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
<m.muruganan...@hotmail.com> 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
<gnucash-user-bounces+m.muruganandam=hotmail....@gnucash.org> on behalf of
Mort Q <mort...@gmail.com>
Sent: Monday, March 13, 2023 11:35 AM
To: Robert Heller <hel...@deepsoft.com>
Cc: gnucash-user@gnucash.org <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 <hel...@deepsoft.com> wrote:
At Mon, 13 Mar 2023 23:55:05 +1000 Mort Q <mort...@gmail.com> 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
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--
Robert Heller -- Cell: 413-658-7953 GV: 978-633-5364
Deepwoods Software -- Custom Software Services
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