Re: [GNC] Setting up chart of accounts
Teresa, At the risk of going off topic, hang in there. :-) I am not an accountant and only learned bookkeeping by having the title of "Treasurer" fall upon me for a non-profit I am involved in. We needed to use Quickbooks Online. Around the same time, I started doing my own finances in GNUCash. My experience has been that it is really difficult to start books, and once you have it nailed down it is much much easier. On top of that, my opinion is that it is harder to get started with GNUCash, and much much easier to keep using GNUCash. Harder because not many programs work like GNUCash does anymore, but so much easer to keep using because it is so consistent from version to version. You can learn these skills now and you won't have to worry about some company changing everything ever 3 years and dragging you in a new direction. GNUCAsh is as consistent as accounting should be, and it uses *real accounting concepts*, so it is really universal. Lastly, the user community is wonderful. The knowledge is out there, and the typical user (seems to me) has been using it for years. Let us know how it goes. Liz experience is in line with mine. When you start the account you have an opportunity to transfer from opening balance. IT's been a while for me as well. My opinion is that it is better to have more accounts and more structure than too little. You can always delete a subaccounts like "Expenses:Victuals:Coffee:Retail" "Expenses:Victuals:Food" and be prompted to move *all* the transactions into "Expenses:Victuals". Then you can rename "Expenses:Victuals" to "Expenses:Food". But it is much harder to decide later that you want to split "Expenses:Food" into "Expenses:Food:Restaurant" and "Expenses:Food:Grocery", becuase you'll have to redo the transactions to file them into the separate new accounts. Is your billing taken care of or are you setting up A/P and A/R? There are quite a few business owners on the list as well who have experience with that. I use A/P for my own personal finances because I love being able to find all my invoices in one place, and so I can quickly find out if a line item in checking means I actually paide the whole bill or over paid, etc... Good luck!, Justin On Fri, Mar 8, 2019 at 3:17 AM Liz wrote: > On Thu, 07 Mar 2019 14:40:28 -0500 > Michael or Penny Novack wrote: > > > Since you say you are experienced in accounting (but new to gnucash I > > think what you are asking is "if I have an account A and I want it to > > be a child of account B, how do I do this (in gnucash)?" > > > > Yes? > > > > If so, what you want to do is "edit" account A which will give you a > > chance to specify account B is its parent. > > > > Try it where it is easy. For example, under the main parent Assets > > you probably want children "current assets" and "fixed assets". Then > > under "current assets" you probably want "checking account", > > "undeposited cash", etc. > > What isn't clear is that you can change things - you can move accounts > and give them new parents, and so on. > If you don't get it quite right at first, you can edit it and fix it. > > Liz > ___ > 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] Setting up chart of accounts
On Thu, 07 Mar 2019 14:40:28 -0500 Michael or Penny Novack wrote: > Since you say you are experienced in accounting (but new to gnucash I > think what you are asking is "if I have an account A and I want it to > be a child of account B, how do I do this (in gnucash)?" > > Yes? > > If so, what you want to do is "edit" account A which will give you a > chance to specify account B is its parent. > > Try it where it is easy. For example, under the main parent Assets > you probably want children "current assets" and "fixed assets". Then > under "current assets" you probably want "checking account", > "undeposited cash", etc. What isn't clear is that you can change things - you can move accounts and give them new parents, and so on. If you don't get it quite right at first, you can edit it and fix it. Liz ___ 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] Setting up chart of accounts
It’s been many years, but if I’m not mistaken, that is what GnuCash does when you enter an opening balance when creating an asset or liability account for the first time. (rather than entering it later) If you are planning to have other Equity entries, it is probably a good idea to split the opening balance transactions off into a child account as you indicate here. Regards, Adrien > On Mar 7, 2019, at 5:36 PM, Bucky Carr wrote: > > > I did it directly in the child account with the corresponding, double-entry > accounting entry into Equity child account. > > For example I have my Asset:Banking:Checking1 hierarchy and my > Equity:Opening_Balances hierarchy. In the Checking1 child account I entered > the opening balance with a corresponding entry in my Opening_Balances child > account. That Equity:Opening_Balances child account ends up with lots of > entries from all the open balance entries pulled in from various accounts > during the setup process. > > (I'm not an expert but this has worked for me) > ___ 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] Setting up chart of accounts
I did it directly in the child account with the corresponding, double-entry accounting entry into Equity child account. For example I have my Asset:Banking:Checking1 hierarchy and my Equity:Opening_Balances hierarchy. In the Checking1 child account I entered the opening balance with a corresponding entry in my Opening_Balances child account. That Equity:Opening_Balances child account ends up with lots of entries from all the open balance entries pulled in from various accounts during the setup process. (I'm not an expert but this has worked for me) On 3/7/2019 11:18 AM, Teresa wrote: One more question, just to be clear, did you set up opening balances in the child accounts, or transfer from the proper parent account? On 3/7/2019 1:03 PM, Bucky Carr wrote: The way I did it was to set up a CoA with 5 parent accounts: Asset, Equity, Liability, Income and Expenses. I set those as top level accounts so no transactions can be entered directly into them. Then I set up all my child accounts under the proper parent accounts. Then I set up the opening balances in each child account. Depending on the level of detail I wanted some of the child accounts have child accounts of their own. ___ 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] Setting up chart of accounts
On 3/7/19 9:56 AM, Teresa wrote: > I have 25 years experience in Accounting, however never set up a chart > of accounts. > > I just started working for my daughter, who has done everything in excel. > > I have put all the gl accounts in GnuCash, but they all went in as > parent accounts, I new term to me. > > My question is, shouldn't these be child accounts? Also, do I set up a > single of each Equity, Liability and Asset accounts as parent accounts > with the beginning balances, and transfer to the child accounts from > there? > > Thank you, > Yes they should. And, yes those three plus Income and Expense. So you would have 5 top level accounts. You may then edit the other accounts and place them under the proper parent. No need to re-create and no need to transfer the transactions. Once you re-parent the accounts everything will be setup correctly (if you pick the correct parents). Good luck. --Steve -- 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] Setting up chart of accounts
On 3/7/2019 12:56 PM, Teresa wrote: I have 25 years experience in Accounting, however never set up a chart of accounts. I just started working for my daughter, who has done everything in excel. I have put all the gl accounts in GnuCash, but they all went in as parent accounts, I new term to me. My question is, shouldn't these be child accounts? Also, do I set up a single of each Equity, Liability and Asset accounts as parent accounts with the beginning balances, and transfer to the child accounts from there? Thank you, Since you say you are experienced in accounting (but new to gnucash I think what you are asking is "if I have an account A and I want it to be a child of account B, how do I do this (in gnucash)?" Yes? If so, what you want to do is "edit" account A which will give you a chance to specify account B is its parent. Try it where it is easy. For example, under the main parent Assets you probably want children "current assets" and "fixed assets". Then under "current assets" you probably want "checking account", "undeposited cash", etc. Michael D Novack -- 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 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] Setting up chart of accounts
Hi, On Thu, March 7, 2019 12:56 pm, Teresa wrote: > I have 25 years experience in Accounting, however never set up a chart > of accounts. > > I just started working for my daughter, who has done everything in excel. > > I have put all the gl accounts in GnuCash, but they all went in as > parent accounts, I new term to me. Have you tried using the default hierarchies that come with GnuCash? That should get up set up quickly, and then you can add or remove accounts as needed to customize to your situation. > My question is, shouldn't these be child accounts? Also, do I set up a > single of each Equity, Liability and Asset accounts as parent accounts > with the beginning balances, and transfer to the child accounts from > there? Well, consider a simple account hierarchy, Expenses:Groceries. In this example, Expenses is a top-level account, and also a parent account. most likely it is also a placeholder account (meaning it cannot hold transactions itself). The Groceries account is a child of Expenses. As you probably know, you generally don't set opening balances on Income and Expense accounts. In GnuCash, SOP is to transfer from Equity:Opening Balances -> to set up the opening balance. So no, you don't generally go from Eq:O-B -> Assets -> Assets:Current Assets -> ... etc, but directly from Eq:O-B to the target. Hope this helps, > Thank you, > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. -derek -- Derek Atkins 617-623-3745 de...@ihtfp.com www.ihtfp.com Computer and Internet Security Consultant ___ 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] Setting up chart of accounts
The way I did it was to set up a CoA with 5 parent accounts: Asset, Equity, Liability, Income and Expenses. I set those as top level accounts so no transactions can be entered directly into them. Then I set up all my child accounts under the proper parent accounts. Then I set up the opening balances in each child account. Depending on the level of detail I wanted some of the child accounts have child accounts of their own. HTH On 3/7/2019 10:56 AM, Teresa wrote: I have 25 years experience in Accounting, however never set up a chart of accounts. I just started working for my daughter, who has done everything in excel. I have put all the gl accounts in GnuCash, but they all went in as parent accounts, I new term to me. My question is, shouldn't these be child accounts? Also, do I set up a single of each Equity, Liability and Asset accounts as parent accounts with the beginning balances, and transfer to the child accounts from there? ___ 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.
