dimension accounts (with no amount) to any GL transaction I want to tag. For instance: I want to tag a $1000 rent expense to the 'Marketing' department dimension and 'ABC Street Fair' event dimension; I create the following split. Account Debit Credit Assets:Current Assets:Checking Account $1000 Expenses:Rent$1000 Dimension:Events:ABC Street Fair Dimension:Department:Marketing Then I can actually use the "Transaction Report" to see all transaction related to Dimension:Events:ABC Street Fair for instance. - Go in Reports-Transaction Report, then in the Report Options, go to the accounts tab. - Select all Report Accounts EXCEPT the dimension accounts and sub-accounts. - In the Filter accounts, select the dimension you want to report on (e.g. Dimension:Events:ABC Street Fair). - In the filter type, select "Include Transactions to/from Filter accounts"). - Change Display, General and sorting options as needed. - Now you have a transaction report for all transactions attached to the ABC Street Fair dimension. On Mon, Mar 13, 2023 at 1:09 PM Michael or Penny Novack < stepbystepf...@comcast.net> wrote: > On 3/13/2023 10:35 AM, Mort Q wrote: > > Hi Robert > > I do have lots of expense accounts for repairs, catering, office > expenses, > > utilities, etc, and income accounts for fund raising, donations, > > memberships, etc. so we can track income and expenses easily. The > GnuCash > > reports really help people see where money is coming from and going to. > > That's one of the reasons I was thinking of having the sub accounts - the > > bank reports will be like an overall report but with the underlying break > > down of fund allocation. Does that make sense? > > > As noted, this will cost you the ability to use the "reconcile" feature. > > But folks, I've been there and done that as treasurer of orgs. This is a > trade off that might make sense. Keep in mind that such orgs might have > a rather low monthly volume of transactions against the checking > account. Reconciling the old fashioned way no big deal. When there were > FORMALLY restricted funds would do that the right way, but for > informally restricted funds, just partitioning the checking account > makes for less work. > > Another alternative (will let you partially use the reconcile feature) > is partition but only write checks against main (before writing the > check for an expense qualified to use restricted, transfer the amount > from that partition). The total balance amount according to the bank > won't match the balance of the check writing partition but no bog deal > to just add the remaining balances of the reserved partitions. > > Note that an organization that DOES keep restricted funds in a separate > bank account, unless these are LARGE restricted funds, will likely have > only one "other" bank account for all the restricted funds and that > would be partitioned. > > Michael D Novack > > > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > - > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can a bank account have sub-accounts?
On 3/13/2023 10:35 AM, Mort Q wrote: Hi Robert I do have lots of expense accounts for repairs, catering, office expenses, utilities, etc, and income accounts for fund raising, donations, memberships, etc. so we can track income and expenses easily. The GnuCash reports really help people see where money is coming from and going to. That's one of the reasons I was thinking of having the sub accounts - the bank reports will be like an overall report but with the underlying break down of fund allocation. Does that make sense? As noted, this will cost you the ability to use the "reconcile" feature. But folks, I've been there and done that as treasurer of orgs. This is a trade off that might make sense. Keep in mind that such orgs might have a rather low monthly volume of transactions against the checking account. Reconciling the old fashioned way no big deal. When there were FORMALLY restricted funds would do that the right way, but for informally restricted funds, just partitioning the checking account makes for less work. Another alternative (will let you partially use the reconcile feature) is partition but only write checks against main (before writing the check for an expense qualified to use restricted, transfer the amount from that partition). The total balance amount according to the bank won't match the balance of the check writing partition but no bog deal to just add the remaining balances of the reserved partitions. Note that an organization that DOES keep restricted funds in a separate bank account, unless these are LARGE restricted funds, will likely have only one "other" bank account for all the restricted funds and that would be partitioned. Michael D Novack ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can a bank account have sub-accounts?
Yes, you can! I do something like what you say, as long as these are funds deposited into the bank that are earmarked for those expenses... As an example, I set aside some money for a vacation, but those funds are in the bank account, so I have sub-accounts for how much they have. I only "transfer" money from this account to the main bank account, since it is from there that I use debit cards or write checks to pay for things. Expenses are sent to the vacation expense account. It's a few extra steps, but it can certainly be done. Quicken called these things "savings goals". In addition to the vacation sub-account, we also have a "credit" sub account that holds money for paying off the credit card(s) each month. I happen to enter data weekly, and I transfer money from the bank account to the credit sub-account to cover all of the charges made that week. That way, I always have enough funds to pay off the credit card(s). When a payment is due, we transfer money from the credit account to the bank account, and then pay the card from the bank account. You might be able to do something by having those expenses, such as Equipment Enhancement get both the credits and debits, but I'm not sure how you would keep the bank balance right (there is probably an accounting way to do this)... as a personal example, if I get $50 a month for clothing expenditures, I could give the clothing account $50 each month, and then take the money away as I spend it on clothes... the account would therefore always tell me the exact balance in the clothing account. But I don't know what the other side of the $50 added would be. Future spending? Budgeted? On Mon, Mar 13, 2023 at 8:55 AM Mort Q wrote: > Hi all > I act as Treasurer for a community organisation, and want to look for a way > that GnuCash can subdivide the money in the bank account into planned > expenses e.g. a few members do ongoing fund raising for equipment, so could > I make a sub-account of the bank account called "Equipment enhancement"? > When making a deposit, allocate that money to "Assets:Current Assets:Bank > Account:Equipment Enhancement" instead of the currently-used > "Assets:Current Assets:Bank Account". > > Currently, we just have the one account called "Bank Account" in the Assets > tree, and I keep a separate spreadsheet with the allocation break up. I > have to remember to do the extra work to keep the spreadsheet up to date. > In my previous life, I learnt that it was better to have a single point of > truth for data. > > I am thinking I will end up with an account tree like > Assets: >-Current Assets: > -Accounts Receivable > -Bank Account: (will still need this to be reported on for audits, > etc, as a single account) > -General Funds > -Equipment Enhancement > -Saved for something else > -etc > Does this make sense? Or am I missing something? > Or creating a nightmare that will come back and bite me when I try to do > reports, etc later? > > Clearly, I am not an accountant, and a self-taught GnuCash user. > > Thanks > Mort > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > - > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > -- _ Richard Losey rlo...@gmail.com Micah 6:8 ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can a bank account have sub-accounts?
If you use a variant of envelope budgeting, your actual bank account can be a placeholder account, and every transaction against that account is actually recorded in one of the subaccounts. The total balance of all the subaccounts will show against the placeholder account. By using the OpenSubaccounts item in the menu for the placeholder, you will see a list of all of the transactions in the subaccounts. You cannot edit this list, but you can check the items against your bank statement. If you then uncheck ‘Placeholder account’ you will lose the grand total, but you will be able to edit, hence reconcile, the items in the ‘Open Subaccounts’ transaction display. After reconciliation you can recheck the ‘Placeholder Account’. I haven’t actually tried this process during reconciliation, but perhaps someone else has, and can give you the pros and cons or suggest an alternative. — Peter West p...@pbw.id.au “Blessed are you when others revile you and persecute you and utter all kinds of evil against you falsely on my account.” > On 14 Mar 2023, at 12:46 am, Murugan Muruganandam > wrote: > > hi Mort > > The expenses account can be granular and can be tracked separately. for > Asset account unless you have separate bank accounts, you cannot separate it > in your accounting system. > You can use sub accounts, but it would be a huge overhead for you to > reconcile your bank statement with individual buckets you have created. > > > > > > Saludos Cordiales > > > Murugan > > > From: gnucash-user > on behalf of > Mort Q > Sent: Monday, March 13, 2023 11:35 AM > To: Robert Heller > Cc: gnucash-user@gnucash.org > Subject: Re: [GNC] Can a bank account have sub-accounts? > > Hi Robert > I do have lots of expense accounts for repairs, catering, office expenses, > utilities, etc, and income accounts for fund raising, donations, > memberships, etc. so we can track income and expenses easily. The GnuCash > reports really help people see where money is coming from and going to. > That's one of the reasons I was thinking of having the sub accounts - the > bank reports will be like an overall report but with the underlying break > down of fund allocation. Does that make sense? > > Every transaction is double entry, I think (one account credited and the > other debited) e.g. a bill payment will credit Liabilities:Accounts Payable > and debit Assets:Current Assets:Bank Account. Is that what you mean? > > Thanks > Mort > > On Tue, 14 Mar 2023 at 00:05, Robert Heller wrote: > >> At Mon, 13 Mar 2023 23:55:05 +1000 Mort Q wrote: >> >>> >>> Hi all >>> I act as Treasurer for a community organisation, and want to look for a >> way >>> that GnuCash can subdivide the money in the bank account into planned >>> expenses e.g. a few members do ongoing fund raising for equipment, so >> could >>> I make a sub-account of the bank account called "Equipment enhancement"? >>> When making a deposit, allocate that money to "Assets:Current Assets:Bank >>> Account:Equipment Enhancement" instead of the currently-used >>> "Assets:Current Assets:Bank Account". >>> >>> Currently, we just have the one account called "Bank Account" in the >> Assets >>> tree, and I keep a separate spreadsheet with the allocation break up. I >>> have to remember to do the extra work to keep the spreadsheet up to date. >>> In my previous life, I learnt that it was better to have a single point >> of >>> truth for data. >>> >>> I am thinking I will end up with an account tree like >>> Assets: >>> -Current Assets: >>>-Accounts Receivable >>>-Bank Account: (will still need this to be reported on for >> audits, >>> etc, as a single account) >>> -General Funds >>> -Equipment Enhancement >>> -Saved for something else >>> -etc >>> Does this make sense? Or am I missing something? >>> Or creating a nightmare that will come back and bite me when I try to do >>> reports, etc later? >>> >>> Clearly, I am not an accountant, and a self-taught GnuCash user. >> >> Clearly :-). >> >> You are not fully understanding double-entry bookkeeping and how GnuCash >> works >> and is generally meant to be used. >> >> Yes, you can have sub-accounts under Bank Account, but probably should be >> looking at creating a budget. >> >> You should *also* create additional accounts for the vario
Re: [GNC] Can a bank account have sub-accounts?
to answer your question— yes, a bank account can have subaccounts. I use a subaccount named “ACH” for Automated Clearing House bank and investment accounts so that double entry accounts match up to statements on both credit cards and check ledgers to account for the delay going through the ACH. It just requires a second transaction to record the second half of the ACH activity. So e.g. an automatic payment on a Cc account is two entries: 1. Debit CC , Credit Bank:ACH Now the CC statement dates match 2. Debit Bank:ACH, Credit Bank Now the ACH balance is 0 and each statement matches up. The process is easy because I enter both transactions at the same time with the same date, and then correct dates on part 2 above at reconciliation. In order to see the bank account and subaccounts during bank statement reconciliation, just use the “include subaccounts” feature and the bank register will open with its name followed by a “+” so my “Bank of America” account opens as “Bank of America+” --Alton Brantley ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can a bank account have sub-accounts?
With subaccounts, when you reconcile be sure to check the box to include subaccounts and it's fairly easy to reconcile it. Dan On March 13, 2023 10:47:31 AM Murugan Muruganandam wrote: hi Mort The expenses account can be granular and can be tracked seperately. for Asset account unless you have separate bank accounts, you cannot separate it in your accounting system. You can use sub accounts, but it would be a huge overhead for you to reconcile your bank statement with individual buckets you have created. Saludos Cordiales Murugan From: gnucash-user on behalf of Mort Q Sent: Monday, March 13, 2023 11:35 AM To: Robert Heller Cc: gnucash-user@gnucash.org Subject: Re: [GNC] Can a bank account have sub-accounts? Hi Robert I do have lots of expense accounts for repairs, catering, office expenses, utilities, etc, and income accounts for fund raising, donations, memberships, etc. so we can track income and expenses easily. The GnuCash reports really help people see where money is coming from and going to. That's one of the reasons I was thinking of having the sub accounts - the bank reports will be like an overall report but with the underlying break down of fund allocation. Does that make sense? Every transaction is double entry, I think (one account credited and the other debited) e.g. a bill payment will credit Liabilities:Accounts Payable and debit Assets:Current Assets:Bank Account. Is that what you mean? Thanks Mort On Tue, 14 Mar 2023 at 00:05, Robert Heller wrote: At Mon, 13 Mar 2023 23:55:05 +1000 Mort Q wrote: > > Hi all > I act as Treasurer for a community organisation, and want to look for a way > that GnuCash can subdivide the money in the bank account into planned > expenses e.g. a few members do ongoing fund raising for equipment, so could > I make a sub-account of the bank account called "Equipment enhancement"? > When making a deposit, allocate that money to "Assets:Current Assets:Bank > Account:Equipment Enhancement" instead of the currently-used > "Assets:Current Assets:Bank Account". > > Currently, we just have the one account called "Bank Account" in the Assets > tree, and I keep a separate spreadsheet with the allocation break up. I > have to remember to do the extra work to keep the spreadsheet up to date. > In my previous life, I learnt that it was better to have a single point of > truth for data. > > I am thinking I will end up with an account tree like > Assets: >-Current Assets: > -Accounts Receivable > -Bank Account: (will still need this to be reported on for audits, > etc, as a single account) > -General Funds > -Equipment Enhancement > -Saved for something else > -etc > Does this make sense? Or am I missing something? > Or creating a nightmare that will come back and bite me when I try to do > reports, etc later? > > Clearly, I am not an accountant, and a self-taught GnuCash user. Clearly :-). You are not fully understanding double-entry bookkeeping and how GnuCash works and is generally meant to be used. Yes, you can have sub-accounts under Bank Account, but probably should be looking at creating a budget. You should *also* create additional accounts for the various expenses and so on as well. > > Thanks > Mort > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > - > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > > > -- Robert Heller -- Cell: 413-658-7953 GV: 978-633-5364 Deepwoods Software-- Custom Software Services http://www.deepsoft.com/ -- Linux Administration Services hel...@deepsoft.com -- Webhosting Services ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can a bank account have sub-accounts?
hi Mort The expenses account can be granular and can be tracked seperately. for Asset account unless you have separate bank accounts, you cannot separate it in your accounting system. You can use sub accounts, but it would be a huge overhead for you to reconcile your bank statement with individual buckets you have created. Saludos Cordiales Murugan From: gnucash-user on behalf of Mort Q Sent: Monday, March 13, 2023 11:35 AM To: Robert Heller Cc: gnucash-user@gnucash.org Subject: Re: [GNC] Can a bank account have sub-accounts? Hi Robert I do have lots of expense accounts for repairs, catering, office expenses, utilities, etc, and income accounts for fund raising, donations, memberships, etc. so we can track income and expenses easily. The GnuCash reports really help people see where money is coming from and going to. That's one of the reasons I was thinking of having the sub accounts - the bank reports will be like an overall report but with the underlying break down of fund allocation. Does that make sense? Every transaction is double entry, I think (one account credited and the other debited) e.g. a bill payment will credit Liabilities:Accounts Payable and debit Assets:Current Assets:Bank Account. Is that what you mean? Thanks Mort On Tue, 14 Mar 2023 at 00:05, Robert Heller wrote: > At Mon, 13 Mar 2023 23:55:05 +1000 Mort Q wrote: > > > > > Hi all > > I act as Treasurer for a community organisation, and want to look for a > way > > that GnuCash can subdivide the money in the bank account into planned > > expenses e.g. a few members do ongoing fund raising for equipment, so > could > > I make a sub-account of the bank account called "Equipment enhancement"? > > When making a deposit, allocate that money to "Assets:Current Assets:Bank > > Account:Equipment Enhancement" instead of the currently-used > > "Assets:Current Assets:Bank Account". > > > > Currently, we just have the one account called "Bank Account" in the > Assets > > tree, and I keep a separate spreadsheet with the allocation break up. I > > have to remember to do the extra work to keep the spreadsheet up to date. > > In my previous life, I learnt that it was better to have a single point > of > > truth for data. > > > > I am thinking I will end up with an account tree like > > Assets: > >-Current Assets: > > -Accounts Receivable > > -Bank Account: (will still need this to be reported on for > audits, > > etc, as a single account) > > -General Funds > > -Equipment Enhancement > > -Saved for something else > > -etc > > Does this make sense? Or am I missing something? > > Or creating a nightmare that will come back and bite me when I try to do > > reports, etc later? > > > > Clearly, I am not an accountant, and a self-taught GnuCash user. > > Clearly :-). > > You are not fully understanding double-entry bookkeeping and how GnuCash > works > and is generally meant to be used. > > Yes, you can have sub-accounts under Bank Account, but probably should be > looking at creating a budget. > > You should *also* create additional accounts for the various expenses and > so > on as well. > > > > > Thanks > > Mort > > ___ > > gnucash-user mailing list > > gnucash-user@gnucash.org > > To update your subscription preferences or to unsubscribe: > > https://lists.gnucash.org/mailman/listinfo/gnucash-user > > - > > Please remember to CC this list on all your replies. > > You can do this by using Reply-To-List or Reply-All. > > > > > > > > > -- > Robert Heller -- Cell: 413-658-7953 GV: 978-633-5364 > Deepwoods Software-- Custom Software Services > http://www.deepsoft.com/ -- Linux Administration Services > hel...@deepsoft.com -- Webhosting Services > > ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can a bank account have sub-accounts?
Hi Robert I do have lots of expense accounts for repairs, catering, office expenses, utilities, etc, and income accounts for fund raising, donations, memberships, etc. so we can track income and expenses easily. The GnuCash reports really help people see where money is coming from and going to. That's one of the reasons I was thinking of having the sub accounts - the bank reports will be like an overall report but with the underlying break down of fund allocation. Does that make sense? Every transaction is double entry, I think (one account credited and the other debited) e.g. a bill payment will credit Liabilities:Accounts Payable and debit Assets:Current Assets:Bank Account. Is that what you mean? Thanks Mort On Tue, 14 Mar 2023 at 00:05, Robert Heller wrote: > At Mon, 13 Mar 2023 23:55:05 +1000 Mort Q wrote: > > > > > Hi all > > I act as Treasurer for a community organisation, and want to look for a > way > > that GnuCash can subdivide the money in the bank account into planned > > expenses e.g. a few members do ongoing fund raising for equipment, so > could > > I make a sub-account of the bank account called "Equipment enhancement"? > > When making a deposit, allocate that money to "Assets:Current Assets:Bank > > Account:Equipment Enhancement" instead of the currently-used > > "Assets:Current Assets:Bank Account". > > > > Currently, we just have the one account called "Bank Account" in the > Assets > > tree, and I keep a separate spreadsheet with the allocation break up. I > > have to remember to do the extra work to keep the spreadsheet up to date. > > In my previous life, I learnt that it was better to have a single point > of > > truth for data. > > > > I am thinking I will end up with an account tree like > > Assets: > >-Current Assets: > > -Accounts Receivable > > -Bank Account: (will still need this to be reported on for > audits, > > etc, as a single account) > > -General Funds > > -Equipment Enhancement > > -Saved for something else > > -etc > > Does this make sense? Or am I missing something? > > Or creating a nightmare that will come back and bite me when I try to do > > reports, etc later? > > > > Clearly, I am not an accountant, and a self-taught GnuCash user. > > Clearly :-). > > You are not fully understanding double-entry bookkeeping and how GnuCash > works > and is generally meant to be used. > > Yes, you can have sub-accounts under Bank Account, but probably should be > looking at creating a budget. > > You should *also* create additional accounts for the various expenses and > so > on as well. > > > > > Thanks > > Mort > > ___ > > gnucash-user mailing list > > gnucash-user@gnucash.org > > To update your subscription preferences or to unsubscribe: > > https://lists.gnucash.org/mailman/listinfo/gnucash-user > > - > > Please remember to CC this list on all your replies. > > You can do this by using Reply-To-List or Reply-All. > > > > > > > > > -- > Robert Heller -- Cell: 413-658-7953 GV: 978-633-5364 > Deepwoods Software-- Custom Software Services > http://www.deepsoft.com/ -- Linux Administration Services > hel...@deepsoft.com -- Webhosting Services > > ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can a bank account have sub-accounts?
Thanks Rich. I thought of something like that, but I can't see how it works when I pay a bill, for example. e.g. The money for the new widget comes out of the widget asset account, and the bank account isn't debited, so GnuCash doesn't have a record that matches the bank statement any more. That was the thinking that led me to wonder about the extra asset accounts being under the main bank account. Does that make sense? Cheers Mort On Tue, 14 Mar 2023 at 00:03, Rich Shepard wrote: > On Mon, 13 Mar 2023, Mort Q wrote: > > > I act as Treasurer for a community organisation, and want to look for a > > way that GnuCash can subdivide the money in the bank account into planned > > expenses e.g. a few members do ongoing fund raising for equipment, so > > could I make a sub-account of the bank account called "Equipment > > enhancement"? When making a deposit, allocate that money to > > "Assets:Current Assets:Bank Account:Equipment Enhancement" instead of the > > currently-used "Assets:Current Assets:Bank Account". > > Mort, > > Why not have multiple asset accounts? For example, "Checking," "Equipment," > "Petty Cash?" When you make a deposit you can split it among all pertinent > accounts. > > They're not sub-accounts of a checking account, for example, but idividual > accounts. It's similar to a set of expense accounts; e.g, Rent, Utilities > (which would have sub-accounts for Electric, Gas, Water, Garbage or > whatever > utility expenses you have), Repair & Maintenance, etc. > > HTH, > > Rich > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > - > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can a bank account have sub-accounts?
At Mon, 13 Mar 2023 23:55:05 +1000 Mort Q wrote: > > Hi all > I act as Treasurer for a community organisation, and want to look for a way > that GnuCash can subdivide the money in the bank account into planned > expenses e.g. a few members do ongoing fund raising for equipment, so could > I make a sub-account of the bank account called "Equipment enhancement"? > When making a deposit, allocate that money to "Assets:Current Assets:Bank > Account:Equipment Enhancement" instead of the currently-used > "Assets:Current Assets:Bank Account". > > Currently, we just have the one account called "Bank Account" in the Assets > tree, and I keep a separate spreadsheet with the allocation break up. I > have to remember to do the extra work to keep the spreadsheet up to date. > In my previous life, I learnt that it was better to have a single point of > truth for data. > > I am thinking I will end up with an account tree like > Assets: >-Current Assets: > -Accounts Receivable > -Bank Account: (will still need this to be reported on for audits, > etc, as a single account) > -General Funds > -Equipment Enhancement > -Saved for something else > -etc > Does this make sense? Or am I missing something? > Or creating a nightmare that will come back and bite me when I try to do > reports, etc later? > > Clearly, I am not an accountant, and a self-taught GnuCash user. Clearly :-). You are not fully understanding double-entry bookkeeping and how GnuCash works and is generally meant to be used. Yes, you can have sub-accounts under Bank Account, but probably should be looking at creating a budget. You should *also* create additional accounts for the various expenses and so on as well. > > Thanks > Mort > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > - > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > > > > -- Robert Heller -- Cell: 413-658-7953 GV: 978-633-5364 Deepwoods Software-- Custom Software Services http://www.deepsoft.com/ -- Linux Administration Services hel...@deepsoft.com -- Webhosting Services ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can a bank account have sub-accounts?
On Mon, 13 Mar 2023, Mort Q wrote: I act as Treasurer for a community organisation, and want to look for a way that GnuCash can subdivide the money in the bank account into planned expenses e.g. a few members do ongoing fund raising for equipment, so could I make a sub-account of the bank account called "Equipment enhancement"? When making a deposit, allocate that money to "Assets:Current Assets:Bank Account:Equipment Enhancement" instead of the currently-used "Assets:Current Assets:Bank Account". Mort, Why not have multiple asset accounts? For example, "Checking," "Equipment," "Petty Cash?" When you make a deposit you can split it among all pertinent accounts. They're not sub-accounts of a checking account, for example, but idividual accounts. It's similar to a set of expense accounts; e.g, Rent, Utilities (which would have sub-accounts for Electric, Gas, Water, Garbage or whatever utility expenses you have), Repair & Maintenance, etc. HTH, Rich ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
[GNC] Can a bank account have sub-accounts?
Hi all I act as Treasurer for a community organisation, and want to look for a way that GnuCash can subdivide the money in the bank account into planned expenses e.g. a few members do ongoing fund raising for equipment, so could I make a sub-account of the bank account called "Equipment enhancement"? When making a deposit, allocate that money to "Assets:Current Assets:Bank Account:Equipment Enhancement" instead of the currently-used "Assets:Current Assets:Bank Account". Currently, we just have the one account called "Bank Account" in the Assets tree, and I keep a separate spreadsheet with the allocation break up. I have to remember to do the extra work to keep the spreadsheet up to date. In my previous life, I learnt that it was better to have a single point of truth for data. I am thinking I will end up with an account tree like Assets: -Current Assets: -Accounts Receivable -Bank Account: (will still need this to be reported on for audits, etc, as a single account) -General Funds -Equipment Enhancement -Saved for something else -etc Does this make sense? Or am I missing something? Or creating a nightmare that will come back and bite me when I try to do reports, etc later? Clearly, I am not an accountant, and a self-taught GnuCash user. Thanks Mort ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
