Re: [GNC] A question on loans
Mark, My apologies , I thought your question referred to recording the current value of your property. If your accountant is getting the bank statements, to catch your personal copy of the accounts up you will need to obtain copies of the bank statements either from him or the bank, if you do not have them already. Your bank may alsooffer online access to records or offer a download of records in OFX or a similar format (my bank provides this facility for the past 7 years) in which case you can import the OFX files and then reconcile them against your statements (I have had errors on importing on rare occasions - transactions may be duplicated in the records for your bank account and loan account for example and imported twice although GNuCash will try to identify duplicates) which is quicker than entering them by hand from the statements. GnuCash has a number of import data formats ( see the GnuCash Tutoria and Concepts Guide (https://www.gnucash.org/docs/v3/C/gnucash-guide/chapter_importing.html) or the Help manual https://www.gnucash.org/docs/v3/C/gnucash-help/trans-import.html. There is currently a lot of duplication here as the material in the Guide has been largely already beenmoved to the Help manual and I am in the process of rewriting the Guide section as import examples. I have found OFX to be the most relaible as it has a fairly tight standard and CSV to be more problematical because it has no real standard. QIF is generally OK as well. In most cases start with small data sets (e.g month) first to sort out any importing difficulties and train the import matcher then increase the dataset size once you have it working reliably. Another possibility is that your accountant (for a fee of course) may be able to provide you with exported transactions from his records if he has entered them digitally. David Cousens - David Cousens -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
Re: [GNC] A question on loans
Mark, Your property is an asset which you own hold and control. The connection between it and the liability that the loan represents is established at the time you took out the loan. From that point forward they are treated separately in accounting. Changes in the details of the loan do not affect the asset only the liability. So the change to a line of credit is reflected totally in the liability account for the loan. The only time the loan and the asset might interact in the future is in the event of foreclosure of the loan. The difference between the asset's current value and the outstanding loan amount does however give you an estimate of your equity in the property The only things which will affect the value of the asset are things like changes in property values in the area, depreciation and market forces. However these events are not realized until the property is actually sold. If you have reliable estimates of these changes you can certainly record them. A common procedure is to record the initial purchase value of the asset in a subaccount of an overall placeholder account for the asset and record any unrealized changes in a contra account. The account structure will look something like: Assets:Fixed Assets:Condo Assets:Fixed Assets:Condo:InitialPurchase Assets:Fixed Assets:Condo:Improvements capital improvements to the asset Assets:Fixed Assets:Condo:UnrealizedValueChanges You would need a corresponding account under equity Equity:Condo:UnrealizedValueChanges If you make a capital improvement to the property the recording will look like Assets:CurrentAssets:Bank Cr x Assets:Fixed Assets:Condo:ImprovementsDr x If you are recording an increase in the property's market valuation Assets:Fixed Assets:Condo:ImprovementsDr Equity:Condo:UnrealizedValueChanges Cr and similarly a decrease in market valuation Assets:Fixed Assets:Condo:ImprovementsCr Equity:Condo:UnrealizedValueChanges Dr If you are spending money on the property but it is for consumables which don't add to its long term property value you would record the expenditure as an expense as normal. The unrealized value changes would not be subject to taxation in most jurisdictions (but not all). *DISCLAIMER: The above is only a generic illustration of how you could record such transactions in GnuCash and should not be construed as advice on how best to record for your jurisdiction. You will need to consult a local accountant for specific advice relevant to your particular situation.* Should you sell the property, then you would have to apply a reversal of the total current balance of the unrealized value changes (it may be positive or negative if the market has dropped) cancelling that balance contribution to the assets and equity and then record the actual sale of the property for the actual sale value including the paying out of the residual mortgage value. Alternatively you can do a correction to the unrealized value changes to bring the total value of property to the sale price. This will give you the actual gain or loss on the property for any capital Gains Tax purposes if needed. If your jurisdiction applies gains and losses from market value fluctuation, the calculations are much more complex and you will need to apply your applicable taxation legislation and your accountant. David Cousens - David Cousens -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
Re: [GNC] UK. Value added tax.
I have used this bridge product twice now, with experimental CSV report directly output by GC https://www.chm-software.co.uk/ Christopher Lam has a report in progress that will be able to cope with UK VAT. So far, I used a pre-release self compiled "special edition" GC. but it is possible! HTH, Maf. On Wednesday, 20 November 2019 20:20:55 GMT Paddy Walker wrote: > I am a business user of Gnucash for my farm accounts for about > 15 years. I run it on Linux and have no access to a Microsoft machine. > A situation I do not wish to change. > UK.'s tax authority have decided to make the submission of VAT. > returns dependent on compliant interactive accountancy software. I > understand that it is entirely unreasonable to expect Gnucash to be > compliant. > HMRC., (the tax authoriy), have provided the potential fo a > work around. They will allow bridging software, mainly to accomodate > those using spreadsheets for their accounts. > HMRC. provide an extensive list of compliant software without > mentioning the platform on which it runs. Does any body know of > bridging software that runs on Linux. Advice on how to " make tax > digital" on a Linux machine would be most welcome. > Although it is not my preferred option, I have managed to > install Microsoft compatible bridging software in Windows XP, on a > virtual Box. > Paddy Walker > > > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > 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. -- Maf. King PGP Key fingerprint = 8D68 A91F 733B 2C1F 43B7 2B7C E591 E8E1 0DE7 C542 ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
Re: [GNC] A question on loans
On 11/20/2019 1:13 PM, Mark Phillips wrote: A PS to my last email about the mortgage accounts. My gnucash accounts are for my financial tracking purposes only. My accountant gets bank statements and other original documents for tax purposes. He has nothing to do with my gnucash accounts, and is not interested in seeing them. Just in case my earlier email sounded like I was laundering money or doing something to cheat the IRS! Or, maybe I have been watching too many episodes of the Black List These are no (actually) gnucash questions as you would have exactly the same questions were you using old fashioned pen and ink on paper. Add the proviso that I am NOT qualified as an accountant (but do know some things) You were told "enter the building at its current value". That is wrong. You enter the BASIS (what you paid for it) plus any expenditures that qualify as CAPITAL IMPROVEMENTS (consult your accountant -- but I think you will find things like new heating system, new roof, etc. ). The reason for this is that if/when you dispose of this asset, hopefully for a profit, the amount of CAPITAL GAIN will be clear (taxed at a different rate than ordinary income). The loan you enter at its current balance. The opposite side of these transactions would be equity. When opening new books you can have a whole bunch of individual transactions, or two (big) splits, one for equity debits and one for equity credits, or one giant split on both sides (I do NOT recommend this if inexperienced with gnucash, OR you can use the "starting balance" feature (but I never do that). Michael D Novack ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
Re: [GNC] UK. Value added tax.
Do a list search, you’ll find some threads discussing this along with a new version of a report that will give you the info you need for reporting. (as well as a method for the ‘bridging software’) While the search function in MailMan is not working properly, you can do a site-specific search with most major search engines like so: site:lists.gnucash.org your search terms here Regards, Adrien > On Nov 20, 2019 w47d324, at 2:20 PM, Paddy Walker > wrote: > > I am a business user of Gnucash for my farm accounts for about > 15 years. I run it on Linux and have no access to a Microsoft machine. > A situation I do not wish to change. > UK.'s tax authority have decided to make the submission of VAT. > returns dependent on compliant interactive accountancy software. I > understand that it is entirely unreasonable to expect Gnucash to be > compliant. > HMRC., (the tax authoriy), have provided the potential fo a > work around. They will allow bridging software, mainly to accomodate > those using spreadsheets for their accounts. > HMRC. provide an extensive list of compliant software without > mentioning the platform on which it runs. Does any body know of > bridging software that runs on Linux. Advice on how to " make tax > digital" on a Linux machine would be most welcome. > Although it is not my preferred option, I have managed to > install Microsoft compatible bridging software in Windows XP, on a > virtual Box. > Paddy Walker ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
[GNC] UK. Value added tax.
I am a business user of Gnucash for my farm accounts for about 15 years. I run it on Linux and have no access to a Microsoft machine. A situation I do not wish to change. UK.'s tax authority have decided to make the submission of VAT. returns dependent on compliant interactive accountancy software. I understand that it is entirely unreasonable to expect Gnucash to be compliant. HMRC., (the tax authoriy), have provided the potential fo a work around. They will allow bridging software, mainly to accomodate those using spreadsheets for their accounts. HMRC. provide an extensive list of compliant software without mentioning the platform on which it runs. Does any body know of bridging software that runs on Linux. Advice on how to " make tax digital" on a Linux machine would be most welcome. Although it is not my preferred option, I have managed to install Microsoft compatible bridging software in Windows XP, on a virtual Box. Paddy Walker ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
Re: [GNC] Vanguard investments module for Gnucash / Finance ::Quote
Frank - thanks for your message and the suggestion. I made two updates to the module and posted it to the Finance::Quote developers list. Those updates are: - Changed the logic that retrieves the last price to directly extract the last (most current) row of the price table, instead of iterating from the top. Probably doesn't make much difference but this is a little cleaner. - Provided two links in the SEE ALSO documentation section, one for 529 portfolios and one for all other Vanguard products. Best,Derek On Tuesday, November 19, 2019, 04:28:15 PM EST, Frank H. Ellenberger wrote: Hi Derek, Am Di., 19. Nov. 2019 um 17:28 Uhr schrieb Derek Robinson via gnucash-user : > > Vanguard investors using GnuCash may be frustrated that many Vanguard > products (like their 529 portfolios, any 401(k) / 403(b) products with the > word "Trust" in the title) do not have prices that are easily obtainable from > one of the regular price sources. The attached module extracts prices from > the Vanguard price history page and adds them to the GnuCash price database. > > VanguardSite.pm will retrieve the most recent daily closing price (NAV) for > Vanguard investments (funds, collective investment trusts, 529 portfolios > ...) using Finance::Quote and add it to the GnuCash price history. : > Feel free to message me with questions. > -Derek you should consider to offer it to the finance-quote project. One nitpick:the help section "See also" links to http://www.vanguard.com, which is a redirect to https://investor.vanguard.com/corporate-portal/# which then offers several sites. Can you be more specific there, ideally the page explaining which symbols a used, ... Background: That is my starting point, when I update https://code.gnucash.org/docs/C/gnucash-help/fq-sources.html#gnc-tbl-fq-individual-source etc. for official modules. Regards Frank ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
Re: [GNC] A question on loans
A PS to my last email about the mortgage accounts. My gnucash accounts are for my financial tracking purposes only. My accountant gets bank statements and other original documents for tax purposes. He has nothing to do with my gnucash accounts, and is not interested in seeing them. Just in case my earlier email sounded like I was laundering money or doing something to cheat the IRS! Or, maybe I have been watching too many episodes of the Black List Mark On Wed, Nov 20, 2019 at 11:08 AM Mark Phillips wrote: > My apologies, I did a very poor job of asking my question the first time. > Let me try again. > > My accounts (with simplified names) > Asset - Condo and Checking > Liability - Mortgage > Expenses - Mortgage Interest > > I set up the accounts when I bought the condo a few years ago, made a few > entries for mortgage payments, then stopped. Time passed, the loan changed > banks to a line of credit, and some charges were made to the line of credit > for some non-condo related debt consolidation. > > Time passed, and now I would like to get these accounts caught up. There > is a $30,000 difference between the current Mortgage balance (larger) and > what is in gnucash. How do I make an entry to get the Mortgage account to > match the bank statement? > > Thanks, and my apologies for sending a poorly written question in > the first place. > > Mark > > On Wed, Nov 20, 2019 at 10:02 AM Tommy Trussell > wrote: > >> On Wed, Nov 20, 2019 at 9:28 AM Mark Phillips >> wrote: >> >>> I have a rental property, and I am just setting it up in gnu cash. The >>> property has an existing loan. I have paid down some of the loan, but am >>> still making payments. How do I set up the accounts so I reflect the >>> purchase price of the condo correctly, and also show the current correct >>> loan balance? >>> >>> Thanks! >>> >>> Mark >>> >> >> Have you yet read Chapter 8 of the GnuCash Tutorial and Concepts Guide? >> It's available here: >> >> https://www.gnucash.org/docs.phtml >> >> >> >> >>> - >>> 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 gnucash-user@gnucash.org 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.
Re: [GNC] A question on loans
My apologies, I did a very poor job of asking my question the first time. Let me try again. My accounts (with simplified names) Asset - Condo and Checking Liability - Mortgage Expenses - Mortgage Interest I set up the accounts when I bought the condo a few years ago, made a few entries for mortgage payments, then stopped. Time passed, the loan changed banks to a line of credit, and some charges were made to the line of credit for some non-condo related debt consolidation. Time passed, and now I would like to get these accounts caught up. There is a $30,000 difference between the current Mortgage balance (larger) and what is in gnucash. How do I make an entry to get the Mortgage account to match the bank statement? Thanks, and my apologies for sending a poorly written question in the first place. Mark On Wed, Nov 20, 2019 at 10:02 AM Tommy Trussell wrote: > On Wed, Nov 20, 2019 at 9:28 AM Mark Phillips > wrote: > >> I have a rental property, and I am just setting it up in gnu cash. The >> property has an existing loan. I have paid down some of the loan, but am >> still making payments. How do I set up the accounts so I reflect the >> purchase price of the condo correctly, and also show the current correct >> loan balance? >> >> Thanks! >> >> Mark >> > > Have you yet read Chapter 8 of the GnuCash Tutorial and Concepts Guide? > It's available here: > > https://www.gnucash.org/docs.phtml > > > > >> - >> 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 gnucash-user@gnucash.org 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.
Re: [GNC] A question on loans
> On 20 Nov 2019, at 15:24, Mark Phillips wrote: > > I have a rental property, and I am just setting it up in gnu cash. The > property has an existing loan. I have paid down some of the loan, but am > still making payments. How do I set up the accounts so I reflect the > purchase price of the condo correctly, and also show the current correct > loan balance? > > Thanks! > > Mark Hi, Mark. This is not something I have ever had to do myself, and I’m in the UK, but I think the correct procedure is to set up an account for a Fixed Asset (that is, the property), with a starting balance equal to the property’s current value, and set up a Liability Account for the loan. The latter would have a starting balance corresponding to the outstanding debt at the start of your accounts. Each time you make a repayment on the loan, you will decrease the liability. If the property changes in value at a particular date, you should make an adjustment between the asset account and the equity account you used for the starting balance. This process may not be the correct way of dealing with it in your jurisdiction, but it does at least allow you to keep track of what’s going on in the meantime. Regards, Michael ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
