[GNC] Assets in different currencies and net total
Hi. I do have assets (and expenses) in two currencies. Am I right in understanding that the "net assets" is in my default/main currency and what I own in my second currency is not being converted into my primary currency? If it is like that, is there a way to have the value updated (from secondary currency to the main)? Thanks, Flavio. https://www.instagram.com/boniforti_music https://soundcloud.com/boniforti_music https://bonny-j.bandcamp.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] Assets with two different currencies and buy/sale in different currencies?
On 2024-08-26 11:45, Boniforti Flavio wrote: > am I right > assuming that I should set the "Opening Balance" for both of my "vintage > instrument" accounts (one in CAD and one in USD) according to what I have > in my actual spreadsheet? Murugan has already answered Yes. Since you said you're new to GnuCash, I'll just add that you can actually link that transaction to your spreadsheet. Right-click on the transaction line and select "Manage Document Link". Later, to open the spreadsheet, right-click the transaction and select "Open Linked Document". The link is purely one of opening a document. Changes you make in the spreadsheet will not cause changes in the GnuCash transaction. 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] Assets with two different currencies and buy/sale in different currencies?
Let's separate your questions. First deal with the basics and then the currency issue. Yes, as assets. If you buy and sell regularly (business) create a parent "Inventory" under assets. If you are a collector and only sometimes acquire or sell, you might call that "music collection" etc. In either case probably a child account for each. Currency -- since you DO record price at point of purchase and sale in both (using conversion rate at that point of time) you could keep your books in just one currency. Look, THAT choice would better be determined by other things, like do you hold bank accounts in both currencies, etc. Michael On 8/26/2024 2:13 PM, Boniforti Flavio wrote: Hi all. I'm starting to set up my accounts on GnuCash and I'm actually stuck understanding how (or even if) I should add the following. I do own a music studio with a collection of vintage instruments. As the whole gear is worth quite some k, I thought I'd add it as an asset. So first questions here: is it correct? Does it make sense? Let's assume I will add it as an asset, the next question is around the corner. I buy my gear in two different currencies, thus I would've thought to set up two different asset accounts: one in currency A and one in currency B. So far so good. Now the (for me) difficult part comes: I also sell items of my collection sometimes and when I do, the transaction can be in either one of the two currencies I bought them. Assuming I bought an item in USD and I sell it in CAD, how would I have to enter this transaction in GnuCash? As an additional info (maybe irrelevant, but anyways): as of today I maintain a spreadsheet with the price I paid for a specific piece of gear, including the currency I used. At the same time, I do a currency conversion and fill the adjacent column with the converted value (e.g. bought for 1200 USD I put the equivalent 1630 CAD in the other column). Thanks for any help! F. https://www.instagram.com/boniforti_music https://soundcloud.com/boniforti_music https://bonny-j.bandcamp.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. -- 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 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] Assets with two different currencies and buy/sale in different currencies?
¡Gracias Murugan! F. https://www.instagram.com/boniforti_music https://soundcloud.com/boniforti_music https://bonny-j.bandcamp.com Am Mo., 26. Aug. 2024 um 21:01 Uhr schrieb Murugan Mariappan < m.muruganan...@hotmail.com>: > Your understanding is correct, you need to create an entry for opening > balance for your current stock in each currency. > > Dr. Vintage Instrument Asset account(USD) > Cr. Equity > > > Dr. Vintage Instrument Asset account(CAD) > Cr. Equity > > > > Saludos Cordiales > > > Murugan > > -- > *From:* Boniforti Flavio > *Sent:* 26 August 2024 14:45 > *To:* Murugan Mariappan > *Cc:* gnucash-user@gnucash.org > *Subject:* Re: [GNC] Assets with two different currencies and buy/sale in > different currencies? > > Hi Murugan. > Thanks for your compliments :-) I've indeed a passion for vintage > synthesizers (but I also use/play them). > > Thanks as well for the explanation on how to register such a transaction - > I tried and it works flawlessly. > Now another (maybe the last?!) question about this topic: am I right > assuming that I should set the "Opening Balance" for both of my "vintage > instrument" accounts (one in CAD and one in USD) according to what I have > in my actual spreadsheet? I mean: I would need to take two different sums, > one for the items I bought in CAD and another for the items I bought in USD. > > Thanks for your help. > F. > > https://www.instagram.com/boniforti_music > https://soundcloud.com/boniforti_music > https://bonny-j.bandcamp.com > > > Am Mo., 26. Aug. 2024 um 20:30 Uhr schrieb Murugan Mariappan < > m.muruganan...@hotmail.com>: > > First of all, hats off to you for your passion! Vintage instruments are > definitely valuable assets and should be captured as assets > > You can keep two accounts or one asset account, it depends on what > currency you want to track the same. > > When selling one of the instruments say bought in USD but sold in CAD, the > transaction will be > > Dr : Bank Account (CAD) > Cr: Vintage Instrument Asset account(USD) > > When you enter this transaction GNUCash will ask for the exchange rate or > the debit amount. So this should be straight forward entry > > > > Saludos Cordiales > > > Murugan > -- > *From:* gnucash-user hotmail@gnucash.org> on behalf of Boniforti Flavio < > bonifort...@gmail.com> > *Sent:* 26 August 2024 14:13 > *To:* gnucash-user@gnucash.org > *Subject:* [GNC] Assets with two different currencies and buy/sale in > different currencies? > > Hi all. > I'm starting to set up my accounts on GnuCash and I'm actually stuck > understanding how (or even if) I should add the following. > I do own a music studio with a collection of vintage instruments. As the > whole gear is worth quite some k, I thought I'd add it as an asset. So > first questions here: is it correct? Does it make sense? > Let's assume I will add it as an asset, the next question is around the > corner. I buy my gear in two different currencies, thus I would've thought > to set up two different asset accounts: one in currency A and one in > currency B. So far so good. Now the (for me) difficult part comes: I also > sell items of my collection sometimes and when I do, the transaction can be > in either one of the two currencies I bought them. Assuming I bought an > item in USD and I sell it in CAD, how would I have to enter this > transaction in GnuCash? > > As an additional info (maybe irrelevant, but anyways): as of today I > maintain a spreadsheet with the price I paid for a specific piece of gear, > including the currency I used. At the same time, I do a currency conversion > and fill the adjacent column with the converted value (e.g. bought for 1200 > USD I put the equivalent 1630 CAD in the other column). > > Thanks for any help! > F. > > > https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.instagram.com%2Fboniforti_music&data=05%7C02%7C%7C841043ea08794f4355cb08dcc5fb02af%7C84df9e7fe9f640afb435%7C1%7C0%7C638602929117288045%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=rXnT%2FSlmCwFIYtwl1HWqvtfZ2hBw28ITGmmR5w9WCjM%3D&reserved=0 > <https://www.instagram.com/boniforti_music> > > https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fsoundcloud.com%2Fboniforti_music&data=05%7C02%7C%7C841043ea08794f4355cb08dcc5fb02af%7C84df9e7fe9f640afb435%7C1%7C0%7C638602929117303408%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&
Re: [GNC] Assets with two different currencies and buy/sale in different currencies?
Your understanding is correct, you need to create an entry for opening balance for your current stock in each currency. Dr. Vintage Instrument Asset account(USD) Cr. Equity Dr. Vintage Instrument Asset account(CAD) Cr. Equity Saludos Cordiales Murugan From: Boniforti Flavio Sent: 26 August 2024 14:45 To: Murugan Mariappan Cc: gnucash-user@gnucash.org Subject: Re: [GNC] Assets with two different currencies and buy/sale in different currencies? Hi Murugan. Thanks for your compliments :-) I've indeed a passion for vintage synthesizers (but I also use/play them). Thanks as well for the explanation on how to register such a transaction - I tried and it works flawlessly. Now another (maybe the last?!) question about this topic: am I right assuming that I should set the "Opening Balance" for both of my "vintage instrument" accounts (one in CAD and one in USD) according to what I have in my actual spreadsheet? I mean: I would need to take two different sums, one for the items I bought in CAD and another for the items I bought in USD. Thanks for your help. F. https://www.instagram.com/boniforti_music https://soundcloud.com/boniforti_music https://bonny-j.bandcamp.com<https://bonny-j.bandcamp.com/> Am Mo., 26. Aug. 2024 um 20:30 Uhr schrieb Murugan Mariappan mailto:m.muruganan...@hotmail.com>>: First of all, hats off to you for your passion! Vintage instruments are definitely valuable assets and should be captured as assets You can keep two accounts or one asset account, it depends on what currency you want to track the same. When selling one of the instruments say bought in USD but sold in CAD, the transaction will be Dr : Bank Account (CAD) Cr: Vintage Instrument Asset account(USD) When you enter this transaction GNUCash will ask for the exchange rate or the debit amount. So this should be straight forward entry Saludos Cordiales Murugan From: gnucash-user mailto:hotmail@gnucash.org>> on behalf of Boniforti Flavio mailto:bonifort...@gmail.com>> Sent: 26 August 2024 14:13 To: gnucash-user@gnucash.org<mailto:gnucash-user@gnucash.org> mailto:gnucash-user@gnucash.org>> Subject: [GNC] Assets with two different currencies and buy/sale in different currencies? Hi all. I'm starting to set up my accounts on GnuCash and I'm actually stuck understanding how (or even if) I should add the following. I do own a music studio with a collection of vintage instruments. As the whole gear is worth quite some k, I thought I'd add it as an asset. So first questions here: is it correct? Does it make sense? Let's assume I will add it as an asset, the next question is around the corner. I buy my gear in two different currencies, thus I would've thought to set up two different asset accounts: one in currency A and one in currency B. So far so good. Now the (for me) difficult part comes: I also sell items of my collection sometimes and when I do, the transaction can be in either one of the two currencies I bought them. Assuming I bought an item in USD and I sell it in CAD, how would I have to enter this transaction in GnuCash? As an additional info (maybe irrelevant, but anyways): as of today I maintain a spreadsheet with the price I paid for a specific piece of gear, including the currency I used. At the same time, I do a currency conversion and fill the adjacent column with the converted value (e.g. bought for 1200 USD I put the equivalent 1630 CAD in the other column). Thanks for any help! F. https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.instagram.com%2Fboniforti_music&data=05%7C02%7C%7C841043ea08794f4355cb08dcc5fb02af%7C84df9e7fe9f640afb435%7C1%7C0%7C638602929117288045%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=rXnT%2FSlmCwFIYtwl1HWqvtfZ2hBw28ITGmmR5w9WCjM%3D&reserved=0<https://www.instagram.com/boniforti_music> https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fsoundcloud.com%2Fboniforti_music&data=05%7C02%7C%7C841043ea08794f4355cb08dcc5fb02af%7C84df9e7fe9f640afb435%7C1%7C0%7C638602929117303408%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=KVnUyBkbSO0ChtSyS7oyYIXnS%2BQ257L01xy7R5XPvG0%3D&reserved=0<https://soundcloud.com/boniforti_music> https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fbonny-j.bandcamp.com%2F&data=05%7C02%7C%7C841043ea08794f4355cb08dcc5fb02af%7C84df9e7fe9f640afb435%7C1%7C0%7C638602929117316351%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=Dnp1Rmqo1IkMj6l0jOoNa%2BlPefpk9Rk6zSNOaiOkcW8%3D&reserved=0<https://bonny-j.bandcamp.com/> ___ g
Re: [GNC] Assets with two different currencies and buy/sale in different currencies?
Hi Murugan. Thanks for your compliments :-) I've indeed a passion for vintage synthesizers (but I also use/play them). Thanks as well for the explanation on how to register such a transaction - I tried and it works flawlessly. Now another (maybe the last?!) question about this topic: am I right assuming that I should set the "Opening Balance" for both of my "vintage instrument" accounts (one in CAD and one in USD) according to what I have in my actual spreadsheet? I mean: I would need to take two different sums, one for the items I bought in CAD and another for the items I bought in USD. Thanks for your help. F. https://www.instagram.com/boniforti_music https://soundcloud.com/boniforti_music https://bonny-j.bandcamp.com Am Mo., 26. Aug. 2024 um 20:30 Uhr schrieb Murugan Mariappan < m.muruganan...@hotmail.com>: > First of all, hats off to you for your passion! Vintage instruments are > definitely valuable assets and should be captured as assets > > You can keep two accounts or one asset account, it depends on what > currency you want to track the same. > > When selling one of the instruments say bought in USD but sold in CAD, the > transaction will be > > Dr : Bank Account (CAD) > Cr: Vintage Instrument Asset account(USD) > > When you enter this transaction GNUCash will ask for the exchange rate or > the debit amount. So this should be straight forward entry > > > > Saludos Cordiales > > > Murugan > -- > *From:* gnucash-user hotmail@gnucash.org> on behalf of Boniforti Flavio < > bonifort...@gmail.com> > *Sent:* 26 August 2024 14:13 > *To:* gnucash-user@gnucash.org > *Subject:* [GNC] Assets with two different currencies and buy/sale in > different currencies? > > Hi all. > I'm starting to set up my accounts on GnuCash and I'm actually stuck > understanding how (or even if) I should add the following. > I do own a music studio with a collection of vintage instruments. As the > whole gear is worth quite some k, I thought I'd add it as an asset. So > first questions here: is it correct? Does it make sense? > Let's assume I will add it as an asset, the next question is around the > corner. I buy my gear in two different currencies, thus I would've thought > to set up two different asset accounts: one in currency A and one in > currency B. So far so good. Now the (for me) difficult part comes: I also > sell items of my collection sometimes and when I do, the transaction can be > in either one of the two currencies I bought them. Assuming I bought an > item in USD and I sell it in CAD, how would I have to enter this > transaction in GnuCash? > > As an additional info (maybe irrelevant, but anyways): as of today I > maintain a spreadsheet with the price I paid for a specific piece of gear, > including the currency I used. At the same time, I do a currency conversion > and fill the adjacent column with the converted value (e.g. bought for 1200 > USD I put the equivalent 1630 CAD in the other column). > > Thanks for any help! > F. > > > https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.instagram.com%2Fboniforti_music&data=05%7C02%7C%7C841043ea08794f4355cb08dcc5fb02af%7C84df9e7fe9f640afb435%7C1%7C0%7C638602929117288045%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=rXnT%2FSlmCwFIYtwl1HWqvtfZ2hBw28ITGmmR5w9WCjM%3D&reserved=0 > <https://www.instagram.com/boniforti_music> > > https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fsoundcloud.com%2Fboniforti_music&data=05%7C02%7C%7C841043ea08794f4355cb08dcc5fb02af%7C84df9e7fe9f640afb435%7C1%7C0%7C638602929117303408%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=KVnUyBkbSO0ChtSyS7oyYIXnS%2BQ257L01xy7R5XPvG0%3D&reserved=0 > <https://soundcloud.com/boniforti_music> > > https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fbonny-j.bandcamp.com%2F&data=05%7C02%7C%7C841043ea08794f4355cb08dcc5fb02af%7C84df9e7fe9f640afb435%7C1%7C0%7C638602929117316351%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=Dnp1Rmqo1IkMj6l0jOoNa%2BlPefpk9Rk6zSNOaiOkcW8%3D&reserved=0 > <https://bonny-j.bandcamp.com/> > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > > https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Flists.gnucash.org%2Fmailman%2Flistinfo%2Fgnucash-user&data=05%7C02%7C%7C841043ea08794f4355cb08dcc5fb02af%7C84df9e7fe9f640afb435%
Re: [GNC] Assets with two different currencies and buy/sale in different currencies?
Hi Brad. I'm running GnuCash 5.8 on MacOS Sonoma 14.6.1 I think Murugan gave the right directions :-) F. https://www.instagram.com/boniforti_music https://soundcloud.com/boniforti_music https://bonny-j.bandcamp.com Am Mo., 26. Aug. 2024 um 20:32 Uhr schrieb Brad Morrison < bradmorri...@sonic.net>: > Hi Boniforti/GnuCash, > > What version of GnuCash are you using? What operating system are you > using? https://gnucash.org/download.phtml > > --- > Thanks, > > Brad - https://www.facebook.com/brad.morrison.12327/ & > https://norcal.social/@BradMorrison > > On 2024-08-26 11:13, Boniforti Flavio wrote: > > > Hi all. > > I'm starting to set up my accounts on GnuCash and I'm actually stuck > > understanding how (or even if) I should add the following. > > I do own a music studio with a collection of vintage instruments. As the > > whole gear is worth quite some k, I thought I'd add it as an asset. So > > first questions here: is it correct? Does it make sense? > > Let's assume I will add it as an asset, the next question is around the > > corner. I buy my gear in two different currencies, thus I would've > thought > > to set up two different asset accounts: one in currency A and one in > > currency B. So far so good. Now the (for me) difficult part comes: I also > > sell items of my collection sometimes and when I do, the transaction can > be > > in either one of the two currencies I bought them. Assuming I bought an > > item in USD and I sell it in CAD, how would I have to enter this > > transaction in GnuCash? > > > > As an additional info (maybe irrelevant, but anyways): as of today I > > maintain a spreadsheet with the price I paid for a specific piece of > gear, > > including the currency I used. At the same time, I do a currency > conversion > > and fill the adjacent column with the converted value (e.g. bought for > 1200 > > USD I put the equivalent 1630 CAD in the other column). > > > > Thanks for any help! > > F. > > > > https://www.instagram.com/boniforti_music > > https://soundcloud.com/boniforti_music > > https://bonny-j.bandcamp.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. > ___ > 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] Assets with two different currencies and buy/sale in different currencies?
Hi Boniforti/GnuCash, What version of GnuCash are you using? What operating system are you using? https://gnucash.org/download.phtml --- Thanks, Brad - https://www.facebook.com/brad.morrison.12327/ & https://norcal.social/@BradMorrison On 2024-08-26 11:13, Boniforti Flavio wrote: > Hi all. > I'm starting to set up my accounts on GnuCash and I'm actually stuck > understanding how (or even if) I should add the following. > I do own a music studio with a collection of vintage instruments. As the > whole gear is worth quite some k, I thought I'd add it as an asset. So > first questions here: is it correct? Does it make sense? > Let's assume I will add it as an asset, the next question is around the > corner. I buy my gear in two different currencies, thus I would've thought > to set up two different asset accounts: one in currency A and one in > currency B. So far so good. Now the (for me) difficult part comes: I also > sell items of my collection sometimes and when I do, the transaction can be > in either one of the two currencies I bought them. Assuming I bought an > item in USD and I sell it in CAD, how would I have to enter this > transaction in GnuCash? > > As an additional info (maybe irrelevant, but anyways): as of today I > maintain a spreadsheet with the price I paid for a specific piece of gear, > including the currency I used. At the same time, I do a currency conversion > and fill the adjacent column with the converted value (e.g. bought for 1200 > USD I put the equivalent 1630 CAD in the other column). > > Thanks for any help! > F. > > https://www.instagram.com/boniforti_music > https://soundcloud.com/boniforti_music > https://bonny-j.bandcamp.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. ___ 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] Assets with two different currencies and buy/sale in different currencies?
First of all, hats off to you for your passion! Vintage instruments are definitely valuable assets and should be captured as assets You can keep two accounts or one asset account, it depends on what currency you want to track the same. When selling one of the instruments say bought in USD but sold in CAD, the transaction will be Dr : Bank Account (CAD) Cr: Vintage Instrument Asset account(USD) When you enter this transaction GNUCash will ask for the exchange rate or the debit amount. So this should be straight forward entry Saludos Cordiales Murugan From: gnucash-user on behalf of Boniforti Flavio Sent: 26 August 2024 14:13 To: gnucash-user@gnucash.org Subject: [GNC] Assets with two different currencies and buy/sale in different currencies? Hi all. I'm starting to set up my accounts on GnuCash and I'm actually stuck understanding how (or even if) I should add the following. I do own a music studio with a collection of vintage instruments. As the whole gear is worth quite some k, I thought I'd add it as an asset. So first questions here: is it correct? Does it make sense? Let's assume I will add it as an asset, the next question is around the corner. I buy my gear in two different currencies, thus I would've thought to set up two different asset accounts: one in currency A and one in currency B. So far so good. Now the (for me) difficult part comes: I also sell items of my collection sometimes and when I do, the transaction can be in either one of the two currencies I bought them. Assuming I bought an item in USD and I sell it in CAD, how would I have to enter this transaction in GnuCash? As an additional info (maybe irrelevant, but anyways): as of today I maintain a spreadsheet with the price I paid for a specific piece of gear, including the currency I used. At the same time, I do a currency conversion and fill the adjacent column with the converted value (e.g. bought for 1200 USD I put the equivalent 1630 CAD in the other column). Thanks for any help! F. https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.instagram.com%2Fboniforti_music&data=05%7C02%7C%7C841043ea08794f4355cb08dcc5fb02af%7C84df9e7fe9f640afb435%7C1%7C0%7C638602929117288045%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=rXnT%2FSlmCwFIYtwl1HWqvtfZ2hBw28ITGmmR5w9WCjM%3D&reserved=0<https://www.instagram.com/boniforti_music> https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fsoundcloud.com%2Fboniforti_music&data=05%7C02%7C%7C841043ea08794f4355cb08dcc5fb02af%7C84df9e7fe9f640afb435%7C1%7C0%7C638602929117303408%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=KVnUyBkbSO0ChtSyS7oyYIXnS%2BQ257L01xy7R5XPvG0%3D&reserved=0<https://soundcloud.com/boniforti_music> https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fbonny-j.bandcamp.com%2F&data=05%7C02%7C%7C841043ea08794f4355cb08dcc5fb02af%7C84df9e7fe9f640afb435%7C1%7C0%7C638602929117316351%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=Dnp1Rmqo1IkMj6l0jOoNa%2BlPefpk9Rk6zSNOaiOkcW8%3D&reserved=0<https://bonny-j.bandcamp.com/> ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://na01.safelinks.protection.outlook.com/?url=https%3A%2F%2Flists.gnucash.org%2Fmailman%2Flistinfo%2Fgnucash-user&data=05%7C02%7C%7C841043ea08794f4355cb08dcc5fb02af%7C84df9e7fe9f640afb435%7C1%7C0%7C638602929117328512%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=kDVrPVwwURIWxNHAea836ZfKa%2B1IvmBd62B9K5csUik%3D&reserved=0<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.
[GNC] Assets with two different currencies and buy/sale in different currencies?
Hi all. I'm starting to set up my accounts on GnuCash and I'm actually stuck understanding how (or even if) I should add the following. I do own a music studio with a collection of vintage instruments. As the whole gear is worth quite some k, I thought I'd add it as an asset. So first questions here: is it correct? Does it make sense? Let's assume I will add it as an asset, the next question is around the corner. I buy my gear in two different currencies, thus I would've thought to set up two different asset accounts: one in currency A and one in currency B. So far so good. Now the (for me) difficult part comes: I also sell items of my collection sometimes and when I do, the transaction can be in either one of the two currencies I bought them. Assuming I bought an item in USD and I sell it in CAD, how would I have to enter this transaction in GnuCash? As an additional info (maybe irrelevant, but anyways): as of today I maintain a spreadsheet with the price I paid for a specific piece of gear, including the currency I used. At the same time, I do a currency conversion and fill the adjacent column with the converted value (e.g. bought for 1200 USD I put the equivalent 1630 CAD in the other column). Thanks for any help! F. https://www.instagram.com/boniforti_music https://soundcloud.com/boniforti_music https://bonny-j.bandcamp.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] ASSETS
Thank you Michael... david -Original Message- From: Michael or Penny Novack Sent: 10 January 2023 23:36 To: davidbrown.r...@photos.bozeat.biz; gnucash-user@gnucash.org Subject: Re: [GNC] ASSETS On 1/10/2023 11:24 AM, davidbrown.r...@photos.bozeat.biz wrote: > Thank you Michael for your reply it is a GNU question... We are a small > club and a couple of assets were missed in the "brought forward balance" when > starting with this App a couple of years ago, so they are listed in the > balance sheet. We haven't depreciated them as this is noted in our EoY. It > acts as a list of equipment at he same time. > > When I put them in the Equipment A/c it does a CR and DR at the same time > which I don't want. A single entry to increase the assets without having to > buy them. > > I need the GNU App to add a couple of items that are of value to be > represented at EoY. David, it is an accounting question, not a gnucash question << you would have EXACTLY the same question were you still in the old days when I learned pen and ink on accounting ruled paper >> You are (actually) asking "how do I add assets that were forgotten when the books were created?" Correct, you are not (now) buying them. You are making what is misleadingly called a "journal entry". An entry affecting equity. They were in your original balance sheet (pre-gnucash) but were not entered THEN with a starting balance. So you do it now. You create an asset account for these under "fixed assets" (create if you do not have). You can create this account with a zero balance. You presumably have an account "starting balance" under equity (if you used the wizard; entered accounts with starting balances when you created your gnucash books. But if you like, you can create another child of equity with a name like "corrections" << it is NOT unusual to have to deal with odd situations* >> You now enter a transaction debiting "fixed assets" for these and crediting "corrections" with a description explaining the transaction. Michael D Novack * To give an example, an uncorrectable bank error. One of my organizations paid an expense for an amount, let's say $100.30 The recipient deposited the check in his bank (where correctly credited $100.30). These days, the paper checks no longer flow back, just an electronic transaction bank to bank to bank. Somehow, it arrived at our bank as $100.00 so that is what was taken from the organization's account. What to do about that $0.30 OOB? Communication with the banks at both ends determined that the error was not correctable as neither of these banks made the error and the banks in the middle not known << I imagine had to been 30 million rather than 30 cents they would have done what was necessary to find out where >> What to do? Well COULD have treated the error as "income". But a more sensible solution was a transaction between "bank account" and equity. -- This email has been checked for viruses by AVG antivirus software. www.avg.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] ASSETS
You *do* want and must have both a Dr. & Cr. in those transactions. Since these are assets, you'll Dr. to increase them. The Cr. side will be Equity:Opening Balances. Regards, Adrien On 1/10/23 10:24 AM, davidbrown.r...@photos.bozeat.biz wrote: Thank you Michael for your reply it is a GNU question... We are a small club and a couple of assets were missed in the "brought forward balance" when starting with this App a couple of years ago, so they are listed in the balance sheet. We haven't depreciated them as this is noted in our EoY. It acts as a list of equipment at he same time. When I put them in the Equipment A/c it does a CR and DR at the same time which I don't want. A single entry to increase the assets without having to buy them. I need the GNU App to add a couple of items that are of value to be represented at EoY. ___ 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] ASSETS
On 1/10/2023 11:24 AM, davidbrown.r...@photos.bozeat.biz wrote: Thank you Michael for your reply it is a GNU question... We are a small club and a couple of assets were missed in the "brought forward balance" when starting with this App a couple of years ago, so they are listed in the balance sheet. We haven't depreciated them as this is noted in our EoY. It acts as a list of equipment at he same time. When I put them in the Equipment A/c it does a CR and DR at the same time which I don't want. A single entry to increase the assets without having to buy them. I need the GNU App to add a couple of items that are of value to be represented at EoY. David, it is an accounting question, not a gnucash question << you would have EXACTLY the same question were you still in the old days when I learned pen and ink on accounting ruled paper >> You are (actually) asking "how do I add assets that were forgotten when the books were created?" Correct, you are not (now) buying them. You are making what is misleadingly called a "journal entry". An entry affecting equity. They were in your original balance sheet (pre-gnucash) but were not entered THEN with a starting balance. So you do it now. You create an asset account for these under "fixed assets" (create if you do not have). You can create this account with a zero balance. You presumably have an account "starting balance" under equity (if you used the wizard; entered accounts with starting balances when you created your gnucash books. But if you like, you can create another child of equity with a name like "corrections" << it is NOT unusual to have to deal with odd situations* >> You now enter a transaction debiting "fixed assets" for these and crediting "corrections" with a description explaining the transaction. Michael D Novack * To give an example, an uncorrectable bank error. One of my organizations paid an expense for an amount, let's say $100.30 The recipient deposited the check in his bank (where correctly credited $100.30). These days, the paper checks no longer flow back, just an electronic transaction bank to bank to bank. Somehow, it arrived at our bank as $100.00 so that is what was taken from the organization's account. What to do about that $0.30 OOB? Communication with the banks at both ends determined that the error was not correctable as neither of these banks made the error and the banks in the middle not known << I imagine had to been 30 million rather than 30 cents they would have done what was necessary to find out where >> What to do? Well COULD have treated the error as "income". But a more sensible solution was a transaction between "bank account" and equity. ___ 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] ASSETS
Thank you Michael for your reply it is a GNU question... We are a small club and a couple of assets were missed in the "brought forward balance" when starting with this App a couple of years ago, so they are listed in the balance sheet. We haven't depreciated them as this is noted in our EoY. It acts as a list of equipment at he same time. When I put them in the Equipment A/c it does a CR and DR at the same time which I don't want. A single entry to increase the assets without having to buy them. I need the GNU App to add a couple of items that are of value to be represented at EoY. Thanks David -Original Message- From: gnucash-user On Behalf Of Michael or Penny Novack Sent: 08 January 2023 17:27 To: gnucash-user@gnucash.org Subject: Re: [GNC] ASSETS On 1/8/2023 8:35 AM, davidbrown.r...@photos.bozeat.biz wrote: > 08 Jan 23 > > Dear all, I have a couple of additional assets to be included in EoY > reports in a few months, that have cost nothing, but a value needs to > be shown as assets have increased. > > How do I include those at their value? > > My current status for that account is ASSETS > Current Assets > > Equipment although there is another account showing Equity > > Equipment Assets > > Thank you ... > > David This is an accounting question, not a gnucash question. You need to refer to the rules of your jurisdiction/ By the account named (Equipment Assets) I assume that these are probably "fixed assets" that are depreciated annually. You say 'cost nothing" so I assume that means literally (cost nothing to acquire) or already fully depreciated. In MY jurisdiction these would come onto the (new) books at zero value. Yes, they might have residual real value in the sense that they could be sold for something. But if and when that happens, the "profit" (sale price - basic cost + depreciation since acquisition) would be a capital gain. You would not "mark to market" << in your main/legal books >> as this gain is still imaginary/conditional/hasn't happened yet an maybe never will. HOWEVER -- there is a special case situation where your "legal" economic state (according to your jurisdiction) is very different from your actual economic state because some assets have greatly more value than the jurisdiction recognizes. In that case, perhaps a second set of virtual books that have no legal standing. This does not require total duplication of effort as this second set of books need only have a few accounts and these adjusted only annually, etc. It's not JUST assets the jurisdiction doesn't recognize but possibly also expenses paid on your behalf that the jurisdiction doesn't consider income. The purpose of accounting is financial INFORMATION including the ability to compare "what ifs" and without being able to take into account things like this you couldn't, for example, compare two job alternatives, one with and one without a large amount of such "percs" Michael D Novack. ___ 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. -- This email has been checked for viruses by AVG antivirus software. www.avg.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] ASSETS
On 1/8/2023 8:35 AM, davidbrown.r...@photos.bozeat.biz wrote: 08 Jan 23 Dear all, I have a couple of additional assets to be included in EoY reports in a few months, that have cost nothing, but a value needs to be shown as assets have increased. How do I include those at their value? My current status for that account is ASSETS > Current Assets > Equipment although there is another account showing Equity > Equipment Assets Thank you ... David This is an accounting question, not a gnucash question. You need to refer to the rules of your jurisdiction/ By the account named (Equipment Assets) I assume that these are probably "fixed assets" that are depreciated annually. You say 'cost nothing" so I assume that means literally (cost nothing to acquire) or already fully depreciated. In MY jurisdiction these would come onto the (new) books at zero value. Yes, they might have residual real value in the sense that they could be sold for something. But if and when that happens, the "profit" (sale price - basic cost + depreciation since acquisition) would be a capital gain. You would not "mark to market" << in your main/legal books >> as this gain is still imaginary/conditional/hasn't happened yet an maybe never will. HOWEVER -- there is a special case situation where your "legal" economic state (according to your jurisdiction) is very different from your actual economic state because some assets have greatly more value than the jurisdiction recognizes. In that case, perhaps a second set of virtual books that have no legal standing. This does not require total duplication of effort as this second set of books need only have a few accounts and these adjusted only annually, etc. It's not JUST assets the jurisdiction doesn't recognize but possibly also expenses paid on your behalf that the jurisdiction doesn't consider income. The purpose of accounting is financial INFORMATION including the ability to compare "what ifs" and without being able to take into account things like this you couldn't, for example, compare two job alternatives, one with and one without a large amount of such "percs" Michael D Novack. ___ 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] ASSETS
08 Jan 23 Dear all, I have a couple of additional assets to be included in EoY reports in a few months, that have cost nothing, but a value needs to be shown as assets have increased. How do I include those at their value? My current status for that account is ASSETS > Current Assets > Equipment although there is another account showing Equity > Equipment Assets Thank you ... David -- This email has been checked for viruses by AVG antivirus software. www.avg.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] Assets vs. expenses vs. income entry
On 21 February 2021 at 18:47, Jim DeLaHunt said: > > On 2021-02-21 18:30, Stephen M. Butler wrote: > > …The summary: Credits go next to the window … < > when facing computer screen>> > > > Wow, this is a great rule of thumb! > > The only problem is, the window is to my left as I sit in my office. So, I > think I need to climb out the window and dangle. That will put the window > to my right when facing my computer screen. Nah, just stand on your head. Then the window will be on your right ... ___ 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.
Re: [GNC] Assets vs. expenses vs. income entry
OK, it's starting to sink in, slowly. I read chapter 11 in the GC documentation (I didn't realize I was asking about Capital Gains) and used the example to create the accounts and transactions in my own accounts. It seems to work... like magic. I'll have to think about it some more and will probably have more dumb questions. Thanks for being so patient with me. :) On Sun, Feb 21, 2021 at 4:00 PM David Cousens wrote: > What has happened in the transaction? > > You have taken money from an asset (bank account) and exchanged that for > another asset (a car) which you have control of and use as a resource, so > there is not an expense involved. > > Hence the transaction will be a debit to your bank account (decreasing that > asset) and a credit to an asset account for the car (increasing the value > of > the asset that is the car from zero). > > An expense is something which depletes an asset and is expended or used. > The > general criteria for something to be an expense is that you are going to > use > or consume it (or expect to) within a pewriod corresponding to the current > accounting period (usually annual). > > For example, if you buy a ream of paper for your printer, you would > generally expect to consume that within the next year or so, so you would > generally record that as an expense and not as an asset. If you were to > record it as an asset, then, as you printed each sheet of paper out, you > would then have to record the value of each sheet as a separate expense, so > that you are recording the depletion of the asset and that is clearly not > tenable and a huge waste of effort. > > In a manufacturing business however you may purchase several years worth of > materials which you expect to consume over a number of years because you > can > get a break on the quantity and at a good price at the current time and you > have a reasonable expectation that prices are likely to increase. This is a > case where you would record the purchase as an asset, and then expense the > consumption of the asset in the year in which that consumption occurred as > you manufactured items for sale. > > The value of that asset you exchanged money is depleted by depreciation, > loss or write off in the event of an accident, losses when sold etc. Such > changes can be recorded as expenses. Whether they are deductible expenses > for business or taxation purposes and when those deductions are allowed > depends on the business and tax rules and regulations you are subject to. > > David Cousens > > > > - > David Cousens > -- > Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html > ___ > 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. > ___ 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.
Re: [GNC] Assets vs. expenses vs. income entry
On 2021-02-21 18:30, Stephen M. Butler wrote: …The summary: Credits go next to the window …> Wow, this is a great rule of thumb! The only problem is, the window is to my left as I sit in my office. So, I think I need to climb out the window and dangle. That will put the window to my right when facing my computer screen. I just hope I don't drop my receipts. It's a 22-floor fall to the ground. Still, that's why I love this list. I can find ways to put the tips I receive here to such good use! ;-) ;-) Best regards, —Jim DeLaHunt (Seriously, "Credits go next to [or, away from] the window" is an amazingly vivid rule of thumb!) ___ 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.
Re: [GNC] Assets vs. expenses vs. income entry
On 2/21/21 5:45 PM, Stan Brown wrote: On 2021-02-21 15:22, gnu Gord wrote: I'm unsure of the best way to record the adding/modifying of an asset. Should the transaction go directly to an asset account or an expense account then create an asset? Let me explain. I started writing out a detailed reply, but David Cousens said it all well, and rather than just pile on I will say that I agree with what he said. I'll add one thing: if you find yourself asking "should I record a transaction to equity", the answer is almost certainly No. Changes in your net worth arise from income and expenses, so they should be recorded in the appropriate Income or Expense accounts. Buying an asset doesn't change your net worth, and therefore it is not income or expense; the same is true of paying a bill or paying principal on a loan. (The interest portion of a loan payment is an expense; the principal portion is just a debit to a liability account.) This page has become a reference page for me -- unless my wife is around and then it is easier to ask her. https://www.accountingtools.com/articles/2017/5/17/debits-and-credits The summary: Credits go next to the window -- just gotta remember which chair I need to set in when making that amazing discovery.> Debit Accounts -- increase in value on a debit entry: Assets, Expenses, Losses. Note that a credit to these accounts reduce value. Credit Accounts -- increase in value on a credit entry: Liabilities, Equity/Capital, Income/Revenue, Gains. A debit to these accounts reduces value. -- 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.
Re: [GNC] Assets vs. expenses vs. income entry
On 2021-02-21 15:22, gnu Gord wrote: > I'm unsure of the best way to record the adding/modifying of an asset. > Should the transaction go directly to an asset account or an expense > account then create an asset? Let me explain. I started writing out a detailed reply, but David Cousens said it all well, and rather than just pile on I will say that I agree with what he said. I'll add one thing: if you find yourself asking "should I record a transaction to equity", the answer is almost certainly No. Changes in your net worth arise from income and expenses, so they should be recorded in the appropriate Income or Expense accounts. Buying an asset doesn't change your net worth, and therefore it is not income or expense; the same is true of paying a bill or paying principal on a loan. (The interest portion of a loan payment is an expense; the principal portion is just a debit to a liability account.) -- Stan Brown Tehachapi, CA, USA https://BrownMath.com https://OakRoadSystems.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 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.
Re: [GNC] Assets vs. expenses vs. income entry
There are detailed examples in the help manuals that show specifically how to implement what David Cousens just described. You would, for example, put a car account in the fixed asset top account. If you were to decide that it is worth the effort to depreciate it as he described, there is an example of that too, but there are several different ways to do that depending on why you want to do that. You can ask for help with that here. On Sun, Feb 21, 2021 at 6:00 PM David Cousens wrote: > What has happened in the transaction? > > You have taken money from an asset (bank account) and exchanged that for > another asset (a car) which you have control of and use as a resource, so > there is not an expense involved. > > Hence the transaction will be a debit to your bank account (decreasing that > asset) and a credit to an asset account for the car (increasing the value > of > the asset that is the car from zero). > > An expense is something which depletes an asset and is expended or used. > The > general criteria for something to be an expense is that you are going to > use > or consume it (or expect to) within a pewriod corresponding to the current > accounting period (usually annual). > > For example, if you buy a ream of paper for your printer, you would > generally expect to consume that within the next year or so, so you would > generally record that as an expense and not as an asset. If you were to > record it as an asset, then, as you printed each sheet of paper out, you > would then have to record the value of each sheet as a separate expense, so > that you are recording the depletion of the asset and that is clearly not > tenable and a huge waste of effort. > > In a manufacturing business however you may purchase several years worth of > materials which you expect to consume over a number of years because you > can > get a break on the quantity and at a good price at the current time and you > have a reasonable expectation that prices are likely to increase. This is a > case where you would record the purchase as an asset, and then expense the > consumption of the asset in the year in which that consumption occurred as > you manufactured items for sale. > > The value of that asset you exchanged money is depleted by depreciation, > loss or write off in the event of an accident, losses when sold etc. Such > changes can be recorded as expenses. Whether they are deductible expenses > for business or taxation purposes and when those deductions are allowed > depends on the business and tax rules and regulations you are subject to. > > David Cousens > > > > - > David Cousens > -- > Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html > ___ > 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. > -- David Carlson ___ 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.
Re: [GNC] Assets vs. expenses vs. income entry
What has happened in the transaction? You have taken money from an asset (bank account) and exchanged that for another asset (a car) which you have control of and use as a resource, so there is not an expense involved. Hence the transaction will be a debit to your bank account (decreasing that asset) and a credit to an asset account for the car (increasing the value of the asset that is the car from zero). An expense is something which depletes an asset and is expended or used. The general criteria for something to be an expense is that you are going to use or consume it (or expect to) within a pewriod corresponding to the current accounting period (usually annual). For example, if you buy a ream of paper for your printer, you would generally expect to consume that within the next year or so, so you would generally record that as an expense and not as an asset. If you were to record it as an asset, then, as you printed each sheet of paper out, you would then have to record the value of each sheet as a separate expense, so that you are recording the depletion of the asset and that is clearly not tenable and a huge waste of effort. In a manufacturing business however you may purchase several years worth of materials which you expect to consume over a number of years because you can get a break on the quantity and at a good price at the current time and you have a reasonable expectation that prices are likely to increase. This is a case where you would record the purchase as an asset, and then expense the consumption of the asset in the year in which that consumption occurred as you manufactured items for sale. The value of that asset you exchanged money is depleted by depreciation, loss or write off in the event of an accident, losses when sold etc. Such changes can be recorded as expenses. Whether they are deductible expenses for business or taxation purposes and when those deductions are allowed depends on the business and tax rules and regulations you are subject to. David Cousens - David Cousens -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ 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.
[GNC] Assets vs. expenses vs. income entry
I'm unsure of the best way to record the adding/modifying of an asset. Should the transaction go directly to an asset account or an expense account then create an asset? Let me explain. If, for example, I buy a car that costs me $1000 and pay for it from my chequing account, no loan involved. Should $1000 go from my chequing account to an asset account called 'car' or to an expense account called 'car' then create a new account in asset called 'car' with 'equity:opening balance' of $1000? Would the latter option be more flexible? If the car was really worth $2000 but I only paid $1000 for it I could record an asset worth $2000 but an expense of only $1000. What if the car increased in value somehow (unlikely)? Would this be reported in the asset account as 'equity:asset change' or in an income account as income or something else? ___ 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.
Re: [GNC] Assets: Checking input order from Android app
Did you try the ‘Issues’ tab on the GitHub page? It seems pretty active but I do see an issue posted looking for a new maintainer. Regards, Adrien > On Apr 24, 2019, at 5:53 PM, Jimmy R via gnucash-user > wrote: > > Thanks, > > I have exhausted all searches before posting here. > > There is no more support channels > > Gnucash app *"Google+ is no longer available for consumer"* > https://plus.google.com/communities/104728406764752407046 > > Jimmy > ___ 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.
Re: [GNC] Assets: Checking input order from Android app
Thanks, I have exhausted all searches before posting here. There is no more support channels Gnucash app *"Google+ is no longer available for consumer"* https://plus.google.com/communities/104728406764752407046 Jimmy -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ 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.
Re: [GNC] Assets: Checking input order from Android app
Jimmy, The Android app is a separate project. Someone here *might* also use it and be able to help, but you’re more likely to find a solution using their support channels. Their GitHub page (linked from gnucash.org) has a ‘Support' section in the README.md. They prefer to use: https://plus.google.com/communities/104728406764752407046 While your example is hard to see exactly without a wider window, it looks like the debits and credits are correct in both apps. The order of the splits doesn’t matter with respect to the accounting. It looks like GnuCash is either in an alpha sort or as-entered sort, and the Android app is listing Liabilities before Income. I would ask the GnuCash for Android folks if they have a setting for sort order, or a way to preserve the as-entered order if you feel it is important. Regards, Adrien > On Apr 24, 2019, at 3:22 PM, Jimmy R via gnucash-user > wrote: > > I have a rather odd question, > I enter a deposit info to the desktop with splits "Desktop entry" > I do the same on the Android app but the Sales and Sales Tax have a reverse > input order. > I tried swapping on the app the input order to see if it displays the same > apon import as the desktop entry but it doesn't matter. > > It not alphabetical...any ideas ? > > > *Desktop entry* > 4/22/2019 DepositAssets:Checking Account Checking Account > $1,080.00 > 1,080.00 > Sales Income:Income Sales Income Sales > ($1,000.00) -1,000.00 > Sales Tax Liabilities:Sales Tax:Sales Tax Collected > Sales Tax Collected > ($80.00) > > > > *App entry from QIF export to Desktop import entry* > 4/24/2019 DepositAssets:Checking AccountChecking > Account$10,800.00 > 10,800.00 > Sales Tax Liabilities:Sales Tax:Sales Tax Collected > Sales Tax > Collected ($800.00) > Sales Income:Income Sales Income Sales > ($10,000.00)-10,000.00 > > Jimmy ___ 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.
[GNC] Assets: Checking input order from Android app
I have a rather odd question, I enter a deposit info to the desktop with splits "Desktop entry" I do the same on the Android app but the Sales and Sales Tax have a reverse input order. I tried swapping on the app the input order to see if it displays the same apon import as the desktop entry but it doesn't matter. It not alphabetical...any ideas ? *Desktop entry* 4/22/2019DepositAssets:Checking Account Checking Account $1,080.00 1,080.00 Sales Income:Income Sales Income Sales ($1,000.00) -1,000.00 Sales Tax Liabilities:Sales Tax:Sales Tax Collected Sales Tax Collected ($80.00) *App entry from QIF export to Desktop import entry* 4/24/2019 DepositAssets:Checking AccountChecking Account$10,800.00 10,800.00 Sales Tax Liabilities:Sales Tax:Sales Tax Collected Sales Tax Collected ($800.00) Sales Income:Income Sales Income Sales ($10,000.00)-10,000.00 Jimmy -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ 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.
Re: [GNC] Assets don't display in CasgFlow report
On Sat, Apr 20, 2019 at 12:58 PM Adrien Monteleone < adrien.montele...@lusfiber.net> wrote: > Ron, > > I think I might understand now what you are describing. > > There are three sections to the report: > > 1. Selected Accounts > 2. Money into selected accounts comes from > 3. Money out of selected accounts goes to > > #1 is just a list - no figures > > The actual ‘report’ is sections #2 & #3. Some of those *might* be asset > accounts and the should show amounts when they appear in those two > sections. If they are not, then you have other problems. (they shouldn’t > even show up at all if no activity occurred with them) > > If you want to see the value of your assets, run a Balance Sheet. > h okay, Got it! Great (y) - makes sense - as I said, I'm a newbie ;) > Hope that helps. > It did, Thanks a lot! :) Ron > On Apr 20, 2019, at 1:20 PM, Ron Eggler wrote: > > > > Hi Adrien, > > > > Thanks for your response! > > > > Edit your report options to include the accounts you want. There is an > ‘Accounts’ tab where you make the selection. > > > > I have selected them and they do show up in the "Selected Accounts" list > only there's no number amount to the right of the name. > > > > Be mindful of the account depth setting as well. > > > > Yes, I've set that to 3 (to include the accounts I need) > > > > Note, of course, the accounts in question have to have transactions > during the same period as the report in order to show up. > > > > If I do click onto the link in the "Selected Accounts" list, it will > take me to the account and display transactions as recorded within the > selected period but still, I see no number displayed to the right - mind > this is just for Assets, Money In & Money Out looks correct. > > > > Ron > > > > > > > > > On Apr 19, 2019, at 4:52 PM, Ron Eggler wrote: > > > > > > Hi, > > > GnuCash newbie here, sorry if the answer to my question is obvious. > > > When I create a Cash Flow report, Money In & Money Out seems to display > > > properly but the Assets don't. In accounts, I have some "Bank"-Type > > > accounts under "Asset". > > > My assets kind of look like (the account Type is in []): > > > Assets [Asset] > > > Deposits in Can banks/instit - Can currency [Asset[ > > >account1 [Bank] > > >account2 [Bank] > > >Deposit in Can banks/instit - Foreign currency > > >account1 (USD) [Bank] > > >account2 (USD) [Bank] > > > > > > why would this not work as expected and show up in the report > accordingly? > > > And more importantly, how can I make my assets show up? > > > > > > Thanks a lot! > > > Ron > > ___ > 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. > ___ 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.
Re: [GNC] Assets don't display in CasgFlow report
Ron, I think I might understand now what you are describing. There are three sections to the report: 1. Selected Accounts 2. Money into selected accounts comes from 3. Money out of selected accounts goes to #1 is just a list - no figures The actual ‘report’ is sections #2 & #3. Some of those *might* be asset accounts and the should show amounts when they appear in those two sections. If they are not, then you have other problems. (they shouldn’t even show up at all if no activity occurred with them) If you want to see the value of your assets, run a Balance Sheet. Hope that helps. Regards, Adrien > On Apr 20, 2019, at 1:20 PM, Ron Eggler wrote: > > Hi Adrien, > > Thanks for your response! > > Edit your report options to include the accounts you want. There is an > ‘Accounts’ tab where you make the selection. > > I have selected them and they do show up in the "Selected Accounts" list only > there's no number amount to the right of the name. > > Be mindful of the account depth setting as well. > > Yes, I've set that to 3 (to include the accounts I need) > > Note, of course, the accounts in question have to have transactions during > the same period as the report in order to show up. > > If I do click onto the link in the "Selected Accounts" list, it will take me > to the account and display transactions as recorded within the selected > period but still, I see no number displayed to the right - mind this is just > for Assets, Money In & Money Out looks correct. > > Ron > > > > > On Apr 19, 2019, at 4:52 PM, Ron Eggler wrote: > > > > Hi, > > GnuCash newbie here, sorry if the answer to my question is obvious. > > When I create a Cash Flow report, Money In & Money Out seems to display > > properly but the Assets don't. In accounts, I have some "Bank"-Type > > accounts under "Asset". > > My assets kind of look like (the account Type is in []): > > Assets [Asset] > > Deposits in Can banks/instit - Can currency [Asset[ > >account1 [Bank] > >account2 [Bank] > >Deposit in Can banks/instit - Foreign currency > >account1 (USD) [Bank] > >account2 (USD) [Bank] > > > > why would this not work as expected and show up in the report accordingly? > > And more importantly, how can I make my assets show up? > > > > Thanks a lot! > > Ron ___ 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.
Re: [GNC] Assets don't display in CasgFlow report
Hi Adrien, Thanks for your response! > > Edit your report options to include the accounts you want. There is an > ‘Accounts’ tab where you make the selection. > I have selected them and they do show up in the "Selected Accounts" list only there's no number amount to the right of the name. > > Be mindful of the account depth setting as well. > Yes, I've set that to 3 (to include the accounts I need) > > Note, of course, the accounts in question have to have transactions during > the same period as the report in order to show up. > If I do click onto the link in the "Selected Accounts" list, it will take me to the account and display transactions as recorded within the selected period but still, I see no number displayed to the right - mind this is just for Assets, Money In & Money Out looks correct. Ron > > > On Apr 19, 2019, at 4:52 PM, Ron Eggler wrote: > > > > Hi, > > GnuCash newbie here, sorry if the answer to my question is obvious. > > When I create a Cash Flow report, Money In & Money Out seems to display > > properly but the Assets don't. In accounts, I have some "Bank"-Type > > accounts under "Asset". > > My assets kind of look like (the account Type is in []): > > Assets [Asset] > > Deposits in Can banks/instit - Can currency [Asset[ > >account1 [Bank] > >account2 [Bank] > >Deposit in Can banks/instit - Foreign currency > >account1 (USD) [Bank] > >account2 (USD) [Bank] > > > > why would this not work as expected and show up in the report > accordingly? > > And more importantly, how can I make my assets show up? > > > > Thanks a lot! > > Ron > > ___ > 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. > ___ 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.
Re: [GNC] Assets don't display in CasgFlow report
Ron, Welcome to GnuCash! Edit your report options to include the accounts you want. There is an ‘Accounts’ tab where you make the selection. Be mindful of the account depth setting as well. Note, of course, the accounts in question have to have transactions during the same period as the report in order to show up. Regards, Adrien > On Apr 19, 2019, at 4:52 PM, Ron Eggler wrote: > > Hi, > GnuCash newbie here, sorry if the answer to my question is obvious. > When I create a Cash Flow report, Money In & Money Out seems to display > properly but the Assets don't. In accounts, I have some "Bank"-Type > accounts under "Asset". > My assets kind of look like (the account Type is in []): > Assets [Asset] > Deposits in Can banks/instit - Can currency [Asset[ >account1 [Bank] >account2 [Bank] >Deposit in Can banks/instit - Foreign currency >account1 (USD) [Bank] >account2 (USD) [Bank] > > why would this not work as expected and show up in the report accordingly? > And more importantly, how can I make my assets show up? > > Thanks a lot! > Ron ___ 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.
[GNC] Assets don't display in CasgFlow report
Hi, GnuCash newbie here, sorry if the answer to my question is obvious. When I create a Cash Flow report, Money In & Money Out seems to display properly but the Assets don't. In accounts, I have some "Bank"-Type accounts under "Asset". My assets kind of look like (the account Type is in []): Assets [Asset] Deposits in Can banks/instit - Can currency [Asset[ account1 [Bank] account2 [Bank] Deposit in Can banks/instit - Foreign currency account1 (USD) [Bank] account2 (USD) [Bank] why would this not work as expected and show up in the report accordingly? And more importantly, how can I make my assets show up? Thanks a lot! Ron ___ 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.
