RE: Outgoing personal loan clarification
I set up a “money owing” asset Transferred the loan amount to it from ‘bank account’ Transferred 1st repayment amount from “money owing” to “cash in wallet” asset Works for me Cheers Sent from Mail for Windows 10 From: Frankie Raney Sent: Friday, 3 November 2017 1:22 AM To: Tony Vanson Cc: Adrien Monteleone; David T. via gnucash-user Subject: RE: Outgoing personal loan clarification So..which way? On Nov 2, 2017 9:59 AM, "Tony Vanson" wrote: Thanks to everyone. My problem is solved. Cheers Sent from Mail for Windows 10 From: Adrien Monteleone Sent: Thursday, 2 November 2017 10:59 PM To: gnucash-user@gnucash.org Subject: Re: Outgoing personal loan clarification I think the usual structure there would be: Assets:Current Assets:Other Current Assets:Short Term Loans You could then have separate accounts under Short Term Loans for each person you’ve loaned to. And as noted by others, income accounts do not enter the picture. This is not new money. An asset is being returned to you. It’s just an asset transfer from the loan back to cash. (or checking account, etc.) Regards, Adrien > On Nov 2, 2017, at 3:19 AM, Tony Vanson wrote: > > Hi all, > First time here, so please excuse my accounting ignorance. > Whilst I understand some of the GnuCash basics, I have a problem which I’m > hoping I can get some help on. > I’m currently residing overseas and we employ a staff member. > This person has asked for a personal loan, which I have given, paid by cash > from my bank account > I shall use generic amounts for the details. > > This person is paid a total 600.00 per month, split 300.00 paid on the 11th > and 25th of each month. > The loan is for 2000.00 with 250.00 repayable on the 25th of each month for 8 > months. I do not charge interest. > So on the 11th of the month she receives 300.00 and on the 25th 50.00 cash > with 250.00 being for the loan repayment. > My question is: how do I enter this in GnuCash? > I already have a bank account and have set up a ‘money owed’ account as an > asset which shows the 2000.00 owing. > I have also set up a ‘loan repayment’ account as income. > Hopefully someone can advise me the particular steps I need to follow for > what entries go where, particularly in regards to the 25th of the month items. > Cheers > > > Sent from Mail for Windows 10 > > > > --- > This email has been checked for viruses by Avast antivirus software. > https://www.avast.com/antivirus > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > 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 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 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 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: Outgoing personal loan clarification
So..which way? On Nov 2, 2017 9:59 AM, "Tony Vanson" wrote: > Thanks to everyone. My problem is solved. > Cheers > > Sent from Mail for Windows 10 > > From: Adrien Monteleone > Sent: Thursday, 2 November 2017 10:59 PM > To: gnucash-user@gnucash.org > Subject: Re: Outgoing personal loan clarification > > I think the usual structure there would be: > > Assets:Current Assets:Other Current Assets:Short Term Loans > > You could then have separate accounts under Short Term Loans for each > person you’ve loaned to. > > And as noted by others, income accounts do not enter the picture. This is > not new money. An asset is being returned to you. It’s just an asset > transfer from the loan back to cash. (or checking account, etc.) > > Regards, > Adrien > > > On Nov 2, 2017, at 3:19 AM, Tony Vanson wrote: > > > > Hi all, > > First time here, so please excuse my accounting ignorance. > > Whilst I understand some of the GnuCash basics, I have a problem which > I’m hoping I can get some help on. > > I’m currently residing overseas and we employ a staff member. > > This person has asked for a personal loan, which I have given, paid by > cash from my bank account > > I shall use generic amounts for the details. > > > > This person is paid a total 600.00 per month, split 300.00 paid on the > 11th and 25th of each month. > > The loan is for 2000.00 with 250.00 repayable on the 25th of each month > for 8 months. I do not charge interest. > > So on the 11th of the month she receives 300.00 and on the 25th 50.00 > cash with 250.00 being for the loan repayment. > > My question is: how do I enter this in GnuCash? > > I already have a bank account and have set up a ‘money owed’ account as > an asset which shows the 2000.00 owing. > > I have also set up a ‘loan repayment’ account as income. > > Hopefully someone can advise me the particular steps I need to follow > for what entries go where, particularly in regards to the 25th of the month > items. > > Cheers > > > > > > Sent from Mail for Windows 10 > > > > > > > > --- > > This email has been checked for viruses by Avast antivirus software. > > https://www.avast.com/antivirus > > ___ > > gnucash-user mailing list > > gnucash-user@gnucash.org > > 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 > 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 > 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 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: Outgoing personal loan clarification
Thanks to everyone. My problem is solved. Cheers Sent from Mail for Windows 10 From: Adrien Monteleone Sent: Thursday, 2 November 2017 10:59 PM To: gnucash-user@gnucash.org Subject: Re: Outgoing personal loan clarification I think the usual structure there would be: Assets:Current Assets:Other Current Assets:Short Term Loans You could then have separate accounts under Short Term Loans for each person you’ve loaned to. And as noted by others, income accounts do not enter the picture. This is not new money. An asset is being returned to you. It’s just an asset transfer from the loan back to cash. (or checking account, etc.) Regards, Adrien > On Nov 2, 2017, at 3:19 AM, Tony Vanson wrote: > > Hi all, > First time here, so please excuse my accounting ignorance. > Whilst I understand some of the GnuCash basics, I have a problem which I’m > hoping I can get some help on. > I’m currently residing overseas and we employ a staff member. > This person has asked for a personal loan, which I have given, paid by cash > from my bank account > I shall use generic amounts for the details. > > This person is paid a total 600.00 per month, split 300.00 paid on the 11th > and 25th of each month. > The loan is for 2000.00 with 250.00 repayable on the 25th of each month for 8 > months. I do not charge interest. > So on the 11th of the month she receives 300.00 and on the 25th 50.00 cash > with 250.00 being for the loan repayment. > My question is: how do I enter this in GnuCash? > I already have a bank account and have set up a ‘money owed’ account as an > asset which shows the 2000.00 owing. > I have also set up a ‘loan repayment’ account as income. > Hopefully someone can advise me the particular steps I need to follow for > what entries go where, particularly in regards to the 25th of the month items. > Cheers > > > Sent from Mail for Windows 10 > > > > --- > This email has been checked for viruses by Avast antivirus software. > https://www.avast.com/antivirus > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > 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 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 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: Outgoing personal loan clarification
I think the usual structure there would be: Assets:Current Assets:Other Current Assets:Short Term Loans You could then have separate accounts under Short Term Loans for each person you’ve loaned to. And as noted by others, income accounts do not enter the picture. This is not new money. An asset is being returned to you. It’s just an asset transfer from the loan back to cash. (or checking account, etc.) Regards, Adrien > On Nov 2, 2017, at 3:19 AM, Tony Vanson wrote: > > Hi all, > First time here, so please excuse my accounting ignorance. > Whilst I understand some of the GnuCash basics, I have a problem which I’m > hoping I can get some help on. > I’m currently residing overseas and we employ a staff member. > This person has asked for a personal loan, which I have given, paid by cash > from my bank account > I shall use generic amounts for the details. > > This person is paid a total 600.00 per month, split 300.00 paid on the 11th > and 25th of each month. > The loan is for 2000.00 with 250.00 repayable on the 25th of each month for 8 > months. I do not charge interest. > So on the 11th of the month she receives 300.00 and on the 25th 50.00 cash > with 250.00 being for the loan repayment. > My question is: how do I enter this in GnuCash? > I already have a bank account and have set up a ‘money owed’ account as an > asset which shows the 2000.00 owing. > I have also set up a ‘loan repayment’ account as income. > Hopefully someone can advise me the particular steps I need to follow for > what entries go where, particularly in regards to the 25th of the month items. > Cheers > > > Sent from Mail for Windows 10 > > > > --- > This email has been checked for viruses by Avast antivirus software. > https://www.avast.com/antivirus > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > 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 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: Outgoing personal loan clarification
I’d think: 11th: Regular 2-split Assets:Cash -$300 Expenses:Payroll $300 25th: Multisplit Assets:Cash -$50 Assets:Loan:Employee -$250 Expenses:Payroll $300 The loan repayment is simply a transfer between ‘Money owed’ asset account to your bank account. Some concerns will be whether you wish to maintain the constant bimonthly payroll amounts of $300 so that the original employee pay of $600/month is still reflected in your books, and whether the $2000 is considered a business loan or a personal loan. These questions cannot be answered in any accounting package; your software (ideally gnucash but also any inferior package) will simply always reflect your understanding of your financial situation. Good luck! From: Tony Vanson Sent: Thursday, 2 November 2017 4:24 PM To: gnucash-user@gnucash.org Subject: Outgoing personal loan clarification Hi all, First time here, so please excuse my accounting ignorance. Whilst I understand some of the GnuCash basics, I have a problem which I’m hoping I can get some help on. I’m currently residing overseas and we employ a staff member. This person has asked for a personal loan, which I have given, paid by cash from my bank account I shall use generic amounts for the details. This person is paid a total 600.00 per month, split 300.00 paid on the 11th and 25th of each month. The loan is for 2000.00 with 250.00 repayable on the 25th of each month for 8 months. I do not charge interest. So on the 11th of the month she receives 300.00 and on the 25th 50.00 cash with 250.00 being for the loan repayment. My question is: how do I enter this in GnuCash? I already have a bank account and have set up a ‘money owed’ account as an asset which shows the 2000.00 owing. I have also set up a ‘loan repayment’ account as income. Hopefully someone can advise me the particular steps I need to follow for what entries go where, particularly in regards to the 25th of the month items. Cheers Sent from Mail for Windows 10 --- This email has been checked for viruses by Avast antivirus software. https://www.avast.com/antivirus ___ gnucash-user mailing list gnucash-user@gnucash.org 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 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: Outgoing personal loan clarification
It m not be correct accounting, but I would have set up a checking account using the borrowers name. Transfer the 2000 from your account to the new one, then as they make payments, transfer from their account back to yours. When it reaches 0, you can delete it or just leave it. On Nov 2, 2017 1:36 AM, "Colin Law" wrote: > On 2 November 2017 at 08:19, Tony Vanson wrote: > > Hi all, > > First time here, so please excuse my accounting ignorance. > > Whilst I understand some of the GnuCash basics, I have a problem which > I’m hoping I can get some help on. > > I’m currently residing overseas and we employ a staff member. > > This person has asked for a personal loan, which I have given, paid by > cash from my bank account > > I shall use generic amounts for the details. > > > > This person is paid a total 600.00 per month, split 300.00 paid on the > 11th and 25th of each month. > > The loan is for 2000.00 with 250.00 repayable on the 25th of each month > for 8 months. I do not charge interest. > > So on the 11th of the month she receives 300.00 and on the 25th 50.00 > cash with 250.00 being for the loan repayment. > > My question is: how do I enter this in GnuCash? > > I already have a bank account and have set up a ‘money owed’ account as > an asset which shows the 2000.00 owing. > > I have also set up a ‘loan repayment’ account as income. > > The loan repayment should not be an account. When you receive money it > should be recorded as a transfer from the money owed asset account to > your cash account (or checking acct or wherever it ends up). This then > reduces the amount in the loan account and increases the amount of > cash you have, as it should. > > Colin > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > 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 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: Outgoing personal loan clarification
On 2 November 2017 at 08:19, Tony Vanson wrote: > Hi all, > First time here, so please excuse my accounting ignorance. > Whilst I understand some of the GnuCash basics, I have a problem which I’m > hoping I can get some help on. > I’m currently residing overseas and we employ a staff member. > This person has asked for a personal loan, which I have given, paid by cash > from my bank account > I shall use generic amounts for the details. > > This person is paid a total 600.00 per month, split 300.00 paid on the 11th > and 25th of each month. > The loan is for 2000.00 with 250.00 repayable on the 25th of each month for 8 > months. I do not charge interest. > So on the 11th of the month she receives 300.00 and on the 25th 50.00 cash > with 250.00 being for the loan repayment. > My question is: how do I enter this in GnuCash? > I already have a bank account and have set up a ‘money owed’ account as an > asset which shows the 2000.00 owing. > I have also set up a ‘loan repayment’ account as income. The loan repayment should not be an account. When you receive money it should be recorded as a transfer from the money owed asset account to your cash account (or checking acct or wherever it ends up). This then reduces the amount in the loan account and increases the amount of cash you have, as it should. Colin ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
