2010-04-18 GnuCash IRC logs
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06:38:01 <adabo> How do you add a due date to the accounts receivable register?
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07:33:25 <adabo> I don't understand the how-to personal loan to a friend. I bought him a phone, and he will pay me half next month and half after that.
07:36:24 <adabo> Table 7.2 does NOT work. I don't know why. I enter the increase and 'enter' and it immediately copies the transaction to the next line down and makes a decrease value of the same...
07:39:43 <Simon> do you have a separate account to represent the loan?
07:40:25 <Simon> it sounds as though you've entered a transfer from an account to the same account...
07:51:19 <adabo> I think you're right
07:52:24 <adabo> about the transferring to the same account. But the table in the tutorial is essentially saying that. At least how I see. Ok let's start over. I created a "loan" account under expenses.
07:56:12 <adabo> I create a child account under it: bob
07:57:54 <adabo> Enter the transaction. For "Transfer" I used "assets:current assets:checking account" Then "Expense: $50"
07:59:51 <adabo> he pays me in cash next month. Where do I put this transaction? Under the loan as "rebat"? Or under "cash in wallet" as "receive"?
08:00:05 <adabo> *rebate
08:19:10 <maynard> adabo: The loan you made to your friend is an asset, not an expense. You would create either an asset named
08:19:42 <Simon> surely it's a liability?
08:19:58 <maynard> "Loan to Bob" under your assets account. Transfer from cash to the asset. Then as he repays you, you transfer from the loan to cash.
08:21:11 <adabo> Oh, I see. cash? I used check, does it matter?
08:21:22 <maynard> Simon: Nope. A loan somebody gives you is a liability. A loan you give somebody is an asset, because you expect to make money from it.
08:21:32 <maynard> adabo: Nope. That's fine.
08:22:35 <maynard> adabo: If he doesn't repay you, then that asset becomes an expense. Either expense:gifts, expense
08:22:46 <maynard> expense:bad debts
08:22:56 <adabo> aha
08:24:47 <adabo> maynard: So let me racap: Create acct: assets:loan to bob. Add transaction: transfer: assets:current assets: checking account. Sound right?
08:25:50 <maynard> Yes. I usually do all my transfers from the checking account, but it really doesn't matter.
08:26:53 <maynard> Then your loan to Bob should have a positive balance, and not decrease your overall assets. As bob repays you, you transfer money from the loan asset to whatever current asset you are putting the money in.
08:27:21 <adabo> ... sorry. This is all new to me
08:27:57 <maynard> If you are charging interest, you would put that in your checking account, or cash, or whatever, and the transfer account would be interest:income or something like that.
08:28:12 <maynard> Me too. ;)
08:28:29 <adabo> no interest. hehe really? You seem to know you stuff
08:29:31 <maynard> I was forced to learn a lot fast to help out my company when we fired our bookkeeper. :D
08:29:50 <adabo> :) that's one way
08:29:56 <adabo> question:
08:30:33 <maynard> answer:
08:31:06 <adabo> this is where you put on your special "decoder" glasses
08:31:21 <maynard> :)
08:31:53 <adabo> I created."loan to bob", where do I transfer? Checking? And do I put the loan $ under increase or decrease?
08:32:52 <maynard> That's why I always do things from the checking account. Go to the checking account, decrease the checking account by the loan amount and use the loan account as the transfer account.
08:33:09 <adabo> OH
08:33:11 <adabo> :(
08:33:12 <adabo> oops
08:33:14 <adabo> :)
08:34:04 <maynard> That will increase the loan amount. So if you want to do it from the loan, you would increase the loan amount and use checking as the the transfer account. That would decrease checking.
08:34:47 <maynard> You can do it either way, but it always seems to make most sense from the perspective of the checking account.
08:35:33 <adabo> actually
08:35:34 <adabo> your right
08:35:53 <adabo> because I bought him a phone at the store with my debit card
08:36:06 <adabo> so I loaned him $ from the checking account
08:36:11 <maynard> Yes.
08:36:48 <maynard> But that's not an expense, because that money's not really gone. Bob just has it for a while. So, it's still an asset.
08:37:22 <adabo> I don't even know if I should ask about "net worth"...
08:37:34 <maynard> If he doesn't pay, then you're not getting the money back and it becomes an expense.
08:37:45 <maynard> Go ahead, not sure I will be able to answer though.
08:37:47 <maynard> :D
08:37:55 <adabo> hehe
08:39:09 <adabo> I don't know even know how to ask what I should ask. I'm just trying to build a basic home budget system.
08:40:31 <maynard> Me too. Make sure your accounts reflect what you actually are interested in tracking. For example do you just want to track utilities, or do you want to track gas, electric, water, and trash?
08:41:44 <adabo> i prefer it separate. I can monitor where the money is specifically going. "Hey! I used more power in Dec than July."
08:42:06 <maynard> If the former, you just need one account - expenses:utilities. If you want the details, you need: expenses:utilities:electric, expenses:utilities:gas etc.
08:43:13 <maynard> Having a good chart of accounts makes things a lot easier. I started with the account wizard and then added and deleted accounts until I had a list of accounts that reflected the expenses, income, assets, and liabilities that I want to track.
08:43:26 <adabo> exactly
08:43:52 <adabo> I need a few months before i can fine tune it like yours
08:45:46 <adabo> when "bob" makes payments, where should I enter them?
08:46:31 <adabo> OH
08:46:41 <adabo> cash in wallet, because he will pay in cash?
08:46:56 <adabo> and transfer to loan?
08:47:07 <adabo> "to bob"?
08:53:07 <maynard> yes.
08:53:57 <maynard> This will decrease the loan asset and increase your cash asset. Bob will owe you less, but you will have more cash. (Net Worth unchanged)
09:07:12 <adabo> how the HECK does it know to transfer it as a decrease? :)
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09:19:22 <maynard> Well.... You should learn about debits and credits to answer that one.
09:20:26 <maynard> Here's a link. http://www.dwmbeancounter.com/moodle/mod/resource/view.php?id=13
09:21:10 <maynard> It's an online tutorial to basic accounting. It's oriented towards businesses, but the principles are the same regardless.
09:22:54 <maynard> Basically your transaction includes a debit and a credit. Debits (the entries on the left) increase asset accounts while credits (the entries on the right) decrease accounts. When bob pays you, you are debiting cash and crediting the loan.
09:23:29 <maynard> The result is that cash increases (debits increase assets) and the loan decreases (credits decrease assets).
09:23:33 <maynard> Clear as mud right?
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09:24:41 <maynard> ...while credits (the entries on the right) decrease *asset* accounts....
09:27:41 <adabo> I wouldn't say mud..
09:28:42 <adabo> but it makes sense. It will be clearer the more I use it and become familiar
09:33:14 <maynard> Yes. It will.
09:51:52 <adabo> Thanks :)
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13:03:50 <maynard> question about liabilities in budget report: the amount shown in the Act. column for liabilities does not equal the sum of the liability subaccount balances in the ACT. column. Is this a bug, or is there something I'm not understanding about the budget report?
13:05:48 <maynard> disredard. I figured it out. Some of the accounts under liabilities are summary accounts as well. Oops. my bad. :)
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17:36:47 <gjanssens> @tell warlord It seems the mailing lists have stopped working for me. Two of my mails bounced, and I don't see any commit messages anymore.
17:36:47 <gncbot> gjanssens: The operation succeeded.
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18:31:22 <ElBano> help
18:31:25 <ElBano> when i copy a transaction
18:31:32 <ElBano> when i paste it, it doesn't paste the date
18:31:41 <ElBano> because it seems i have to click somewhere to paste it to
18:31:47 <ElBano> it keeps the date in the empty record
18:33:39 <maynard> Right click on the transaction you want to copy and select duplicate transaction?
18:35:55 <ElBano> i want to copy it to a different place
18:36:00 <ElBano> a different account
18:36:10 <ElBano> but when i do, i have to select a record in that diff account, so i select the last blank one
18:36:16 <ElBano> and it keeps the current date of today
18:39:25 <maynard> Change the date?
18:40:06 <maynard> gotta go. Good luck.
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18:40:23 <ElBano> i do that
18:40:29 <ElBano> but i have to do it every single time i paste the transaction
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20:54:13 <adabo> The first time I imported a qfx file it asked me for the currency. It doesn't do it anymore. How do you get it back?
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