Dear Rick, Yes. I want to follow the US structure and I will check out Schedule C. I just checked the schedule C form. http://www.irs.gov/pub/irs-pdf/f1040sc.pdf The above provides a very useful structure. I am still not 100% sure how I should structure my ledger. I am trying to set it up. Thanks Kevin
On Wednesday, March 11, 2015 at 2:41:04 AM UTC+8, Rick F wrote: > > I'm not an accountant, but the general format for a ledger is usually > Assets, Liabilities, Equity, Income and Expenses. Customer invoices would > typically be under Assets:Accounts Receivable and supplier invoices would > be under Liabilities:Accounts Payable. > > Assuming you're using ledger for a U.S. business, take a look at Schedule > C, since that's likely what you're going to have to fill out on a regular > basis from your ledger. My expense categories, for example, match the > categories on lines 18-27. My revenue categories come from lines 1-4. > > Making each individual invoice its own account is very GnuCash, but I > prefer to keep my account hierarchy pretty clean and instead use tags to > keep track of individual invoices. I think it makes closing out the books > at the end of the year simpler. I'm not going to say everyone agrees with > me on that one, though. > > Rick > > On Tuesday, March 10, 2015 at 1:59:45 AM UTC-7, Kev Lau wrote: >> >> Hello, >> I have been struggling with setting up my account structure. Appreciate >> if someone could help explain if my structure is correct here. I run a >> small supply shop that sells on credit and was wondering how I should have >> the account structured. >> The problem is that I sometime ship my products overseas because I have >> some customers abroad and I need to keep track of the credit. I also deal >> with overseas suppliers too and need to keep track of them too. I am having >> a hard time figuring out on how I should structure it. Appreciate if >> someone could share some light on this. >> >> This is what I have come up with so far:- >> >> >> ASSETS:NEWYORK:BANK:CASH >> >> EXPENSES:NEWYORK:BANK:FEES >> >> CUSTOMER:DALLAS:DAVE:PAYMENT:INVOICE:002 >> >> SUPPLIER:NEW_JERSY:TUV:PAYMENT:ORDER:002 >> >> >> Does the above seem OK for making a proper account structure? >> I once tried and got it wrong because the structure was not correct. >> >> Kindly please advise(appreciate if someone could post some examples of >> structure) >> >> Thanks >> Kevin >> >> -- --- You received this message because you are subscribed to the Google Groups "Ledger" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/d/optout.
