David –
Here is the process that I used to setup an artist as a security in
nitty-gritty detailed way:
1) Define Artist as a security…
a. Tools à Security Editor à Add
i. Full
Name: Michelangelo di Lodovico Buonarroti Simoni
ii.
Symbol/abbreviation: Michelangelo
iii. Display
symbol: Michelangelo
iv. Namespace:
ARTIST
v. ISIN,
CUSIP or other code: Michelangelo di Lodovico Buonarroti Simoni
vi. Fraction
traded: 1/100000
2) Create a new Trading accounts…
a. While in the Account View, select “Trading” top level account, right
click and select “New Account…”
i. Account
Name: ARTIST
ii. Account
code: <whatever_you_like>
iii.
Description: Renowned Artists
iv.
Security/currency: USD (US Dollar)
v. Smallest
fraction: Use Commodity Value
vi. Account
Color: <whatever_you_like>
vii. Notes:
<whatever_you_like>
viii. Put a check
mark in front of ‘Placeholder’
ix. Account
Type: Trading
x. Parent
Account: Trading
xi. Click OK
and done
b. Create a new Sub-Level Trading accounts for each artist… while in the
Account View, select “ARTIST” account underneath “Trading”, right click and
select “New Account…”
i. Account
Name: Michelangelo di Lodovico Buonarroti Simoni
ii. Account
code: Michelangelo di Lodovico Buonarroti Simoni
iii.
Description: Artist Michelangelo
iv.
Security/currency: Michelangelo (Michelangelo di Lodovico Buonarroti Simoni)
v. Smallest
fraction: Use Commodity Value
vi. Account
Color: <whatever_you_like>
vii. Notes:
<whatever_you_like>
viii. Account
Type: Trading
ix. Parent
Account: Trading-ARTIST
x. Click OK
and done
3) Now use those artists as “commodities”
a. Create a new Asset accounts…
i. While in
the Account View, select “Asset” top level account, right click and select “New
Account…”
ii. Account
Name: Famous Paintings
iii. Account
code: Artworks
iv.
Description: Famous Paintings
v.
Security/currency: USD (US Dollar)
vi. Smallest
fraction: Use Commodity Value
vii. Account
Color: <whatever_you_like>
viii. Notes:
<whatever_you_like>
ix. Account
Type: Asset
x. Parent
Account: Asset
xi. Click OK
and done
b. Create a new Stock accounts for each painting… while in the Account
View, select “Artworks” account underneath “Asset”, right click and select “New
Account…”
i. Account
Name: The Creation of Adam
ii. Account
code: The Creation of Adam
iii.
Description: The Creation of Adam by Michelangelo
iv.
Security/currency: Michelangelo (Michelangelo di Lodovico Buonarroti Simoni)
v. Smallest
fraction: Use Commodity Value
vi. Account
Color: <whatever_you_like>
vii. Notes:
<whatever_you_like>
viii. Account
Type: Stock
ix. Parent
Account: Asset-Famous Paintings.
x. Click OK
and done
Now when you buy a painting say for a million dollar, you would enter a
transaction as follows:
- Withdraw one million from account named “Asset-Checking Account”
- Withdraw one share from account named “Trading-ARTIST- Michelangelo
di Lodovico Buonarroti Simoni”
- Deposit one share into account named “Assets-Famous Paintings-The
Creation of Adam”
- Deposit one million dollar into account named “Trading-CURRENCY-USD”
There is however a drawback to this – it only works for a single painting by a
single artist, which is fine for my use case. If there are multiple painting to
be held by a single artist then step 1) of defining artist as an security would
have to be unique by being a bit creative with so it is unique. I do so by
defining full name as “The Creation of Adam by Michelangelo” (painting x by
artist y format) and adjusting rest of the attributes accordingly. As the
painting appreciates, it can be tracked in price database.
I am sure there is better way to do so, so comments and/or suggestion are
welcome…
From: David Warren <[email protected]>
Sent: Tuesday, March 19, 2024 4:58 PM
To: Kalpesh Patel <[email protected]>
Cc: R Losey <[email protected]>; Tommy Trussell <[email protected]>; J.
A. Harris <[email protected]>; [email protected]
Subject: Re: [GNC] gnucash suggestions
Thanks Kalpesh.
The art bucket makes sense to me.
I understand having individual paintings be individual assets (like individual
stocks)
But I don't quite know what you mean when you suggest setting up artists as
"securities". Would you mind explaining further? (If I have a brokerage
account with individual stocks or bonds, I also think of each of those stocks
or bonds as "securities". Hence my confusion with this 'higher level' proposed
"security" for an artist.)
Thanks
On Tue, Mar 19, 2024 at 11:24 AM Kalpesh Patel <[email protected]
<mailto:[email protected]> > wrote:
Just in case this is lost or not known, a new namespace can be created by
simply specifying text in the namespace field when defining a "new" commodity
or security. Existing commodity or security can be shuffled or put under a new
namespace by editing the security and simply typing in new string in the
namespace field. Only one that cannot be changed or added into is the
"Currencies" namespace and what it contains. "FUNDS" (for mutual funds?) and
"NYSE" (for securities/stocks?) are, I believe, carried forward as historical
but when creating a new file, "FUNDS" and "NYSE" are not created, at least not
on the Window version of 4.18 GNC that I am testing on.
I actually use this capability and have created namespace for exchanges to
place security into where it is traded (according to Yahoo since I screen
scrape for EOD updates via Python script), as well as tracking investments in
paintings by artists where artist is a "security" and each painting is an
"asset" under a "brokerage" account. It works well.
As for tracking things like miles earned, etc., I believe there is always
in-direct way of finding conversion ratio, albeit it may change every time you
use it but it is there. More so as different airlines have different conversion
rates so this only make sense to set it up that way. Just an idea with one time
setup (*PLEA - Accounting SMEs please weight in if this doesn't look right*):
create a new name space called "Airline Mileage", create each airline mileage
program as a commodity under it, and then create an parent asset account called
"Earned Mileage" and then you can track mileage that is earned from each
program. All those "bonus" miles that are earned are one way or another
convertible to official "Currency".
-----Original Message-----
From: R Losey <[email protected] <mailto:[email protected]> >
Sent: Monday, March 18, 2024 6:51 PM
To: Tommy Trussell <[email protected] <mailto:[email protected]> >
Cc: J. A. Harris <[email protected] <mailto:[email protected]> >;
[email protected] <mailto:[email protected]>
Subject: Re: [GNC] gnucash suggestions
On Mon, Mar 18, 2024 at 5:43 PM Tommy Trussell <[email protected]
<mailto:[email protected]> >
wrote:
> On Sun, Mar 17, 2024 at 4:37 PM J. A. Harris <[email protected]
> <mailto:[email protected]> > wrote:
>
> > On 3/17/24 15:54, Michael or Penny Novack wrote:
> > > Those are "commodities"
> >
> > I am aware of that. Currencies, Funds, and NYSEs are all particular
> > types of Commodities. There is no current support in gnucash for
> > defining Commodities other than those three types.
> >
>
> I wanted to keep track of mileage for corporate reimbursement purposes, so
> I created a "FUND" with the symbol "Miles" abbreviated "M," and I created a
> Liability account called Mileage, whose currency is Miles, with a contra
> liability account called "Driving Owed," whose currency is Dollars. Every
> time I enter "Miles" in the register, I make sure its exchange value in
> Driving Owed dollars matches the current IRS reimbursement rate (which can
> sometimes change multiple times during the year).
>
> When the company does a reimbursement for Driving Owed, a bank transaction
> happens so the contra account to Driving Owed is the corporate bank
> account.
>
> Maybe this is a perversion of the system somehow, but it seems to work for
> me.
>
> It seems if you wanted to keep track of Credit Card Points or Airline Miles
> or whatever, you could create a similar "currency" or "fund" that matches
> your specification. But I presume there is some reason it doesn't work for
> you in the same way mileage does in my example.
>
>
You're not alone; I do something similar; for tracking the bonus points for
retailer "Fred", I created a "stock" with the Symbol FBP (Fred Bonus
Points) and use it to track points in and out of the bonus account.
--
_________________________________
Richard Losey
[email protected] <mailto:[email protected]>
Micah 6:8
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