On 08/06/2018 02:14 PM, Graham Balin wrote: > Forwarded as I forgot to 'reply all'. Sorry. Newbie brain! > > Cheerio > > Graham > > ---------- Forwarded message --------- > From: Graham Balin <graham.ba...@gmail.com> > Date: Mon, 6 Aug 2018, 10:12 pm > Subject: Re: [GNC] liability or expense > To: Baldero Mendoza <bzy...@gmail.com> > > > I have found Gnucash to be a very powerful hammer to crack a very small nut > using it for domestic accounts only. Does the job well but there are > features of double entry bookkeeping that are superfluous. For example you > will have an expenses;groceries account that will be a mass of entries and > will never be reconciled because it is irrelevant.just ignore it. It is > there to help you categorise your spending. Well, you can reconcile it if > you want to spend half your life on your accounts! > I'm into my 3rd month and haven't done any reports yet. Just pleased that > all bank accounts and liabilities (credit cards)are balanced and > reconciled. Investments are taking a bit longer to get my head around. > Good luck! > > Cheerio > > Graham
You typically don't reconcile expense accounts. You can go through a year-end process that will "zero" the expense/income accounts and update equity (or whatever you want) via a year-end offsetting transaction. It's nice if you want the equity account updated annually. > On Mon, 6 Aug 2018, 10:02 pm Baldero Mendoza, <bzy...@gmail.com> wrote: > >> Please be patient with me - brand new to this. >> >> Household financial stuff. I want to post a "google play" purchase. >> Should I post as an expense or a liability? >> >> I have accounts open for things like "electricity" and that seems to >> work just fine, but "google play" looks like it works sort of like a >> credit card, so I listed it under "liabilities", and that seems to >> work too. I made the connected account "checking" and it all seems to >> balance and work. >> >> However, what bothers me is that the "google play" entry under >> "liabilities" is listed as a red negative number. So I have two red >> negative numbers listed now, one under "liabilities" and one under >> "google play". Everything balances, so is it okay or should I place >> "google play" purchases as "expenses"? (I just started gnucash so >> there aren't any credit card or debit card purchases yet.) The >> "expenses" stuff gets listed as black positive numbers even though >> they're an outflow of money just like the "google play" stuff under >> "liabilities". Maybe it's optional and can be done either way? >> Confusing. >> >> Thank you everybody! -- Stephen M Butler, PMP, PSM stephen.m.butle...@gmail.com kg...@arrl.net 253-350-0166 ------------------------------------------- GnuPG Fingerprint: 8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8 _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
