That's how I learned it at Ernst & Ernst when I worked there. (I
attended the firm's basic accounting course for non-accountants.) I
believe our textbook called the special account Income Summary rather
than Profit and loss, but that's a minor detail.
A very minor detail, especially because what
Strangely nearly all quick-serve businesses stopped offering receipts
about 18-24 months ago. (at least in my neck-o-the-woods) Their printers
were spitting them out mind you, but they would quickly just crumple and
toss them. I'm sure I annoyed a few cashiers by asking for it. I even
told one
Thanks for the illuminating responses from Stan, Adrien and Michael!
It reminds me of years ago when my wife had to start reporting her business
expenses and she had a hard time remembering to always get a receipt.One day I
finally said "You have two hands. Hold both of them out with your palms
On 2021-02-15 14:37, Michael or Penny Novack wrote:
> On 2/15/2021 5:17 PM, Adrien Monteleone wrote:
>> (technically, Income & Expenses are 'temporary' Equity accounts, but
>> GnuCash gives them their own 'top-level' with Assets, Equity &
>> Liabilities. In the pen&paper days, you closed these out
On 2021-02-15 14:12, Larry Long wrote:
> Stan,
> You gave an excellent intro into the fundamentals of accounting (and GnuCash)!
> I would like to follow up with a basic question of my own.
> Let's say that I have added my new car's value to Assets and my auto loan to
> Liabilities.After a year
Thank you very much to all that replied. There are, obviously, a lot of
people out there with a much deeper understanding of this than I currently
have (or probably ever will) and I thank you for sharing your knowledge and
experience.
I am slowly getting a handle on the overall concepts and believe
On 2/15/21 4:37 PM, Michael or Penny Novack wrote:
On 2/15/2021 5:17 PM, Adrien Monteleone wrote:
(technically, Income & Expenses are 'temporary' Equity accounts, but
GnuCash gives them their own 'top-level' with Assets, Equity &
Liabilities. In the pen&paper days, you closed these out at t
On 2/15/2021 5:17 PM, Adrien Monteleone wrote:
(technically, Income & Expenses are 'temporary' Equity accounts, but
GnuCash gives them their own 'top-level' with Assets, Equity &
Liabilities. In the pen&paper days, you closed these out at the end of
the year to Retained Earnings, also an Equ
Generally yes, but that usually is not done for a personal vehicle
unless you are allowed to do so for some type of credit or deduction on
taxes. Businesses routinely depreciate their fleets however. The rules
are varied and myriad as to what you are allowed to do.
Regards,
Adrien
On 2/15/21
While this may seem pedantic (and maybe it is), most texts present the
Accounting Equation as:
Assets = Liabilities + Equity
Balance Sheets are based off this arrangement of the equation. That is
why you will generally see an Asset section first, with a total, and
then a second section or
wn
To: gnucash-user@gnucash.org
Subject: Re: [GNC] Asset vs Equity accounts?
Message-ID: <167aeb21-5037-b157-34fe-85173c33a...@fastmail.fm>
Content-Type: text/plain; charset=utf-8
...
Hi, Gord. Welcome to GnuCash!
I think you may have missed a fundamental concept, and that's giving you
all
On 2021-02-14 13:29, gnu Gord wrote:
> First off I'll say I have no formal accounting training so I don't really
> understand accounting terminology or how it is represented in GnuCash.
>
> I understand the basic idea that Equity = Assets - Liabilities, but I'm
> unsure how this should be entered
gnuGord,
If you have ownership, possession and/or control of your house and car or
any other resource then they are assets. Bank accounts are also assets for
example. Your furniture, a boat, camper etc are all assets.
If you have taken a loan out to buy them, the present value of that loan is
a
On 2/14/21 1:29 PM, gnu Gord wrote:
First off I'll say I have no formal accounting training so I don't really
understand accounting terminology or how it is represented in GnuCash.
I understand the basic idea that Equity = Assets - Liabilities, but I'm
unsure how this should be entered in GnuCas
First off I'll say I have no formal accounting training so I don't really
understand accounting terminology or how it is represented in GnuCash.
I understand the basic idea that Equity = Assets - Liabilities, but I'm
unsure how this should be entered in GnuCash.
Specifically, my question is; how
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