[GNC] automatically account for gst on random purchases

[Karl May]

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






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Re: [GNC] corporate profit tax ........... where to put

[Karl May]

Hi.

Thanks a lot for the response.

My misconception comes probably from looking at book keeping and GnuCash 
through continental European eyes.

That is, putting corporate profit tax through an expense account, as suggested 
by John and Jim, while working out in terms transactions if the expense 
account is omitted from profit and loss, is an absolute no-no.

Further, since the company has an initial equity of $1, and equity is reported 
only by closing the books or running a report, having a total negative number 
in equity (in the account frame, not the report) due to a liability:equity 
swap just "hurts the eye".

Cheers

On Tuesday, 9 May 2023 06:20:33 AEST Michael or Penny Novack wrote:
> > Now . I understand that gnucash has no separate Equity account, at
> > least as long as the books are not closed. So how to book step 1)?
> 
> Before dealing with the question itself. let's get THIS misconception
> out of the way. I believe the source of the misconception is that
> gnucash provides example "skeleton" books with typical accounts in the
> CoA under asset. liability, equity, income, expense, etc. Except these
> examples don't happen to have sub accounts under equity and that might
> be the source of the misconception that you couldn't have such accounts
> 
> For example, suppose the entity is a partnership with three partners, A,
> B, and C. A contributed $10,000 of the capital, B $5000, and C $5000 of
> "goodwill".
> 
> Then under equity you would have accounts for partner A, Partner B, and
> partner C. Best done not using the initial value wizard but an explicit
> transaction debiting bank $15,000 and goodwill %5000 (goodwill is
> considered an asset of the intangible sort) and crediting partnerA
> $10,000 partnerB $5000 and partnerC %$5000. After this transaction,
> total assets would be $20,000, total liabilities 0, and total equity $20,000
> 
> 
> In other words, gnucash has in your CoA the accounts that YOU choose to
> put there according to your needs. Gnucash doesn't have or not have
> particular accounts except in the sense that example skeletons are
> provided for the use of beginners.
> 
> Michael D Novack
> 
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Re: [GNC] corporate profit tax ........... where to put

[Karl May]

Hello Jim,

Thank you for your response.

What I would do on paper I already lined out in my first email: equity-
liability swap. For this to happen there must be a an "approachable" equity 
account in gnucash, which from my understanding will only show a value if the 
"books are closed".

I.E. closing Income & Expense for the financial year, calculate profit and tax, 
book profit after tax into Equity, book tax on profit into liabilities, pay tax 
by reducing financial assets and liabilities.

However, "closing books" is discouraged as it interferes with the reporting 
features.

Further, IMHO one cannot put the profit tax under "Expenses" as they would turn 
up as cost in the P & L . catch 22 (except I deliberately de-select 
that account, which appears to be a crutch)

Due the gnucash discouraging "closing books" the accounting questions is a 
GnuCash questions.

Best 

On Monday, 8 May 2023 17:06:47 AEST Jim DeLaHunt wrote:
> Hello, Karl:
> 
> This sounds like an accounting question to me, not a GnuCash question? 
> How would your account advise you to track these transactions if you
> were using a pen and paper accounting book? You can do it the same way
> in GnuCash.
> 
> I am a bit surprised by your statement, "that gnucash has no separate
> Equity account". I see a top-level account "Equity" in my Chart of
> Accounts, and a whole tree of other accounts below it. Also, when I pay
> tax, I involve an account of type Expense for the transaction, e.g. an
> account like
>  Expense:My Business:Tax:Income Tax
> 
> I understand that accounts of Expense and Income are special cases of
> Equity accounts. But that too is an accounting question, not a GnuCash
> question.
> 
> I hope this helps,
>  —Jim DeLaHunt
> 
> On 2023-05-07 23:37, Karl May wrote:
> > Hi,
> > 
> > I am wondering where to put the tax on corporate profit.
> > 
> > My understanding from accounting training is:
> > 
> > 1) As long as not paid it would swap between Equity and Liability, i.e. 
the
> > equity shrinks by the tax amount and the liabilities increase by the tax
> > amount.
> > 
> > 2) At pay date it would be an asset-liability decrease, i.e. financial 
assets
> > and liabilities shrink by the tax amount.
> > 
> > Now . I understand that gnucash has no separate Equity account, at
> > least as long as the books are not closed. So how to book step 1)?
> > 
> > Thanks and best regards
> > 
> > Karl
> > 
> > 
> > ___
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[GNC] corporate profit tax ........... where to put

[Karl May]

Hi,

I am wondering where to put the tax on corporate profit.

My understanding from accounting training is:

1) As long as not paid it would swap between Equity and Liability, i.e. the 
equity shrinks by the tax amount and the liabilities increase by the tax 
amount.

2) At pay date it would be an asset-liability decrease, i.e. financial assets 
and liabilities shrink by the tax amount.

Now . I understand that gnucash has no separate Equity account, at 
least as long as the books are not closed. So how to book step 1)?

Thanks and best regards

Karl


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[GNC] Lots and Average Cost Base

[Karl]

Hello!

If I am understanding Chapter 9.7 Selling Shares correctly, the "Automatic
Calculation of Capital Gain or Loss Using Lots" cannot be used when the
average cost base method is used. Is that correct?

In other words, in order to calculate my capital gain/loss using the
average cost method, this must be done manually? Therefore, the automatic
"lots" function is of not use/value to me.

I'm a Canadian and our tax laws require use to use the ACB (adjusted cost
base) when determining capital gain/losses: "proceed of disposition, less
ACB, less cost of sale = capital gain/loss".

Thank you!

Regards,

*Karl*
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Re: [GNC] NEw user assistance

[Karl]

Thanks, John.

I am a self-directed investor, using an online broker. My structure would
be something like this:

Bank account ---> transfer funds to ---> online broker cash account (all in
CAD $) > all my investments


I then use my single online broker cash account to purchase my investments
(Canadian stocks, American stocks, etc.). If I purchase foreign stocks
(foreign to Canada), my broker automatically converts my CAD "broker cash
account" to USD to purchase the stock. There is no need for me to have two
broker cash accounts (one for CAD and one for USD) - all my investment cash
is kept in one account, in CAD.

Does that make sense? Hopefully I'm being clear.

So maybe I could set up my GnuCash Investment hierarchy something like:

-Online Broker Cash Account (all in CAD)

-USD Investments (parent account)

-AAPL stock

-AMZN stock

-etc

-CAD Investments (parent account)

-"individual CAD stocks"

-etc


Would that work?

Regards,

*Karl*


On Fri, 6 Jan 2023 at 23:22, john  wrote:

> GnuCash prioritizes direct prices over indirect ones, so if you have a
> single AAPL-CAD price in your price database and a bunch of AAPL-USD and
> USD-CAD ones the latter will be ignored when trying to price AAPL in CAD
> and you'll almost always get the single direct price.
>
> Two more important considerations: Every transaction in GnuCash has a
> single transaction currency and all prices created by that transaction are
> to/from the transaction currency. The transaction currency is determined by
> the account whose register has focus when you create it or by the From
> account when using the Transfer Dialog.
>
> If you're going to do multi-currency trading you want to enable Trading
> Accounts on the book. You do that on the first tab of File>Properties. One
> of the side effects of doing that is that the register shows amounts in the
> split account's currency instead of the Register account's currency. The
> following example will be written that way.
>
> To avoid creating that AAPL-CAD price you need to create a possibly fake
> USD cash account. If you purchase of US stocks involve an actual USD cash
> account then use that. Once the accounts are in place, do the following.
> For an e.g. to have numbers I'll assume a purchase of 100 shares of AAPL at
> today's closing price of 129.62 and 1 USD = 1.34429 CAD. 100 shares of
> AAPL, assuming a no-fee/no-commission brokerage and that the ask is the
> close, will cost USD 12,962.00, which is CAD 17,433.24. If you do this part
> from the CAD account you must use two transactions like so:
>
> 2023-01-06 Fund USD Cash for Purchase of 100 AAPL
> Assets:Investment:Cash-CAD CAD 17,433.24
> Assets:Investment:Cash-USD USD 12,962.00
>
> Now buy the stock in another transaction. Do this in either the AAPL or
> USD register to ensure that the transaction currency is USD!
> 2023-01-06 Buy AAPL 100
> Assets:Investment:Stocks:Stocks-USD:AAPL 100 129.62 12,1962.00
> Assets:Investment:Cash-USD 12,962.00
>
> If you start from the AAPL or Cash-USD account you can do it in a single
> transaction because the transaction currency will be USD, but you still
> need to do all four splits. Note that when you commit the transaction by
> pressing return or tabbing out of the blank split the Trading Accounts code
> will add 4 more Trading Account splits.
>
> A sell would be done the same way but in the other direction.
>
> Regards,
> John Ralls
>
>
> On Jan 6, 2023, at 1:45 PM, Karl  wrote:
>
> Hi there John,
>
> Thanks for the information. Very helpful! Perhaps I am setting up my
> foreign (USD) investment accounts all wrong. I'm trying to follow the
> instructions and examples in Chapters 9.5 and 9.6, but I can't
> reconcile the instructions with your explanation.
>
> So if I set-up the account structure as you described:
>
> Assets
> Investments
> Stocks
> Stocks-USD
> AAPL
>
>  ... when I go to make an initial purchase of AAPL shares/stock, do I
> enter the transaction in CAD or USD? For example, AAPL closed at $129.62
> USD today, so if I bought 10 stocks, should my entry be:
>
> DR AAPL stock  1,296.20 (USD)
>   CR Cash 1,296.20 (USD)
>
> or should it be:
>
> DR AALP stock  1,736.91 (CAD)
>   CR Cash  1,736.91 (CAD)
>
> ???
>
> CAD-USD was at $1.00 USD = $1.34 CAD.
>
>
> Ideally, when I run the "Advanced Portfolio" Report, I would like for what
> I'm seeing to be in CAD. Is this possible?
>
> Thanks again for your help. As you can probably tell, I'm terrible with
> computers, but not too bad with accounting! haha
>
> Regards,
>
> *Karl*
>
>
> On Fri, 6 Jan 2023 at 13:12, john  

Re: [GNC] NEw user assistance

[Karl]

Hi there John,

Thanks for the information. Very helpful! Perhaps I am setting up my
foreign (USD) investment accounts all wrong. I'm trying to follow the
instructions and examples in Chapters 9.5 and 9.6, but I can't
reconcile the instructions with your explanation.

So if I set-up the account structure as you described:

Assets
Investments
Stocks
Stocks-USD
AAPL

 ... when I go to make an initial purchase of AAPL shares/stock, do I enter
the transaction in CAD or USD? For example, AAPL closed at $129.62 USD
today, so if I bought 10 stocks, should my entry be:

DR AAPL stock  1,296.20 (USD)
  CR Cash 1,296.20 (USD)

or should it be:

DR AALP stock  1,736.91 (CAD)
  CR Cash  1,736.91 (CAD)

???

CAD-USD was at $1.00 USD = $1.34 CAD.


Ideally, when I run the "Advanced Portfolio" Report, I would like for what
I'm seeing to be in CAD. Is this possible?

Thanks again for your help. As you can probably tell, I'm terrible with
computers, but not too bad with accounting! haha

Regards,

*Karl*


On Fri, 6 Jan 2023 at 13:12, john  wrote:

> That's a very long-running discussion with another Canadian CPA, see
> https://bugs.gnucash.org/show_bug.cgi?id=797796
> and https://bugs.gnucash.org/show_bug.cgi?id=798004.
>
> The simplest workaround is to set up an account structure that looks like
> Assets
> Investments
> Stocks
> Stocks-USD
> AAPL
>
> As long as you keep the priceDB updated with both CAD-USD exchange rates
> and AAPL prices the Stocks account will show the value of the AAPL shares
> in CAD. Unfortunately if you have several USD stocks and want to track them
> individually you'd need to do something like
> Stock-AAPL-CAD
> Stock-AAPL-USD
> AAPL
> Stock-GOOG-CAD
> Stock-GOOG-USD
> GOOG
>
> Which could be a bit tiresome. An alternative is to set things up as you
> would normally, i.e.
> Assets
> Investments
> Cash
> Stocks-USD
> AAPL
> GOOG
>
> and use the Advanced Portfolio Report to show the values in CAD.
>
> I don't understand what you mean by "the currency exchange function", but
> if you want to retrieve the CAD-USD exchange rate you need to get an
> Alphavantage API key. The issue in bug 798599 is resolved because
> Alphavantage put currency exchange rates back to being available with a
> free API key. F::Q version 1.53 switched to a different retrieval method
> that broke retrieving precious metal rates (e.g. XAU-CAD) so if that's your
> concern you need a F::Q version that isn't 1.53; the current release is
> 1.54.
>
> Regards,
> John Ralls
>
>
> On Jan 6, 2023, at 6:05 AM, Karl  wrote:
>
> Hello David and everyone,
>
> Thank you for your messages. A little background about myself: I'm a
> Canadian (born and raised), and a CPA. I have been using GnuCash for a
> while now, but am interested in delving deeper into its functions that can
> be useful to me. I use GnuCash only for personal and private use for my
> household, not for business purposes in any way.
>
> I am currently running Microsoft Windows 10 Pro (Build 19045) on my main
> machine at home, and am using GnuCash Version 4.10 with "Finance::Quote
> 1.54" and perl (v5.32.1).
>
> I am enjoying the Chapter 9 - Investments part of GnuCash and have
> successfully set up the Automatic Online Retrieval of Stock Quotes. What a
> great function!
>
> The trouble is, I can't figure out a way to have any foreign investments
> denominated in my local currency (CAD). For example, if I invest in, let's
> say, Apple Inc (NASDAQ: AAPL), which is traded on the NASDAQ (a foreign
> market for me), the share(s) value only shows up in the currency of the
> market in which it is being traded (in this case, USD). How do I get
> GnuCash to denominate and show me my foreign investments in my local
> currency (CAD)?
>
> Not sure if this is related but, I also tried to set-up the currency
> exchange function, but it appears that this is no longer functional due to
> the API Key from Alphavantage. Is this true?
> https://bugs.gnucash.org/show_bug.cgi?id=798599
>
> Thank you everyone. Happy to see that there is a supportive and
> collaborative community here!
>
> Regards,
>
> *Karl*
>
>
> On Thu, 5 Jan 2023 at 20:07, David H  wrote:
>
> Welcome to gnucash Karl.
>
> I think from memory Nabble went away during the pandemic about 12 months
> ago, so maybe forget that one :-)  If you have any questions, post them
> here to the gnucash user list (gnucash-user@gnucash.org) and you'll get
> all the help you need.  Also just a heads up do NOT use reply to reply to
> individuals, use REPLY ALL so that everyone benefits and can contribute to
> the question at hand.  Also if you subscribe t

Re: [GNC] NEw user assistance

[Karl]

Hello David and everyone,

Thank you for your messages. A little background about myself: I'm a
Canadian (born and raised), and a CPA. I have been using GnuCash for a
while now, but am interested in delving deeper into its functions that can
be useful to me. I use GnuCash only for personal and private use for my
household, not for business purposes in any way.

I am currently running Microsoft Windows 10 Pro (Build 19045) on my main
machine at home, and am using GnuCash Version 4.10 with "Finance::Quote
1.54" and perl (v5.32.1).

I am enjoying the Chapter 9 - Investments part of GnuCash and have
successfully set up the Automatic Online Retrieval of Stock Quotes. What a
great function!

The trouble is, I can't figure out a way to have any foreign investments
denominated in my local currency (CAD). For example, if I invest in, let's
say, Apple Inc (NASDAQ: AAPL), which is traded on the NASDAQ (a foreign
market for me), the share(s) value only shows up in the currency of the
market in which it is being traded (in this case, USD). How do I get
GnuCash to denominate and show me my foreign investments in my local
currency (CAD)?

Not sure if this is related but, I also tried to set-up the currency
exchange function, but it appears that this is no longer functional due to
the API Key from Alphavantage. Is this true?
https://bugs.gnucash.org/show_bug.cgi?id=798599

Thank you everyone. Happy to see that there is a supportive and
collaborative community here!

Regards,

*Karl*


On Thu, 5 Jan 2023 at 20:07, David H  wrote:

> Welcome to gnucash Karl.
>
> I think from memory Nabble went away during the pandemic about 12 months
> ago, so maybe forget that one :-)  If you have any questions, post them
> here to the gnucash user list (gnucash-user@gnucash.org) and you'll get
> all the help you need.  Also just a heads up do NOT use reply to reply to
> individuals, use REPLY ALL so that everyone benefits and can contribute to
> the question at hand.  Also if you subscribe to the digest version and
> reply to something, update the subject to something meaningful don't just
> leave it as "Digest ..." which is pretty meaningless and trim any
> extraneous cruft out of the reply.
>
> Also it always helps to include what version of Gnucash you installed and
> on what OS as things vary a little from Windows to Linux to MacOS - so lets
> start there, which is it ?
>
> Cheers David H.
>
> ps don't forget that "Reply All". :-)
>
>
> On Fri, 6 Jan 2023 at 11:31, Karl  wrote:
>
>> Hello there!
>>
>> I am a new user to GnuCash and am looking for some assistance. I have
>> subscribed to the mailing list and am attempting to access the Web Forum
>> (Nabble) for further assistance from other users.
>>
>> Specifically, I am trying to set-up the online pricing list for stock
>> quotes.
>>
>> Please assist. Thank you for your assistance.
>>
>> Regards,
>>
>> *Karl*
>> ___
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>>
>
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[GNC] NEw user assistance

[Karl]

Hello there!

I am a new user to GnuCash and am looking for some assistance. I have
subscribed to the mailing list and am attempting to access the Web Forum
(Nabble) for further assistance from other users.

Specifically, I am trying to set-up the online pricing list for stock
quotes.

Please assist. Thank you for your assistance.

Regards,

*Karl*
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Re: [GNC] column summary in transaction reports

[Karl May]

Hi,

@Adrien: that was good . thanks a lot.

On Wednesday, 23 February 2022 9:33:42 PM AEDT Adrien Monteleone wrote:
> Karl, before running your Account Report, do View > Filter by... and set
> your date range.
> 
> Just don't forget you filtered the register view! (there is a 'Filtered'
> identifier in the upper-right of the register, but it is easy to miss)
> 
> Regards,
> Adrien
> 
> On 2/23/22 3:17 AM, Karl May wrote:
> > Hi,
> > 
> > I am wondering whether it is possible to get a transaction report which 
list
> > for an account the sum of each column (debit:credit, increase:decrease, 
etc)
> > for a specific time period.
> > 
> > Google pointed to a few similar questions in this email list and in 
reddit,
> > but the suggestions don't work:
> > 
> > -a report started from an account tab("Account report") is doing the right
> > thing, but it doesn't seem possible to limit the time period for which the
> > report is generated.
> > 
> > -using the "find" facility to create a new tab and subsequently generate an
> > account report from that tab doesn't show the correct sums as it contains 
all
> > the split transactions as well
> > 
> > -the transaction report can specify the time period for the transactions 
but
> > doesn't seem to have an option to sum the columns. Same seems to hold for 
the
> > options under "Reports>Assets & Liabilities>General Ledger"
> > 
> > Any advise is much appreciated.
> 
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[GNC] column summary in transaction reports

[Karl May]

Hi,

I am wondering whether it is possible to get a transaction report which list 
for an account the sum of each column (debit:credit, increase:decrease, etc) 
for a specific time period.

Google pointed to a few similar questions in this email list and in reddit, 
but the suggestions don't work:

-a report started from an account tab("Account report") is doing the right 
thing, but it doesn't seem possible to limit the time period for which the 
report is generated.

-using the "find" facility to create a new tab and subsequently generate an 
account report from that tab doesn't show the correct sums as it contains all 
the split transactions as well

-the transaction report can specify the time period for the transactions but 
doesn't seem to have an option to sum the columns. Same seems to hold for the 
options under "Reports>Assets & Liabilities>General Ledger"

Any advise is much appreciated.


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