Re: Balances forward of unused cash advances from previous year

[Adrien Monteleone]

Speaking of Irish stout I plan to be brewing some this weekend, perhaps with 
cherries. We might do a porter instead though, still deciding on recipes.

Stay thirsty,

Adrien

> On May 18, 2017, at 7:39 AM, Maf. King  wrote:
> 
> On Thursday, 18 May 2017 13:07:07 BST Anita Graves wrote:
> 
>> 
>> What is a widget?
>> 
> 
> A generic term for raw materials that one might buy to incorporate into a 
> finished product.  I have no idea what your expenses are - so a generic term 
> seemed appropriate.
> 
> as in "this gadget uses a new design of widget to improve the efficiency of 
> the 
> sproket to grommet conversion ratio"
> 
> Also, AFAIK, first commonly used to refer to the little bit of plastic 
> invented 
> in the 80s to make Draught Guinness Beer in cans taste more-or-less like it 
> does from the pump in the pub. 
> 
> Yes, I know Guinness is Stout not "just" beer.  Flames -> /dev/warm-the-mash
> 
> HTH,
> Maf.
> 
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Re: Balances forward of unused cash advances from previous year

[John Ralls]

> On May 18, 2017, at 5:39 AM, Maf. King  wrote:
> 
> On Thursday, 18 May 2017 13:07:07 BST Anita Graves wrote:
> 
>> 
>> What is a widget?
>> 
> 
> A generic term for raw materials that one might buy to incorporate into a 
> finished product.  I have no idea what your expenses are - so a generic term 
> seemed appropriate.
> 
> as in "this gadget uses a new design of widget to improve the efficiency of 
> the 
> sproket to grommet conversion ratio"
> 
> Also, AFAIK, first commonly used to refer to the little bit of plastic 
> invented 
> in the 80s to make Draught Guinness Beer in cans taste more-or-less like it 
> does from the pump in the pub. 
> 
> Yes, I know Guinness is Stout not "just" beer.  Flames -> /dev/warm-the-mash
> 

Just for fun, I'll point out that "gadgets" and "widgets" are generic but 
"sprocket" (the toothed wheels on your bicycle that engage the chain) and 
"grommet" (a fitting that goes around the edge of a hole either to prevent 
chafing or to reinforce the hole) are real things. Converting one to the other 
would be an interesting project. ;-)

http://www.dictionary.com/browse/widget 
 says that the word first appeared in 
the 1920s.

Regards,
John Ralls
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Re: Balances forward of unused cash advances from previous year

[Maf. King]

Hi Anita.

I think I would record them at start of year in an asset account - something 
like Assets:AdvancePaymentsMade.  Then as you "use up" the pre paid expense, 
transfer between Expenses:widgets and A:AdvPay so that the asset tends to 
zero.

This presumes that if the expense didn't really happen, you'd be entitled to a 
refund of the payment, and that any tax treatment is expecting you to claim 
for the expense as it happens, not when you paid last year (ie not accrual 
basis).

It also presumes that you have checked your local laws and practices for any 
specific guidance, esp. in the case of business accounting.


IANAA etc.
Maf.


On Thursday, 18 May 2017 12:16:44 BST Anita Graves wrote:
> Dear All GC friends,
> 
> In the previous financial year, there were some funds advanced to two
> different persons for two different expense categories that appear in the
> account tree of that year.  In both of these accounts, there are now
> expenses to record to use up those cash advances, and I have the same
> accounts in this year’s account tree.
> 
> I do not know how to account for these unusued balances that carry over to
> this new year and to record the expenses in this new year to zero out the
> balances of the cash advances.  Are they to be confused with the equity
> account?  Balances forward???  Are they child accounts to some parent
> accounts?
> 
> Thanks for your help….
> 
> Anita




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