2009-04-19 GnuCash IRC logs
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18:52:04 <rgsteele||work> There's no problem with linking two bank accounts to a single asset, correct?
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18:52:50 <rgsteele||work> I want to associate my bank debit card and my credit card to a single asset pool, so I can sync transactions from each and apply them to the same pot of cash.
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18:57:11 <rgsteele||work> Eh, nevermind, I think I'm taking the wrong approach. The credit card account and my actual bank account are apples and oranges; the latter is an asset and the former is an expense.
19:00:04 <cortana> the credit card is probably a liability
19:00:39 <rgsteele||work> Yeah, but the credit card is going to be creating charges which will require deductions from the checking account.
19:02:29 <rgsteele||work> I'm not sure exactly how to set this up though. I can't associate the credit card to the checking account asset, because when I sync it up via an online transaction, it'll blow away the balance sent in the response from my bank.
19:03:15 <cortana> my brain is too frazzled to think about this atm i'm afraid :) but someone else will hopefully be able to help :)
19:03:26 <rgsteele||work> Heh
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19:06:51 <rgsteele||work> I think I have a solution that'll work. Just gonna create a credit card expense account, and sync the transactions via online transactions. Then I'll just shift the deposits to the different resources under my Expenses tree.
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21:04:59 <pwnapple> does anyone know if there's a gnu binutils-related channel around, or what the most relevant place to ask about it would be?
21:05:12 <pwnapple> (sorry this is off-topic for this channel, but I couldn't see a "general"-looking channel on /list)
21:06:33 <pwnapple> oh, I may have found it, sorry!
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22:39:41 <pattern> hi, i'm looking at http://www.gnucash.org/docs/v2.0/C/gnucash-guide/basics-accounting1.html#basics-accountingequation2
22:39:56 <pattern> where, in the 2nd paragraph, it says "you can increase your equity through income, and decrease equity through expenses"
22:40:05 <pattern> and then it gives this equation: Assets - Liabilities = Equity + (Income - Expenses)
22:40:33 <pattern> i don't see how, based on that equation, equity is increased or decreased through income or expenses
22:40:53 <pattern> clearly, in that equation equity is something other than (and not influenced by) income or expenses
22:41:03 <pattern> am i missing something? or are the docs misleading?
22:44:51 *** warlord-afk is now known as warlord
22:45:09 <warlord> you're missing Equity, the accounts, from Equity, the concept.
22:45:53 <warlord> Your Instantaneous Equity does change, but that's only reflected in the reports. It doesn't change the Equity Accounts, which only show your Equity at the beginning oftime.
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22:52:08 <pattern> so are the docs referring to Equity, the accounts, or Equity, the concept?
22:54:16 <pattern> if there is a difference in use of the term Equity between that section of the docs and the Equity in this formula "Assets - Liabilities = Equity + (Income - Expenses)", then that explains why it sounds confusing
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22:56:09 <pattern> also, that section of the docs doesn't refer to "Instantaneous Equity" vs "Equity at the beginning of time" at all
22:57:47 <pattern> of course, for someone who already understands accounting, it might be unnecessary to go over such basic concepts... but, since the purpose of that section seems to be to explain those basic concepts to people who aren't already familiar with them...
23:00:59 <warlord> Correct, the docs do not refer to different types of Equity..
23:01:28 <warlord> But the Accounting Equation refers to Instantaneous Equity.
23:01:43 <warlord> Accounts are not instantenous. They show a point in time.
23:02:07 <warlord> As you get income and spend expenses, your equity changes, but it doesn't get reflected in your equity accounts.
23:02:29 <warlord> (and yes, this is all basic accounting)
23:02:59 <pattern> can you recommend any good basic accounting books?
23:03:25 <warlord> google?
23:03:45 <pattern> thanks
23:04:29 <warlord> you're welcome.
23:04:44 <warlord> There are lots of good basic accounting docs online.
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