Re: How to create an asset with a reduced value compared to my regular currency (dollars)

Adrian, There’s no discount. Now or in the future. You’re going to buy items from that merchant in the future at their then current price, not less than that price. There’s no rebate. You aren’t paying full price and getting money back. You handed the merchant $430. They handed you back $500.

Re: How to create an asset with a reduced value compared to my regular currency (dollars)

I'm tracking expenses so I know where my money goes, not in order to comply with regulations. It seems like if I were tracking these expenses because I was going to deduct them from something from business income for tax purposes then the best approach would be to isolate the business

Re: How to create an asset with a reduced value compared to my regular currency (dollars)

Michael, I don’t regularly deal with loan entries, and each jurisdiction is different, but in the U.S., loan forgiveness (the technical term I believe is 'discharge of indebtedness') is often considered a source of income and is generally taxable. That 10% annual forgiveness would likely have

Re: How to create an asset with a reduced value compared to my regular currency (dollars)

Adrian, While I am not an accountant, historically I have used a method similar to that suggested by Adrien. However, I am intrigued by the answer provided by Michael Novack, as it avoids the problem of overstating potentially taxable income without needing to have a group of accounts to

Re: How to create an asset with a reduced value compared to my regular currency (dollars)

I have to concur on the $70 gift idea. You paid $430 for a stored value card that has $500 on it. This is no different than if you handed a bank teller $430 in small bills and they returned to you 5 one hundred dollar bills. (assuming the bank is just fine with that) When you spend $100 from

Re: How to create an asset with a reduced value compared to my regular currency (dollars)

On 12/06/17 12:44, adrian wrote: Tommy Trussell wrote Adrian: In the case at hand I spent $430 on the gift card and when I buy something that costs $100, I'm really only spending $86. That's what makes sense to me for how this ought to be counted. Since I don't know the category of the

Re: How to create an asset with a reduced value compared to my regular currency (dollars)

Tommy Trussell wrote >> Adrian: >> In the case at hand I spent $430 on the gift card and when I buy >> something >> that costs $100, I'm really only spending $86. That's what makes sense >> to >> me for how this ought to be counted. Since I don't know the category of >> the expense in advance,

Re: How to create an asset with a reduced value compared to my regular currency (dollars)

On Tue, Dec 5, 2017 at 9:14 AM, adrian wrote: > There may be technical accounting reasons to treat rebates as offsets to > expenses rather than income. But my own reasons are simply that it's what > makes sense to me. I don't really track income very carefully. I mainly >

Re: How to create an asset with a reduced value compared to my regular currency (dollars)

Adrian, is there a reason you treat the rebate as a negative expense instead of miscellaneous (non-taxable) income?  To me, the rebate is something you get rather than something you don't give, but my analysis could be incorrect, and if it is I'd like to know. RBM On 12/01/2017 06:02 AM,

RE: How to create an asset with a reduced value compared to my regular currency (dollars)

I normally record rebates as offsets against the original purchase, so in your example below I would do it as: Asset:Bank -$1000 Expense:Electronics $1000 And then when the rebate arrives: Expense:Electronics -$100 Asset:Bank: $100 I don’t try to record the undiscounted prices of things, since

Re: How to create an asset with a reduced value compared to my regular currency (dollars)

This sounds like an overkill. I'd write the original purchase as: Asset:Bank -$430 Asset:GiftCard: $500 Expense:Rebates -$70 Whereby Expense:Rebates generally collects anything that was purchased at a discount, and I wish to record the original price as well as the discount. So, a discounted

How to create an asset with a reduced value compared to my regular currency (dollars)

I bought a $500 gift card for $430 this week. I would like to add this to gnucash as some kind of asset so that as I spend it, the correctly scaled amount gets transferred to the expense account I use. In other words, if I spend $100 from this account it's really only $86. I tried to do this