Re: Liabilities / Accounts

[Wm via gnucash-user]

On 27/02/2018 17:53, Adrien Monteleone wrote:

James,

Everyone has their own methods, but the Tutorial & Concepts Guide has a 
suggestion that I’ve followed and it’s served me well.

I always enter transactions working in the account register the money is coming 
FROM.

I never use the General Journal/Ledger.

In the case of a liability/expense situation, consider entering it in the 
particular liability register (Rent Due in your case) since it’s the liability 
that is ‘paying’ the expense until you actually fork over the cash. (and then 
enter that final payment transaction from the cash/checking register)

This way you will always keep the splits straight. Money always moves from one 
account to another, and if you're already in the FROM account, the TO account 
is much simpler to figure out.

Also, since this is likely to be a recurring transaction and the amount is 
likely to remain stable, consider learning how to use the Scheduled Transaction 
feature. You can have these weekly transactions automatically created for you. 
(with the ability to review and adjust them first) Then you’d only need to 
manually enter the actual payment each month when you make it.


I agree about the rent but also think the payments should be made 
regular too.  It just makes life easier.


If I look at all the future stuff in the general ledger once a week or 
once a month I have a close to real future transaction flow.


I commend accounting in advance when it is obvious.

--
Wm

It would make sense if Trump *planned* to lose people as he loses them 
so often.  But does that makes him an asset stripper or just careless as 
he is losing his son-in-law too ?






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Re: Liabilities / Accounts

[Adrien Monteleone]

James,

Everyone has their own methods, but the Tutorial & Concepts Guide has a 
suggestion that I’ve followed and it’s served me well.

I always enter transactions working in the account register the money is coming 
FROM.

I never use the General Journal/Ledger.

In the case of a liability/expense situation, consider entering it in the 
particular liability register (Rent Due in your case) since it’s the liability 
that is ‘paying’ the expense until you actually fork over the cash. (and then 
enter that final payment transaction from the cash/checking register)

This way you will always keep the splits straight. Money always moves from one 
account to another, and if you're already in the FROM account, the TO account 
is much simpler to figure out.

Also, since this is likely to be a recurring transaction and the amount is 
likely to remain stable, consider learning how to use the Scheduled Transaction 
feature. You can have these weekly transactions automatically created for you. 
(with the ability to review and adjust them first) Then you’d only need to 
manually enter the actual payment each month when you make it.


Regards,
Adrien

> On Feb 27, 2018, at 5:34 AM, Maf. King  wrote:
> 
> On Tuesday, 27 February 2018 11:20:21 GMT you wrote:
>> Maf King
>> 
>> Thank you for responding.
>> Under liabilities we have listed an account Rent due (which is listed in
>> Parent Account under Liabilities and under Account type Liability) when I
>> enter a value in the Journal enteries I get two enteries the same entry
>> under Increase and Decrease and zero in the balance column, is it I 've set
>> it up wrong.
>> 
>> Thank you
>> James
>> 
> 
> Hi James,
> 
> Don't forget to reply to the list too, others may be able to help better than 
> me, and this conversation may benefit someone else in the future too.
> 
> The set up sound correct.  It sounds like you may not be entering the 
> transaction properly. (look at the GC concept guide about using a credit card 
> - chapter 7.  this is a conceptually very similar situation, just you are 
> acting as your own card until you pay the rent)
> 
> your weekly transaction should be between liability and expense, then when 
> you 
> pay the bill once per month, the transfer is from the Bank Account to the 
> liability (so the liability goes back to zero)
> 
> HTH,
> Maf.
> 
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Re: Liabilities / Accounts

[Maf. King]

On Tuesday, 27 February 2018 11:20:21 GMT you wrote:
> Maf King
> 
> Thank you for responding.
> Under liabilities we have listed an account Rent due (which is listed in
> Parent Account under Liabilities and under Account type Liability) when I
> enter a value in the Journal enteries I get two enteries the same entry
> under Increase and Decrease and zero in the balance column, is it I 've set
> it up wrong.
> 
> Thank you
> James
> 

Hi James,

Don't forget to reply to the list too, others may be able to help better than 
me, and this conversation may benefit someone else in the future too.

The set up sound correct.  It sounds like you may not be entering the 
transaction properly. (look at the GC concept guide about using a credit card 
- chapter 7.  this is a conceptually very similar situation, just you are 
acting as your own card until you pay the rent)

your weekly transaction should be between liability and expense, then when you 
pay the bill once per month, the transfer is from the Bank Account to the 
liability (so the liability goes back to zero)

HTH,
Maf.

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Re: Liabilities / Accounts

[Maf. King]

On Monday, 26 February 2018 22:51:39 GMT Seamus Duffy | J.D. Tools Ltd. wrote:
> Support at GNUCash,
> 
> I have downloaded your free accounts and i'm very impressed however, I have
> a problem with entering a new account in Liabilities, maybe you could
> instruct me how it should be done as I can't get it to work.
> 
> Your help would be much appreciated.
> 
> What I'm trying to do is as follows : I need to enter rent on a weekly
> basis but pay one amount at month end. (I thought an account would work in
> liabilities and expenses) with four enteries in libilities and one entery
> from the expense account.
> 
> Kind regards
> James

Hi James,

The Idea sounds good to me.   How is it not working?

Maf.


-- 
Maf. King
PGP Key fingerprint = 8D68 A91F 733B 2C1F 43B7  2B7C E591 E8E1 0DE7 C542



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Liabilities / Accounts

[Seamus Duffy | J.D. Tools Ltd.]

Support at GNUCash,

I have downloaded your free accounts and i'm very impressed however, I have
a problem with entering a new account in Liabilities, maybe you could
instruct me how it should be done as I can't get it to work.

Your help would be much appreciated.

What I'm trying to do is as follows : I need to enter rent on a weekly
basis but pay one amount at month end. (I thought an account would work in
liabilities and expenses) with four enteries in libilities and one entery
from the expense account.

Kind regards
James


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