On Thu, Oct 10, 2019 at 12:46:06PM -0700, psionl0 wrote in
<[email protected]>:
Doubling the number of entries instead of making a single adjustment entry
at tax time seems like a lot of extra work to me. Not to mention that the
standard ledger balance report wouldn't give the true state of your
business. You would forever need to use your Alias to get a true picture.
Still, if it works for you then I am happy. Me? I'm a simple sort of person.
I think you misunderstood me. I have exactly one entry per
transaction. You first suggested:
For example, if you purchase a widget from your client (who's name is
Johnny Smith) you might make the following entry:
2019/10/07 * Smith, Johnny
Assets:Widget $ 1000.00
Liabilities:Accounts Payable $ -1000.00
If you sell a service to the client then the entry would be:
2019/10/07 * Smith, Johnny
Income:Service $ -500.00
Assets:Accounts Receivable $ 500.00
When it comes time to settle with this client, the net payment would take
into account both the asset and liability accounts:
2019/10/07 * Smith, Johnny
Liabilities:Accounts Payable $ 1000.00
Assets:Accounts Receivable $ -500.00
Bank:Checking Account $ -500.00
I would book the above now as:
account Assets:Current Account
alias Current Account
account Liabilities:Current Account
2019/10/07 * Smith, Johnny
Assets:Widget $ 1000.00
Current Account $ -1000.00
2019/10/07 * Smith, Johnny
Income:Service $ -500.00
Current Account $ 500.00
Due to the nature of this account (related company), and perhaps my
locality as well, there is no need for me to settle anything. I am just
interested in this showing up in the correct place when I work on my tax
return.
When I run a balance on the above entries, it will report Assets:Current
Account with a balance of $ -500. As this is not what I wish to show in my
report, I change my account entries to:
account Assets:Current Account
account Liabilities:Current Account
alias Current Account
and run the report again. Now the $ -500.00 shows up as a liability as I
want. All I need to do is move the alias once a year (if that, it could
just be correct as it is) and be done with it.
Cheers,
Remco Rijnders
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