On Sun, Oct 3, 2021 at 7:49 PM Jasel17212 <[email protected]> wrote:
> I've run into an issue that I just can't find an answer to in either the
> manual or archived conversations from this group, so I thought I would post
> to see if you guys can help me out.
>
>
>
IMO (IANAA!!!) this is really 3 transactions.
1. purchase of item(s) xxxxx for $$$$$
2. sale of item(s) xxxxx for $$$$$
3. the difference between the two which is then either a profit (income) or
a loss (against income)
My way of detailing this would be something like
1. cash (or funds) decreases whilst assets (whatever listing you
need/desire) increases
I include costs for the transaction (all itemized - - - broker fees,
exchange etc etc)
2. cash or funds or currency increases whilst assets (whichever listing you
used) decreases
I include costs for the transaction (all itemized - - - broker fees,
exchange etc etc)
3. any gain (or loss) on this one transaction set is now included in
'income'
There may be a more condensed way of writing this but, again imo, the
object with financial
record keeping clarity is more important than anything else. As this is in
a double entry system
pick your accounts with care.
(This is imo very related to the purchase (and maintenance) of depreciable
items - - which can
include property and then the depreciation adds another level of
transactions.)
HTH
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