2010-04-28 GnuCash IRC logs
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11:01:29 <topher> Has anyone noticed a problem in GnuCash? In the tutorial it says, "Equity = Assets - Liabilities" But in the actual program Equity = Assets + Liabilities
11:02:17 <jsled> topher: liability accounts are sign-reversed by default.
11:02:41 <jsled> (when you have a credit-card balance or outsanding loan, you tend to think of it as a positive amount, not a negative one.)
11:04:05 <topher> Are expenses the same way even though they are considered different accounts by GnuCash?
11:05:36 <jsled> Expense accounts are not. See Edit > Preferences > Accounts > Reverse Balanced Accounts … the tooltip for "Credit accounts" lists Liability, Income, Equity and Payable
11:12:23 <topher> I'm changing the settings of sign-reversal and it's still implying that Equity = Assets + Liabilities.
11:13:01 <jsled> Where do you see/believe that?
11:15:15 <topher> In the accounts tab. I was just putting in random numbers. Assets Account says $600. Expense Account is $100 and Equity = $700
11:15:49 <jsled> Expenses != Liabilities.
11:15:55 <topher> If I take the $100 out of expenses and put it in liabilities account, equity doesn't change.
11:16:00 <jsled> Ah.
11:16:08 <jsled> The Equity account is more like "Equity Adjustments".
11:16:17 <jsled> For real "instantaneous" equity you need to run a report.
11:16:36 <topher> oh. alright.
11:17:32 <topher> Alright, it's not a bug. It was just confusing a little bit.
11:17:52 * jsled nods
11:18:49 <topher> In my balance sheet "Total Equity: $600" then on the bottom "Total Liabilities & Equity: $500"
11:19:13 <topher> That's kind of confusing a bit too? I don't know
11:19:24 <warlord> topher: do you have stocks, funds, or multiple currencies?
11:20:09 <topher> Stocks, but they are not accounted for in GnuCash
11:20:37 <warlord> I meant in gnucash..
11:20:46 <topher> Oh, no. I just started using it
11:24:12 <warlord> Ah, but what does your Total Assets say?
11:24:47 <warlord> "Total L&Eq" should equal "Total Assets"
11:25:02 <warlord> I.e., Eq + L = A. Or.. Eq = A - L
11:25:46 <topher> Total Assets does equal L&E
11:26:11 <warlord> There you go.
11:29:18 <topher> I would argue that the equity is wrong. When doing the calculations Liab. should be a positive number, I think the equation is keeping it negative
11:30:59 <warlord> The report is also sign-reversing it for you. You can turn that off if you want.
11:31:33 <warlord> ... for the same reason. The balance on a Liability is technically negative, but many people dont think about it that way so it's easier for the human to sign-reverse it. Internally, however, it's still "correct"
11:34:09 <topher> How do I reverse the sign-reverse for reports?
11:35:21 <warlord> They should use the general preference. (although not all reports honor that)
11:41:19 <topher> on the account summary report are assets and liabilities supposed give you a total of each? And is there a pasting channel that I can show what I mean?
11:42:04 <jsled> dpaste.com pastebin.com pastebin.ca
11:44:16 <topher> http://pastebin.com/6tQvgjF0
11:46:46 <warlord> topher: no, the account summary does not roll up balances into parent/placeholder accounts.
11:47:36 <warlord> You can change that in the report options.
11:47:44 <topher> Alright. Well, thank you for all your answers. Sorry for asking trivial questions. It's a great program.
11:47:45 <warlord> Display -> Parent Account Balances
11:48:04 <warlord> Change from the default (Account Balance) to "Subtotal"
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19:30:44 <qwarlock> hey guys
19:31:29 <qwarlock> statement... I love gnucash and push it on all my friends... I think if everyone used it the world would be a better place
19:32:25 <qwarlock> question: project accounting.... does it make any sense to make sweep accounts for projects... move the money in and out before putting it in the actual account I want it in?
19:32:34 <qwarlock> does that make any sense?
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23:54:15 <dshal> Hi there!
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