2010-01-04 GnuCash IRC logs
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08:14:26 <Svetoslav> why isn't there an option to set an opening balance for an equity account (in my case for fixed capital) ?
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08:38:57 <warlord> @nick gncbot
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08:39:09 <warlord> jsled, can you reset the title?
08:57:56 <Svetoslav> why isn't there an option to set an opening balance for an equity account (in my case for fixed capital), it is always zero ?
09:04:05 <warlord> Equity never has an opening balance.. It makes no sense.
09:04:25 <warlord> Fixed capital isn't equity -- it would be an asset
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09:08:15 <Svetoslav> ok ;)
09:32:35 <warlord> Svetoslav: Just remember the Accounting Equation: Equity = Assets - Liabilities
09:32:41 <warlord> (at least for account setup)
10:21:57 <Svetoslav> ok what about retained earnings then - don't they have an opening balance too ?
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10:34:08 <warlord> There are no 'retained earnings' prior to the opening balance.
10:34:32 <warlord> Indeed, there is "nothing" before the opening balance
10:36:03 <Svetoslav> so if I had opening capital from past years ... what do i do ?
10:36:15 <Svetoslav> record it into income and move it to retained earnings ?
10:38:27 <Svetoslav> ok mayby I ask dull questions
10:38:36 <Svetoslav> I'm new to accounting
10:42:46 <warlord> There is no such thing as "previous years"... Nothing exists before your opening balance.
10:43:07 <Svetoslav> I see, thanks
10:43:08 <warlord> If you want to track "previous" retained earnings then you're setting your opening date incorrectly.
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11:31:57 *** jsled changes topic to "Free GPL Personal and Small Business Accounting || Please don't ask to ask, just ask and wait! || publically-logged channel || latest stable: 2.2.9"
11:32:26 <warlord> thanks jsled ... hope you had a great holiday!
11:32:43 <jsled> warlord: yeah, it was pretty good. :) yourself?
11:48:44 <warlord> Yeah.. 5-6 days offline! :-D
11:48:51 <warlord> (and only 1200 messages today)
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12:50:37 <ska> My observation about account duplication were false concerning the newest version of gnucash2 for fink.. I had uplicate accounts from prior year.
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14:07:55 <galileo> If anybody is here : small update for the currency list in gnucash: YUM (Yugoslav Dinar) no longer exists, Yugoslavia broke in to Serbia and Montenegro, official currency of Serbia is RSD Serbian Dinar, for montenego its EUR
14:09:35 <galileo> http://en.wikipedia.org/wiki/Serbian_dinar
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14:10:36 <warlord> whee -- fly-by bug report!
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15:25:40 <czq> hi, how can i enter a starting balance in Cash?
15:28:45 <warlord> Txn from Equity:Opening Balances
15:30:45 <czq> hmm
15:30:48 <czq> arite, thanks
15:34:00 <czq> so, when i create an "Equity" account, how come i can't enter the ammount that i want?
15:34:36 <czq> i'm just trying to understand how this Cash works and the tutorial is not exactly a tutorial...
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15:39:06 <czq> and why does a budget have to get tied to an account?
15:40:19 <jsled> The only place you are prompted for an opening balance is when you use the predefined account hierarchies.
15:40:29 <jsled> All it does it create a transaction against Equity:Opening Balances.
15:40:38 <czq> i was not prompted...
15:41:08 <jsled> It might not have been obvious, but the tree view of accounts being created has a column for the opening balance.
15:41:35 <jsled> Just creating a single new account via the account tree does not prompt for an opening balance, IIRC.
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15:44:25 <czq> so, i want to create a budget, i don't want one estimated for me
15:48:03 <czq> can you help me through this?
15:49:48 <jsled> I don't know the budgeting tool at all.
15:49:50 <jsled> sorry.
15:51:40 <czq> gdmf
15:51:43 <czq> not you man
15:52:19 <czq> i just get all excited about free projects that GNU does and then get disappointed in the implementation
15:52:43 <czq> it seriously needs a UI architect/design flow architect
15:53:17 <jsled> fwiw, "GNU"/FSF didn't do anything apart from the branding.
15:53:34 <jsled> well, except for that whole "creating the free software movement" :)
15:53:35 <warlord> jsled: there is an OPening Balance page that is only shown in the New Account dialog (not in the Edit account dialog)
15:53:56 <jsled> and, yeah, GnuCash has a lot of ui/ux issues
15:54:24 <warlord> czq: the budgetting stuff was half-written by a guy who disappeared shortly after the code was committed.
15:54:28 <jsled> ah. I stand corrected, then.
15:55:44 <felichas> Hi, I don't know how to set this up:
15:55:46 <felichas> I have a gas card I can use on credit. No fees. Every month they bill my main account with anything I spent the previous month (gas, groceries and payways). I also get a 2% discount, but only on the gas.
15:55:53 <felichas> How do I set this up? So far I have Expenses:gas, Expenses:payway, Assets:Current Assets:MainAccount, Liabilities:card, but I don't know how to manage the 2% discount.
15:55:55 <warlord> czq: there are two docs, the help and the Tutorial/Guide. The latter IS a tutorial but it does expect you to have some very basic accounting knowledge.
15:57:04 <warlord> felichas: There's probably not a good way to automate the 2% discount; every month when the card gets paid you can add a Split to Income:Card Discount for the 2%
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16:58:03 <felichas> The reconciliation tool does not work as I would expect with this setup
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17:00:26 <warlord> felichas: what do you mean? "this setup?"
17:03:17 <felichas> Setting up these accounts: Expenses:gas, Expenses: payway, Assets:Current Assets:MainAccount, Liabilities:card, Income:Discounts:2%gas
17:03:33 <felichas> To handle a gas card I can use on credit. No fees. Every month they bill my main account with anything I spent the previous month (gas, groceries and payways). I also get a 2% discount, but only on the gas.
17:05:16 <felichas> Reconciliation setups the bank charge, but I have to go on and modify it to include the 2% discount
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17:07:28 <mick> Hi All & Happy New Year! Is there a UK template that I could use to prepare a small business tax return? My wife seems to have picked up what looks like an American set of account entities.
17:07:37 <warlord> felichas: Ah, yeah, that might be a problem.
17:08:33 <warlord> mick: I'm afraid I do not believe anyone has dontated a UK-based business account hierarchy template.
17:09:19 <warlord> felichas: especially if they take the 2% off the top instead of rebating it later.
17:09:39 <mick> Thanks warlord.
17:09:51 <warlord> .... in which case every time you enter a Gas expense you should take the 2% discount yourself in a split transaction.
17:10:24 <warlord> E.g., Expense:Gas $10, Income:Gas Rebate: $10 * .02 , Liabilities:Card <remainder>
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17:13:46 <felichas> warlord: They take the 2% off the top. And yes, I could do that $10*.02, but when I get the expenses list mailed to me the number would no longer match, and I would have to forget about reconciliation.
17:14:43 <warlord> felichas: If they take it off the top then what I just said is the way to do it... because it WOULD match.. If you spend $10 on gas what shows up on your bill? $10? Or $9.80
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17:18:20 <felichas> warlord: you are 100% correct with the numbers after all, but it doesn't match the invoice the print out. The invoice has the numbers of every charge, and in the button of the page all the gas gets added, 2% applied and then you get the discount. And the numbers above are what you use for the reconciliation after all.
17:19:21 <warlord> Which numbers? 10? or 9.80?
17:24:11 <felichas> the invoice says date1 10$, date2 20$, date3 15$. Total Gas=(10+20+15)$ Discount=(10+20+15)*0.02$ Total to be charged=(10+20+15) - (10+20+15)*0.02 $
17:24:55 <felichas> and the 10, 20 and 15 are the numbers I look for in the invoice and check in the reconciliation tool
17:25:45 <warlord> Ah, okay, then do what I said the first time. Enter in 10, 20, 15.. and at the end of the month enter in the (10+20+15)*.02 rebate as another transaction.
17:30:06 <felichas> would it be correct to charge this transaction to Income: Discounts: 2%gas ??
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17:31:38 <warlord> sure
17:31:51 <felichas> cheers
17:31:54 <warlord> :)
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