Hi Adrien,
Thanks for that explanation.
On the issue of different amounts in the BS and the aged payables, I
don't know where to go to get this resolved.
The Aged Payables report show $83.65, The bottom of the AP ledger shows
$83.65. There are no unmatched lots in the AP ledger. Since we are a
seasonable business there have been no changes yet this year so the
dates are not an issue. Still the BS shows $465.75. AR is OK.
Any thoughts on how to track this down will be greatly appreciated,
Tom
------ Original Message ------
From: "Adrien Monteleone" <[email protected]>
To: "Gnucash Users" <[email protected]>
Sent: 4/15/2019 11:26:14 PM
Subject: Re: [GNC] Equity Calculation on the Balance Sheet
Tom,
Strange that the AR/AP numbers would be different on those two reports. Perhaps
it is a date issue on the Aging reports. Make sure they would end on the same
day you are running the balance sheet for. The only thing I can think of that
might cause this would be bills and invoices that are posted to dates beyond
the Balance Sheet date and those aging reports are set to include them. (the
Balance Sheet won’t of course, because their date hasn’t arrived) If the
Balance Sheet is set for a date beyond all posted invoices and bills and so
your aging reports are ’thru’ the same date, then I’m not sure where the
problem lies.
Retained Earnings/Losses is a friendly shortcut of GnuCash so you don’t have to
‘Close the Books’ each year to get that figure. (this is the computer age after
all)
In this case, the net of Income-Expenses is a loss for now.
If you’d rather have an actual Equity account where you record Retained
Earnings/Losses, then as of the date for each end of year, perform the close
books procedure. (or close all income and expense accounts to that account
manually)
The reason your Balance Sheet is showing a different number than Net Income YTD
is that the Balance Sheet is ‘for all time’ not just this year. So effectively,
you are only $38.61 from becoming profitable since you opened the books in
GnuCash.
Essentially, this wouldn’t change if you used an actual Equity account here. It would show
"Equity:Retained Earnings" as "-$38.61".
Regards,
Adrien
On Apr 15, 2019, at 9:20 PM, Tom Balaban <[email protected]> wrote:
For reasons that I haven't Yet figured out, AR and AP balances are often
incorrect on my Balance Sheet but are correct on the Payables and Receivable
Aging reports.
This forces me to recast the Balance Sheet in a spreadsheet using the correct AP & AR
balances. The math is basic but our company is on the cusp of profitability and I'm having
problem with the Balance Sheet Report term "Retained Losses". Does this appear when
we are not profitable and what does it change to when we are profitable, as I suspect we are
beginning last month?
I much prefer using Retained Earnings with a negative number to present accumulated
losses and my recollection of how the Equity portion is structured is something like
the following"
Equity
Equity
Retained Earnings {based on Fiscal year end}
Income Y-T-D
Total Equity
FWIW, the Balance Sheet report shows Retained Losses of $38.61 but our P&L shows
Y-T-D income as $1,246.95. I agree with the P&L but where does GC get the Retained
Losses from?
Thanks for reading.
Tom
_______________________________________________
gnucash-user mailing list
[email protected]
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
[email protected]
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.
