Patrick,
Are you setting up accounts for the business or accounts for your personal
finance? I am assuming these are the business acounts.
If you purchase itmes for the business are you intending to refund the money to
your personal accounts or are you making a contribution to the capital of the
Hi,
I'm steadily 'getting' the double-entry idea. In my accounts (which I have
just begun experimenting with), I have an account that is called 'Personal
Money Used'. This is of type Cash. I use this account when I use my own
personal account (i.e. nothing to do with the business) to buy
Perhaps try the Account Report?
Open the 'Stock on Hand' account, then Reports > Account Report.
You can also try the Transaction Report and choose to report just on
your inventory account(s).
Regards,
Adrien
On 12/17/21 5:19 AM, Patrick Skelton wrote:
Hi,
I am trying to get my head
Thank you everyone for those replies. They have been extraordinarily
helpful. It is amazing how, when asking a question about something
specific, a single sentence or even just a phrase in the reply can cause a
lightbulb moment. I now have a much clearer understanding of how the basic
mechanics of
On 12/17/2021 6:44 PM, David H wrote:
Hi David,
Thanks, my bad I was thinking in terms of my personal Gnucash book not
realising it was more appropriate to be thinking in terms of business books
in Patrick's case. Lesson learned, glad I'm still learning after all this
time :-)
Not quite. It
Hi David,
Thanks, my bad I was thinking in terms of my personal Gnucash book not
realising it was more appropriate to be thinking in terms of business books
in Patrick's case. Lesson learned, glad I'm still learning after all this
time :-)
Cheers David H.
On Sat, 18 Dec 2021 at 09:15, wrote:
David,
Patrick's recording is perfectly valid if his purchase of stock is a capital
expense, i.e. it is intended that the asset will be consumed over more thanone
accounting period, and not simply within the current period in which latter
case it is a direct expense expense.
The
Patrick,
You obviously tried the reports. The most general report is the Transactionn
report which you can set to view the transactions in any one account or
combination of accounts. The trick with reports is when the report comes up its
options are set to default values. If you then choose the
You are doing things correctly.
Your question " Is there a better way to do these transactions so that I
could ask the question: how much have I spent on stock this month?"
isn't about what accounts to have or how to enter the transactions (of
your little example -- and BTW, that's a good way
On 12/17/2021 6:48 AM, Patrick Skelton wrote:
Hi, David,
Thank you for that. I have actually just kind-of worked that bit out but I
would like the £8 spent on paper to become an asset. Is it simply then a
case of entering a transfer from Expenses-Stock Purchases to Assets - Stock
on Hand?
Kind
There are two kinds of expenses - current expenses and capital expenses
(specific terms may vary). Capital expenses convert one asset (usually money)
to another. Current expenses just deplete an asset (or increase a liability).
In the case where you are converting money to inventory of
Hi, David,
Thank you for that. I have actually just kind-of worked that bit out but I
would like the £8 spent on paper to become an asset. Is it simply then a
case of entering a transfer from Expenses-Stock Purchases to Assets - Stock
on Hand?
Kind wishes - Patrick
On Fri, 17 Dec 2021
Patrick,
Look carefully at point 2, one side of your transaction should be an
expense as you are expending funds to buy stock eg Expense >> Stock
Purchases rather than Stock on Hand ?
Cheers David H
On Fri, 17 Dec 2021 at 21:20, Patrick Skelton
wrote:
> Hi,
>
> I am trying to get my head
Hi,
I am trying to get my head around double-entry accounting. I think I have
kind-of got it. I have just set up a stripped down set of accounts and
tried a handful of transactions, to see how they affect profit-and-loss and
the balance sheet. It all seems to make sense except that there is one
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