I'm not an accountant, but the general format for a ledger is usually Assets, Liabilities, Equity, Income and Expenses. Customer invoices would typically be under Assets:Accounts Receivable and supplier invoices would be under Liabilities:Accounts Payable.
Assuming you're using ledger for a U.S. business, take a look at Schedule C, since that's likely what you're going to have to fill out on a regular basis from your ledger. My expense categories, for example, match the categories on lines 18-27. My revenue categories come from lines 1-4. Making each individual invoice its own account is very GnuCash, but I prefer to keep my account hierarchy pretty clean and instead use tags to keep track of individual invoices. I think it makes closing out the books at the end of the year simpler. I'm not going to say everyone agrees with me on that one, though. Rick On Tuesday, March 10, 2015 at 1:59:45 AM UTC-7, Kev Lau wrote: > > Hello, > I have been struggling with setting up my account structure. Appreciate if > someone could help explain if my structure is correct here. I run a small > supply shop that sells on credit and was wondering how I should have the > account structured. > The problem is that I sometime ship my products overseas because I have > some customers abroad and I need to keep track of the credit. I also deal > with overseas suppliers too and need to keep track of them too. I am having > a hard time figuring out on how I should structure it. Appreciate if > someone could share some light on this. > > This is what I have come up with so far:- > > > ASSETS:NEWYORK:BANK:CASH > > EXPENSES:NEWYORK:BANK:FEES > > CUSTOMER:DALLAS:DAVE:PAYMENT:INVOICE:002 > > SUPPLIER:NEW_JERSY:TUV:PAYMENT:ORDER:002 > > > Does the above seem OK for making a proper account structure? > I once tried and got it wrong because the structure was not correct. > > Kindly please advise(appreciate if someone could post some examples of > structure) > > Thanks > Kevin > > -- --- You received this message because you are subscribed to the Google Groups "Ledger" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/d/optout.
