Re: [GNC] Can someone confirm if this split transaction is correct?
On Mon, 12 Dec 2022 at 20:49, Michael or Penny Novack < stepbystepf...@comcast.net> wrote: > On 12/12/2022 8:21 AM, Dr. David Kirkby wrote: > > > Given a simple transaction has two splits, how many should this have? > > > We aren't going to be able to help much while fundamental concepts are > misunderstood because that would affect the meaning of terms. > > a) In double entry bookkeeping the SIMPLEST form of transaction affects > TWO accounts, one for the debit side and one for the credit side. We do > NOT call such a transaction a "split". > My terminology does not seem to differ much from the link below. I have solved my problem now - I have 3 splits, 3 accounts, and it all seems to be okay. https://www.gnucash.org/viewdoc.phtml?rev=4=C=guide 2.9.3. Simple vs. Split Transactions Every transaction in *GnuCash* has at least two splits, but a transaction can have more than two splits. A transaction with only two splits is called a *simple transaction*, since it only involves the current account and a single remote account. A transaction with three or more accounts is called a *split transaction*. Dave ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can someone confirm if this split transaction is correct?
At Mon, 12 Dec 2022 15:12:55 -0600 (CST) Mark Penner wrote: > > > Dec 12, 2022 14:39:13 Dr. David Kirkby : > > > So at one point your PayPal account has the full amount, then you split > > that, so the fees are removed? > > When you process payment, you'll get a transaction like: > DebitÃÂ Paypal: 906 > Credit A/R: 906 > > Edit that transaction by subtracting the fee from the amount debited to > PayPal and make a debit to Fees. The transaction should then look > something like: > DebitÃÂ Paypal: 867.74 > Debit Fees: 38.26 > Credit A/R: 906 I just add two lines to the transaction split: PayPal (debit) Service charge (credit) The result is a split transaction: PayPal increases by the total payment, the accounts receivables decreases by the total payment, PayPal decreases by the fee and service charges increase by the fee. The *net* is PayPal increases by the payment less the fee, accounts receivables decreases by the total payment, and service charges increases by the fee. > > Mark > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > - > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > > -- Robert Heller -- Cell: 413-658-7953 GV: 978-633-5364 Deepwoods Software-- Custom Software Services http://www.deepsoft.com/ -- Linux Administration Services hel...@deepsoft.com -- Webhosting Services ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can someone confirm if this split transaction is correct?
Dec 12, 2022 14:39:13 Dr. David Kirkby : So at one point your PayPal account has the full amount, then you split that, so the fees are removed? When you process payment, you'll get a transaction like: Debit Paypal: 906 Credit A/R: 906 Edit that transaction by subtracting the fee from the amount debited to PayPal and make a debit to Fees. The transaction should then look something like: Debit Paypal: 867.74 Debit Fees: 38.26 Credit A/R: 906 Mark ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can someone confirm if this split transaction is correct?
On 12/12/2022 8:21 AM, Dr. David Kirkby wrote: Given a simple transaction has two splits, how many should this have? We aren't going to be able to help much while fundamental concepts are misunderstood because that would affect the meaning of terms. a) In double entry bookkeeping the SIMPLEST form of transaction affects TWO accounts, one for the debit side and one for the credit side. We do NOT call such a transaction a "split". b) However a transaction can affect more than two accounts, can have more than one account being debited or more than one being credited or more than one on both sides.THAT is what is being called a "split". In other words, any transaction affecting three or more accounts is a split transaction/ It isn't really meaningful to talk about "how many splits" . The only way I would differentiate would be between "one way" and "two way. A one way split has only one debit or one credit with the other side having multiple accounts. A two way split has more than one debit and more than one credit. Using gnucash, we are starting in one of the affected ledger accounts and from there hitting "split. Doe a one way split it will be MUCH easier to enter if that account is the side that has just one account (the unsplit side) c) When you hit the "split" button you are asking for "journal mode". That is how we who did bookkeeping in the old days had to enter ALL transactions, even the simple ones with just two accounts affected, After completion of the journal entry it would get "posted" to the ledger, putting each line of that journal entry into the affected ledger account << BTW, this was an error prone process, easy to get a digit wrong or misplaced >> Gnucash automates the posting when you hit ":enter" for the transaction, Gnucash also lets you skip/shortcut the journal entry step for simple transactions affecting just two accounts. NOTE -- gnucash can show you the journal as a report. This is all transactions in date order. But in terms of how we normally use gnucash, think of it as having a virtual journal as opposed to a file. 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 - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can someone confirm if this split transaction is correct?
On Mon, 12 Dec 2022 at 18:56, Mark Penner via gnucash-user < gnucash-user@gnucash.org> wrote: > > Dec 12, 2022 10:26:24 Dr. David Kirkby : > > > Now I'm a bit lost on what I should be doing. > > > > When I create the invoice > > > > Business -> Customer -> ,New Invoice, > > > > a copy of which I will send to the customer, I don't want the PayPal > > fees > > showing. So I post the invoice without the PayPal fees showing. That is > > going into > > > > Assets -> Accounts Receivable -> PayPal (GPB) > > (the name might have changed slightly since when I originally posted, > > but > > the functionality should be obvious) > > > > After that, to process the payment > > > > Business -> Customer -> Process Payment > > > > I can only select one transfer account, which is not what I want to do. > > > > What item(s) on the menu should I be using to make the correct debits > > and > > credits to move the money into the PayPal account and the expenses > > account > > from the Accounts Receivable -> PayPal (GPB)? > > When I process payment, I choose my PayPal account, then edit the > transaction by adding a split for the fee and subtracting the fee from > the debit to PayPal. Don't change the Accounts Receivable split. > If someone has a better solution, I would like to hear it too. > > Mark > So at one point your PayPal account has the full amount, then you split that, so the fees are removed? From what Derik Atkins wrote earlier *You should have three splits. You entered 4 splits (two splits into Assets:PayPal:GBP). That's why it's showing up twice. Instead, you should merge those into a single split of 906-38.26, because your Asset account really only increased by 867.74* " I interpreted that as meaning the PayPal account should never show the full amount. I've been trying to find a way around to do that, but failing miserably. Dave ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can someone confirm if this split transaction is correct?
Hi, On Mon, December 12, 2022 1:56 pm, Mark Penner via gnucash-user wrote: > > Dec 12, 2022 10:26:24 Dr. David Kirkby : > [snip] >> I can only select one transfer account, which is not what I want to do. >> >> What item(s) on the menu should I be using to make the correct debits >> and >> credits to move the money into the PayPal account and the expenses >> account >> from the Accounts Receivable -> PayPal (GPB)? > > When I process payment, I choose my PayPal account, then edit the > transaction by adding a split for the fee and subtracting the fee from > the debit to PayPal. Don't change the Accounts Receivable split. > If someone has a better solution, I would like to hear it too. That is the officially supported method. Process the payment and then edit the splits, making sure not to touch the A/R or A/P split. > Mark > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. -derek -- Derek Atkins 617-623-3745 de...@ihtfp.com www.ihtfp.com Computer and Internet Security Consultant ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can someone confirm if this split transaction is correct?
Dec 12, 2022 10:26:24 Dr. David Kirkby : Now I'm a bit lost on what I should be doing. When I create the invoice Business -> Customer -> ,New Invoice, a copy of which I will send to the customer, I don't want the PayPal fees showing. So I post the invoice without the PayPal fees showing. That is going into Assets -> Accounts Receivable -> PayPal (GPB) (the name might have changed slightly since when I originally posted, but the functionality should be obvious) After that, to process the payment Business -> Customer -> Process Payment I can only select one transfer account, which is not what I want to do. What item(s) on the menu should I be using to make the correct debits and credits to move the money into the PayPal account and the expenses account from the Accounts Receivable -> PayPal (GPB)? When I process payment, I choose my PayPal account, then edit the transaction by adding a split for the fee and subtracting the fee from the debit to PayPal. Don't change the Accounts Receivable split. If someone has a better solution, I would like to hear it too. Mark ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can someone confirm if this split transaction is correct?
On Mon, 12 Dec 2022 at 13:31, Murugan Muruganandam < m.muruganan...@hotmail.com> wrote: > David > > your transactin should be entered as follows > > Credit Receivable: 906 > Debit Paypall : 867.74 > Debit expenses : 38.26 > Now I'm a bit lost on what I should be doing. When I create the invoice Business -> Customer -> ,New Invoice, a copy of which I will send to the customer, I don't want the PayPal fees showing. So I post the invoice without the PayPal fees showing. That is going into Assets -> Accounts Receivable -> PayPal (GPB) (the name might have changed slightly since when I originally posted, but the functionality should be obvious) After that, to process the payment Business -> Customer -> Process Payment I can only select one transfer account, which is not what I want to do. What item(s) on the menu should I be using to make the correct debits and credits to move the money into the PayPal account and the expenses account from the Accounts Receivable -> PayPal (GPB)? ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can someone confirm if this split transaction is correct?
Dr David Kirkby Ph.D Email: drkir...@kirkbymicrowave.co.uk Web: https://www.kirkbymicrowave.co.uk/ Kirkby Microwave Ltd (Tel 01621-680100 / +44 1621-680100) Stokes Hall Lodge, Burnham Rd, Chelmsford, Essex, CM3 6DT. On Mon, 12 Dec 2022 at 13:29, Derek Atkins wrote: > You should have three splits. You entered 4 splits (two splits into > Assets:PayPal:GBP). That's why it's showing up twice. > > Instead, you should merge those into a single split of 906-38.26, because > your Asset account really only increased by 867.74 > > -derek > Thank you, and thank you to Murugan Muruganandam too. Since I'm trying to learn this, I will not try merging them, but instead enter them correctly in the first place. Dave ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can someone confirm if this split transaction is correct?
David your transactin should be entered as follows Credit Receivable: 906 Debit Paypall : 867.74 Debit expenses : 38.26 Saludos Cordiales Murugan From: gnucash-user on behalf of Dr. David Kirkby Sent: Monday, December 12, 2022 10:21 AM To: GNU Cash User Subject: [GNC] Can someone confirm if this split transaction is correct? I am finally getting to understand this program a bit better, and are entering my company accounts. I just want to check if this looks right for a PayPal transaction for £906, where fees were £38.26. I'm a bit puzzled where there seems to be two split transactions, both showing the same information. Is this to be expected? The result looks right Assets -> PayPal -> GBP shows the expected £906 - £38.26 = £867.74 and Expenses -> Fees -> PayPal fees shows the expected £38.26 Given a simple transaction has two splits, how many should this have? Dr David Kirkby Ph.D Email: drkir...@kirkbymicrowave.co.uk Web: https://www.kirkbymicrowave.co.uk/ Kirkby Microwave Ltd (Tel 01621-680100 / +44 1621-680100) Stokes Hall Lodge, Burnham Rd, Chelmsford, Essex, CM3 6DT. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Can someone confirm if this split transaction is correct?
You should have three splits. You entered 4 splits (two splits into Assets:PayPal:GBP). That's why it's showing up twice. Instead, you should merge those into a single split of 906-38.26, because your Asset account really only increased by 867.74 -derek On Mon, December 12, 2022 8:21 am, Dr. David Kirkby wrote: > I am finally getting to understand this program a bit better, and are > entering my company accounts. I just want to check if this looks right for > a PayPal transaction for £906, where fees were £38.26. I'm a bit puzzled > where there seems to be two split transactions, both showing the same > information. Is this to be expected? The result looks right > > Assets -> PayPal -> GBP shows the expected £906 - £38.26 = £867.74 > and > Expenses -> Fees -> PayPal fees > shows the expected £38.26 > > Given a simple transaction has two splits, how many should this have? > > Dr David Kirkby Ph.D > Email: drkir...@kirkbymicrowave.co.uk Web: > https://www.kirkbymicrowave.co.uk/ > Kirkby Microwave Ltd (Tel 01621-680100 / +44 1621-680100) > Stokes Hall Lodge, Burnham Rd, Chelmsford, Essex, CM3 6DT. > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > - > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. > -- Derek Atkins 617-623-3745 de...@ihtfp.com www.ihtfp.com Computer and Internet Security Consultant ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
