Re: [GNC] automatically account for gst on random purchases
Karl, If you look at this section of the business features setting up tax tables is described. https://www.gnucash.org/docs/v4/C/gnucash-guide/bus_setup.html It works for invoices and should work similarly for bills. That is as automated as it gets. David Cousens On Sun, 2023-06-18 at 12:06 +1000, Karl May wrote: > Hi all, > > For my business setup I am wondering whether there is a way to automatically > account for gst on small random purchases (e.g. hotel, restaurant etc.). > > My current setup is roughly > > Assets:financial_assets:bank_account > Assets:financial_assets:gst > Expense:travel > > So far I haven't setup Accounts/payable and Accounts/receivable. > > The current process is: > > A) import bank account transactions via OFX into "bank_account" and > "imbalanced" > B) manually go through all transaction, use "split transaction", manually > calculate the gst and assign amounts to Expense:travel and > Assets:financial_assets:gst. > > > Any suggestions how this can be automated such that the default is a > transaction split and application of a default GST rate? > > Thanks > > > > > > > ___ > 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] automatically account for gst on random purchases
For the work you're doing, it seems that importing transactions isn't benefiting you very much, as you still have to go through each one manually. I would just enter everything manually, and do regular balancing of the "bank account". I doubt if it can be automated in GnuCash - there isn't anything from that shows the split You MIGHT be able to get fancy by getting the data into a spreadsheet, having macros to assign the GST and travel categories, and then import the spreadsheet into GnuCash. On the other hand, you could just enter them manually. On Sat, Jun 17, 2023 at 9:07 PM Karl May wrote: > Hi all, > > For my business setup I am wondering whether there is a way to > automatically > account for gst on small random purchases (e.g. hotel, restaurant etc.). > > My current setup is roughly > > Assets:financial_assets:bank_account > Assets:financial_assets:gst > Expense:travel > > So far I haven't setup Accounts/payable and Accounts/receivable. > > The current process is: > > A) import bank account transactions via OFX into "bank_account" and > "imbalanced" > B) manually go through all transaction, use "split transaction", manually > calculate the gst and assign amounts to Expense:travel and > Assets:financial_assets:gst. > > > Any suggestions how this can be automated such that the default is a > transaction split and application of a default GST rate? > > Thanks > > > > > > > ___ > 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.
[GNC] automatically account for gst on random purchases
Hi all, For my business setup I am wondering whether there is a way to automatically account for gst on small random purchases (e.g. hotel, restaurant etc.). My current setup is roughly Assets:financial_assets:bank_account Assets:financial_assets:gst Expense:travel So far I haven't setup Accounts/payable and Accounts/receivable. The current process is: A) import bank account transactions via OFX into "bank_account" and "imbalanced" B) manually go through all transaction, use "split transaction", manually calculate the gst and assign amounts to Expense:travel and Assets:financial_assets:gst. Any suggestions how this can be automated such that the default is a transaction split and application of a default GST rate? Thanks ___ 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] Finance::Quote 1.56_02 Available for Evaluation
On June 17, 2023 at 18:43 EDT wrote: > I'm doing preliminary testing using gnc-fq-dump with the yahoo_json > and yahooweb sources. > I'm getting different price formats between the two sources for > LSE securities with yahoo_json being the correct format. gnc-fq-dump yahoo_json SUK2.L symbol: SUK2.L <=== required date: 06/16/2023 <=== recommended currency: GBP <=== required last: 3.53975 <=\ nav: <=== one of these price: <=/ timezone: <=== optional gnc-fq-dump yahooweb SUK2.L symbol: SUK2.L <=== required date: 06/16/2023 <=== recommended currency: GBp (0.01 GBP) <=== required last: 353.98 <=\ nav: <=== one of these price: <=/ timezone: <=== optional Thank you Richard. I Cc'd Vincent as he quickly threw the module together a couple weeks ago. GBp sometimes coded as GBX for Pence Sterling. The emphasis was to at least have something ready if the current yahoo_json URL stopped working, so hurried testing was likely only done on US securities. And you may have seen the thread with John R about the trade date issue. The trade date on the web page is produced by Java script and cannot just be parsed from the HTML. Thanks. Bruce S. ___ 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] Finance::Quote 1.56_02 Available for Evaluation
On 15/06/2023 20:23, Bruce Schuck wrote: Non-production release 1.56_02 is available for evaluation/testing. https://www.cpan.org/modules/by-authors/id/B/BP/BPSCHUCK/Finance-Quote-1.56_02.tar.gz It can be installed via cpan/cpanm as 'BPSCHUCK/Finance-Quote-1.56_02.tar.gz'. Anticipating that Yahoo may block access to the URL used in the YahooJSON (yahoo_json) module, there are 3 new modules that gather information from URLs normally accessed through a browser. GoogleWeb (googleweb) MarketWatch (marketwatch) YahooWeb (yahooweb) Hi Bruce, I'm doing preliminary testing using gnc-fq-dump with the yahoo_json and yahooweb sources. I'm getting different price formats between the two sources for LSE securities with yahoo_json being the correct format. gnc-fq-dump yahoo_json SUK2.L symbol: SUK2.L <=== required date: 06/16/2023 <=== recommended currency: GBP <=== required last: 3.53975 <=\ nav: <=== one of these price: <=/ timezone: <=== optional gnc-fq-dump yahooweb SUK2.L symbol: SUK2.L <=== required date: 06/16/2023 <=== recommended currency: GBp (0.01 GBP) <=== required last: 353.98 <=\ nav: <=== one of these price: <=/ timezone: <=== optional gnc-fq-dump yahoo_json STAN.L symbol: STAN.L <=== required date: 06/16/2023 <=== recommended currency: GBP <=== required last: 6.752<=\ nav: <=== one of these price: <=/ timezone: <=== optional gnc-fq-dump yahooweb STAN.L symbol: STAN.L <=== required date: 06/16/2023 <=== recommended currency: GBp (0.01 GBP) <=== required last: 675.20 <=\ nav: <=== one of these price: <=/ timezone: <=== optional Arch Linux, gnucash 4.14. Regards, Richard OpenPGP_0x10E7349A8F376444.asc Description: OpenPGP public key OpenPGP_signature Description: OpenPGP digital signature signature.asc Description: OpenPGP digital signature ___ 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] Starting a new topic in the mailing list
Re-sending because I failed to observe best practice in subject lines myself. Stan Brown Tehachapi, CA, USA https://BrownMath.com On 2023-06-17 15:37, Stan Brown wrote: > Bill, > > Please don't reply to a digest without doing proper editing. > > In your case, unless I missed it, you're not even replying, just > starting a new thread. In that case, you should delete the entire text > of the digest message. > > And whether replying or starting a new topic, please us an appropriate > subject line. Many of us get hundreds of emails a day, and a subject > line like "Re: [GNC] gnucash-user Digest, Vol 243, Issue 24" doesn't > give any useful indication of what's in the message. > > I don't use the trading features, so I can't comment on those, but I > suspect you'll need to give some more details to get a useful response. > > Stan Brown > Tehachapi, CA, USA > https://BrownMath.com > > On 2023-06-17 14:19, Bill Swanson wrote: >> The number of shares for some of the mutual funds does not show up on the >> Account Totals. I am using SQLIte for the database. >> How can I fix this? ___ 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] gnucash-user Digest, Vol 243, Issue 24
Bill, Please don't reply to a digest without doing proper editing. In your case, unless I missed it, you're not even replying, just starting a new thread. In that case, you should delete the entire text of the digest message. And whether replying or starting a new topic, please us an appropriate subject line. Many of us get hundreds of emails a day, and a subject line like "Re: [GNC] gnucash-user Digest, Vol 243, Issue 24" doesn't give any useful indication of what's in the message. I don't use the trading features, so I can't comment on those, but I suspect you'll need to give some more details to get a useful response. Stan Brown Tehachapi, CA, USA https://BrownMath.com On 2023-06-17 14:19, Bill Swanson wrote: > The number of shares for some of the mutual funds does not show up on the > Account Totals. I am using SQLIte for the database. > How can I fix this? ___ 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] quandary with proper entries for cost-of-goods-sold and inventory
Welcome to GnuCash, Eric! I can't respond to your accounting question, but here are some pointers for your mailing-list questions. On 2023-06-17 11:50, Eric Hammond wrote: > First, what is the proper way to reply / request to this email sequence? You managed to do it right in the end. It looks like you found the correct mailing list address, "gnucash-user@gnucash.org" in the instructions that are automatically appended to every message the serer sends out. If your mail program offers "Reply List" to a particular message, that's what you should use. Otherwise, you may need to copy/paste the "gnucash-user@gnucash.org" address manually to your outgoing message's To or Cc field. One important point: If you receive messages in a digest, you'll also need to (a) edit the subject line, by copy/pasting the subject of the individual message you're referring to, and (b) Delete all the text of all the messages you're _not_ referring to, as well as any parts of the remaining message that are not needed to give context to your answer. > I follow the instructions at the end: > "Please remember to CC this list on all your replies." > "You can do this by using Reply-To-List or Reply-All." > But only end up with "gnucash-u...@gnucassh.org" and get mildly chastised for > not replying properly. What does "mildly chastised" mean? For future reference, always, always include the _exact_ text of error messages when asking for help with a problem. Reporting a problem is a lot like giving testimony in court: tell us what you did and exactly what you saw; don't interpret or give opinions. The rest of your message is an accounting question, not a GnuCash question. I'm not an accountant, and even if I were you didn't tell us which jurisdiction you're in, which can have a large impact on the correct answer. What would you have done in the old pen-and-ink-in-tall-leather-bound-ledgers era? That is just what you should do in GnuCash. Stan Brown Tehachapi, CA, USA https://BrownMath.com ___ 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] Finance::Quote 1.56_02 Available for Evaluation
On June 16, 2023 at 15:11 EDT, John Ralls wrote: On 06/15/2023 12:23 -0700, Bruce S wrote: Non-production release 1.56_02 is available for evaluation/testing. It can be installed via cpan/cpanm as 'BPSCHUCK/Finance-Quote-1.56_02.tar.gz'. The YahooWeb module currently requires the Date::Business module. Installing it cannot be done unattended, as the Makefile.PL used requires a yes/no question be answered. Not updated since January 2000, attempts to reach the author have been unsuccessful so far. Maybe you could use Date::Manip::Date_PrevWorkDay instead? As I mentioned, I was looking at that along with Date::Business. I also looked at Date::Holidays today. What I found about Date::Manip is that for business mode calculations the module requires a configuration file. See Date::Manip::Config where is notes: "NOTE: if you use business mode calculations, you must have a config file since this is the only place where you can define holidays." From the documentation (a rabbit hole of many man pages/PODs) that includes have date_PrevWorkDay skip over weekends (haven't tested if this just means you want to define your own custom work week). I going to assume that requiring GnuCash users to have a config file for Date::Manip and keep it updated could be problematic for some. What I found about Date::Holidays so far is that users would need to install all the Date::Holidays:: modules that Finance::Quote may use. F::Q would then be at the mercy of all the different authors with respect to those modules being updated. Also, the current US or USFederal modules do not account for Juneteenth or Good Friday. Juneteenth being a newly created holiday here in the US, and Good Friday is observed by the US stock market each year. But either way it's pretty US-centric because of the holidays enumeration. What about the Monday-Friday trading days assumption? Is that valid for all of the stock markets that Yahoo can get quotes for? I'm at a loss. Although at the current moment, YahooWeb isn't required as long other viable quote sources exist. I like the Date::Business module, I just wish its install honored the PERL_USE_MM_DEFAULTS environment variable. It would be trivial to create different holiday subroutines for various exchanges/countries and use the one for the exchange indicated in the data returned. I have started the process CPAN/Pause requires for adopting the Date::Business module namespace if the original author/authors are unresponsive. Bruce S. ___ 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] gnucash-user Digest, Vol 243, Issue 24
The number of shares for some of the mutual funds does not show up on the Account Totals. I am using SQLIte for the database. How can I fix this? Thanks, Bill On Sat, Jun 17, 2023 at 12:00 PM wrote: > Send gnucash-user mailing list submissions to > gnucash-user@gnucash.org > > To subscribe or unsubscribe via the World Wide Web, visit > https://lists.gnucash.org/mailman/listinfo/gnucash-user > or, via email, send a message with subject or body 'help' to > gnucash-user-requ...@gnucash.org > > You can reach the person managing the list at > gnucash-user-ow...@gnucash.org > > When replying, please edit your Subject line so it is more specific > than "Re: Contents of gnucash-user digest..." > > > Today's Topics: > >1. Re: gnucash-user Digest, Vol 243, Issue 23 (Colin Arndt) >2. Re: Finance::Quote 1.56_02 Available for Evaluation > (Bruce Schuck) >3. Re: Finance::Quote 1.56_02 Available for Evaluation > (Murugan Muruganandam) >4. Re: Finance::Quote 1.56_02 Available for Evaluation > (Bruce Schuck) >5. Re: Finance::Quote 1.56_02 Available for Evaluation > (Fross, Michael) >6. Re: Finance::Quote 1.56_02 Available for Evaluation (John Ralls) >7. Re: Finance::Quote 1.56_02 Available for Evaluation > (Bruce Schuck) > > > -- > > Message: 1 > Date: Fri, 16 Jun 2023 12:12:20 -0400 > From: Colin Arndt > To: gnucash-user@gnucash.org > Subject: Re: [GNC] gnucash-user Digest, Vol 243, Issue 23 > Message-ID: <1ee8906d-f406-4c9a-95bf-db4225085...@gmail.com> > Content-Type: text/plain; charset=utf-8 > > Hi Bruce, > > Thank you for your efforts to resolve the Yahoo API issues. I rely on > quotes in GNC to track the value of portfolios and overall net worth. Your > efforts are much appreciated! > > I?ll install this to help with testing. > > Best, > Colin > > > Date: Thu, 15 Jun 2023 12:23:42 -0700 > > From: Bruce Schuck > > To: Finance-Quote-News , > > Finance-Quote-User , > GnuCash > > User > > Subject: [GNC] Finance::Quote 1.56_02 Available for Evaluation > > Message-ID: <66d8719e-5324-d74f-d92c-34f259514...@asgard-systems.com> > > Content-Type: text/plain; charset=UTF-8; format=flowed > > > > Greetings all, > > > > Non-production release 1.56_02 is available for evaluation/testing. > > > > > https://www.cpan.org/modules/by-authors/id/B/BP/BPSCHUCK/Finance-Quote-1.56_02.tar.gz > > > > It can be installed via cpan/cpanm as > > 'BPSCHUCK/Finance-Quote-1.56_02.tar.gz'. > > > > Anticipating that Yahoo may block access to the URL used in the > > YahooJSON (yahoo_json) module, there are 3 new modules that gather > > information from URLs normally accessed through a browser. > > > > GoogleWeb (googleweb) > > MarketWatch (marketwatch) > > YahooWeb (yahooweb) > > > > In addition the Fool module was corrected so it now works. > > > > Bruce S. > > > > > > > > -- > > > > Subject: Digest Footer > > > > ___ > > > > 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. > > > > > > -- > > > > End of gnucash-user Digest, Vol 243, Issue 23 > > * > > > > -- > > Message: 2 > Date: Fri, 16 Jun 2023 09:42:06 -0700 > From: Bruce Schuck > To: gnucash-user@gnucash.org > Subject: Re: [GNC] Finance::Quote 1.56_02 Available for Evaluation > Message-ID: <60e4fe31-2008-8d90-bdb4-84c27877d...@asgard-systems.com> > Content-Type: text/plain; charset=UTF-8; format=flowed > > On 06/15/2023 12:23 -0700, Bruce S wrote: > > > Non-production release 1.56_02 is available for evaluation/testing. > > > https://www.cpan.org/modules/by-authors/id/B/BP/BPSCHUCK/Finance-Quote-1.56_02.tar.gz > > > It can be installed via cpan/cpanm as > > 'BPSCHUCK/Finance-Quote-1.56_02.tar.gz'. > > The YahooWeb module currently requires the Date::Business module. > Installing it cannot be done unattended, as the Makefile.PL used > requires a yes/no question be answered. Not updated since January 2000, > attempts to reach the author have been unsuccessful so far. > > Bruce S. > > > -- > > Message: 3 > Date: Fri, 16 Jun 2023 17:12:52 + > From: Murugan Muruganandam > To: Bruce Schuck , > "gnucash-user@gnucash.org" > Subject: Re: [GNC] Finance::Quote 1.56_02 Available for Evaluation > Message-ID: > < > cpwp152mb5742d29eda961818df6f70979c...@cpwp152mb5742.lamp152.prod.outlook.com > > > > Content-Type: text/plain; charset="us-ascii" > > thanks so much for your effort. > > i checked YahooWeb module with different combinations including symbols
Re: [GNC] quandary with proper entries for cost-of-goods-sold and inventory
I don't think Michaels explanation is very clear, but he's right that you're not thinking of this right. Purchasing the widget is an asset transfer, so you DR inventory and CR what ever account sources the funds. That would be Accounts Payable if you're doing accrual accounting or a bank or liability account if you're doing cash. When you book the sale you CR Expenses:COGS and DR inventory; you also CR income:sales and DR whatever account receives the payment, normally Accounts Receivable or some bank account. GnuCash is OK for this kind of activity if you don't do a lot of it and have only a very few line items, otherwise you'll want to switch to a more capable program like Odoo. Regards, John Ralls > On Jun 17, 2023, at 12:46, Michael or Penny Novack > wrote: > > You are expecting the cost of goods sold at the wrong time. It is unrelated > to when the goods are obtained (added to inventory) > > To perhaps make this easier for you to see, we'll use an example from one of > "my" org as "organizations which had tee shirts, both sold to supporters AND > given to volunteers as "recognition". In other words, when we bought a batch > of tee shirts, we don't (yet) know how many will end up being sold and so > affect the expense "cost of goods sold" and how many the expense > "recognition". > > So lets say we buy another batch of 100 @ #7.20 So we debit inventory:tee > shirts:debit batch 5 $720 and credit checking $720 NOT (yet) an expense. > inventory is an asset so it's just one type of asset (money) to another (tee > shirts) > > Now we get back a report from the group who tabled at an event. They sold > seven tee shirts for $29 each. There were still four remaining from batch 4 > (@ $7.15 and three from the new batch 5 (@ $7.20). So the complete > transaction looks like this (if entering as a two way split -- you could > instead use two transactions to avoid that) > Debits > Cash $100 > Cost of goods sold $50.20 > Credits > Sales $100 > batch 4 $28.60 << note batch 4 now > cleaned out so could be hidden if desired >> > batch 5 $21.60 ><<< note -- doing inventory FIFO and on the cash basis so invoicing and > when those paid not involved and you could instead have done in > multiple transactions to avoid the two way split >> > > But really Eric, this isn't a gnucash question. You aren't asking how do I > enter this but "what accounts should I be debiting or crediting?" Gnucash is > a tool that automates double entry bookkeeping and those of us who learned > doing it the old way pen and ink on paper can appreciate what it is doing for > us. But you STILL need to learn the basics of accounting/bookkeeping. If the > tutorial isn't enough for you, obtain a beginners text (paper or virtual) > > Michael F Novack > > On 6/17/2023 2:50 PM, Eric Hammond wrote: >> First, what is the proper way to reply / request to this email sequence? >> I follow the instructions at the end: >> "Please remember to CC this list on all your replies." >> "You can do this by using Reply-To-List or Reply-All." >> But only end up with "gnucash-u...@gnucassh.org" and get mildly chastised >> for not replying properly. >> >> My tax accountant needed me to supply cost of goods sold, "COGS", but I have >> not figured out how to do this >> Current sequence: >> I schedule a visit with the client, and determine the likely need for a >> widget of some type. >> I purchase it ahead, and document with a Purchase order. At some point I >> receive it and log it into Inventory. >> Original attempt: >> Item AcctDr Cr >> --- >> Widget Payables $10 >> Inventory $10 >> >> Payment Bank $10 >>Payables $10 >> >> >> Clean, but no COGS entry. My best attempt is this: >> Item AcctDr Cr >> --- >> Widget Payables $10 >> COGS $10 >> >> Payment Bank $10 >>Payables $10 >> >> And when I get the part from vendor: >> >> Item AcctDr Cr >> --- >> Widget Purchases$10 >> Inventory $10 >> >> >> I am ok with the extra step, but what kind of account is Purchases? >> Is this even proper accounting? >> Thank you! >> Eric >> >> -- >> >> Subject:
Re: [GNC] quandary with proper entries for cost-of-goods-sold and inventory
To discuss the first part, you post to gnucash-user@gnucash.org (as you did). I'm using Google's gmail web interface, and if I just hit "Reply", it goes to you instead of to this list. I have to use the "Reply to all" to make sure it goes to the list (I don't have a "Reply to list" option). Other email clients or applications behave differently. Most people starting out just hit "Reply", and the email only goes to the user, and not to the mailing list. I hope this helps. On Sat, Jun 17, 2023 at 1:50 PM Eric Hammond wrote: > First, what is the proper way to reply / request to this email sequence? > I follow the instructions at the end: > "Please remember to CC this list on all your replies." > "You can do this by using Reply-To-List or Reply-All." > But only end up with "gnucash-u...@gnucassh.org" and get mildly chastised > for not replying properly. > ___ > -- _ 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] quandary with proper entries for cost-of-goods-sold and inventory
You are expecting the cost of goods sold at the wrong time. It is unrelated to when the goods are obtained (added to inventory) To perhaps make this easier for you to see, we'll use an example from one of "my" org as "organizations which had tee shirts, both sold to supporters AND given to volunteers as "recognition". In other words, when we bought a batch of tee shirts, we don't (yet) know how many will end up being sold and so affect the expense "cost of goods sold" and how many the expense "recognition". So lets say we buy another batch of 100 @ #7.20 So we debit inventory:tee shirts:debit batch 5 $720 and credit checking $720 NOT (yet) an expense. inventory is an asset so it's just one type of asset (money) to another (tee shirts) Now we get back a report from the group who tabled at an event. They sold seven tee shirts for $29 each. There were still four remaining from batch 4 (@ $7.15 and three from the new batch 5 (@ $7.20). So the complete transaction looks like this (if entering as a two way split -- you could instead use two transactions to avoid that) Debits Cash $100 Cost of goods sold $50.20 Credits Sales $100 batch 4 $28.60 << note batch 4 now cleaned out so could be hidden if desired >> batch 5 $21.60 <<< note -- doing inventory FIFO and on the cash basis so invoicing and when those paid not involved and you could instead have done in multiple transactions to avoid the two way split >> But really Eric, this isn't a gnucash question. You aren't asking how do I enter this but "what accounts should I be debiting or crediting?" Gnucash is a tool that automates double entry bookkeeping and those of us who learned doing it the old way pen and ink on paper can appreciate what it is doing for us. But you STILL need to learn the basics of accounting/bookkeeping. If the tutorial isn't enough for you, obtain a beginners text (paper or virtual) Michael F Novack On 6/17/2023 2:50 PM, Eric Hammond wrote: First, what is the proper way to reply / request to this email sequence? I follow the instructions at the end: "Please remember to CC this list on all your replies." "You can do this by using Reply-To-List or Reply-All." But only end up with "gnucash-u...@gnucassh.org" and get mildly chastised for not replying properly. My tax accountant needed me to supply cost of goods sold, "COGS", but I have not figured out how to do this Current sequence: I schedule a visit with the client, and determine the likely need for a widget of some type. I purchase it ahead, and document with a Purchase order. At some point I receive it and log it into Inventory. Original attempt: ItemAcctDr Cr --- Widget Payables $10 Inventory $10 Payment Bank $10 Payables $10 Clean, but no COGS entry. My best attempt is this: ItemAcctDr Cr --- Widget Payables $10 COGS $10 Payment Bank $10 Payables $10 And when I get the part from vendor: ItemAcctDr Cr --- Widget Purchases$10 Inventory $10 I am ok with the extra step, but what kind of account is Purchases? Is this even proper accounting? Thank you! Eric -- Subject: Digest Footer ___ 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. -- End of gnucash-user Digest, Vol 243, Issue 24 * ___ 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. -- There is no possibility of social justice on a dead planet except the equality of the grave. ___ gnucash-user mailing list gnucash-user@gnucash.org To update yo
Re: [GNC] quandary with proper entries for cost-of-goods-sold and inventory
First, what is the proper way to reply / request to this email sequence? I follow the instructions at the end: "Please remember to CC this list on all your replies." "You can do this by using Reply-To-List or Reply-All." But only end up with "gnucash-u...@gnucassh.org" and get mildly chastised for not replying properly. My tax accountant needed me to supply cost of goods sold, "COGS", but I have not figured out how to do this Current sequence: I schedule a visit with the client, and determine the likely need for a widget of some type. I purchase it ahead, and document with a Purchase order. At some point I receive it and log it into Inventory. Original attempt: ItemAcctDr Cr --- Widget Payables $10 Inventory $10 Payment Bank $10 Payables $10 Clean, but no COGS entry. My best attempt is this: ItemAcctDr Cr --- Widget Payables $10 COGS $10 Payment Bank $10 Payables $10 And when I get the part from vendor: ItemAcctDr Cr --- Widget Purchases$10 Inventory $10 I am ok with the extra step, but what kind of account is Purchases? Is this even proper accounting? Thank you! Eric -- Subject: Digest Footer ___ 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. -- End of gnucash-user Digest, Vol 243, Issue 24 * ___ 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.
