2010-06-21 GnuCash IRC logs
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04:13:03 <Dave_is_sexy> Morning all. I'm trying to work out how to do the following: buy 9 large items at different times over the financial period on credit and pay off the card at the end of the period. It seems that these things won't be expenses until I have to pay for them, so I can't put them between liability and expense. I figured I should use equity like i have done for interest but then it wont show up in the right expense groups on th
04:16:27 <kimmo> umm, no
04:16:49 <kimmo> you shouldn't use the equity account for anything during the year
04:17:11 <kimmo> why does it seem the items won't be expenses until you have to pay for them ?
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04:42:35 <Dave_is_sexy> cos.. i wont have to pay for them on the dates that they have? maybe
04:48:44 <blathijs> Usually, an expense is dated at the moment you bind yourself to pay something (e.g., date of purchase or invoice date), not the moment you actually withdraw the money from your bank account
04:50:32 <blathijs> In fact, your credit card is actually just an account, so the moment you do the purchase, the balance on your credit card will drop
04:50:47 <blathijs> and the payoff at the end of the month is nothing more than transferring money from your normal account to your credit card account
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08:18:12 <kimmo> maybe dave_se_sexy should learn basic accounting first...
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21:19:17 <nmx> i need some help accounting for my FSA (flexible spending account). it gets funded from pretax dollars from my salary. so currently i have two accounts set up. an equity "FSA" account and a liability "FSA" account. at the beginning of the year i debit the full amount from equity and credit the liability. then with every pay stub, i credit the equity account
21:19:34 <nmx> what i can't figure out is how to track the money i spend with the FSA debit card, since i never really have the money to begin with
21:21:12 <davr_> I would make the FSA account an asset / equity, and transfer money to it from an income account (eg Salary), then when you buy pills or whatever, transfer money from the FSA account to a medical 'expense' account
21:21:59 <warlord> ... and at the end of the year, zeroize with Expenses:Lost FSA Funds
21:22:01 <nmx> ok i guess that's the step that was missing, i should set up a separate expense account for nontaxable expenses?
21:22:27 <davr_> expenses generally aren't taxable, are they?
21:22:33 <nmx> tax deductible
21:23:10 <davr_> ah, it's not required, but that would probably make it easier at tax time to see what you can deduct and what you cannot
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21:25:01 <nmx> it just feels weird calling something an expense when i never really had the money to begin with, but separating it and marking it as non deductible would make me feel better :P
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21:44:30 <warlord> Ah, but you DO have the money...
21:44:33 <warlord> (or at least, you will)
21:44:39 <warlord> The expense is still an expense...
21:49:19 <nmx> well, i never have the money if i'm using the debit card
21:51:08 <nmx> so now i realize setting up the opening balance as an equity won't work, since every paycheck i would be crediting gross pay but debiting the equity, which would make the balance go up instead of down
21:51:18 <nmx> (the balance in the equity account, i mean)
21:56:46 <davr_> you do have the money, even with the debit card. it's in a separate account that you can only spend from for certain expenses. it's not much different from using a debit card which takes money from a checking account.
21:58:08 <nmx> i suppose
21:59:35 <nmx> oh, with it set up as an asset, the equity account does what i want it to do
21:59:40 <warlord> You DO have the money -- in the FSA account itself.
21:59:45 <nmx> i need to learn better accounting - i'm trying :P
22:00:27 <nmx> warlord: that's true, but the money in there is a credit until i've paid it all up at the end of the year, that's why i was thinking of it more as a liability than an asset
22:01:16 <warlord> nmx: that's fine...
22:01:29 <warlord> That tells you whether you could be under water if you leave your job
22:01:47 <nmx> i don't think i would be though. i think they're required to pay it out anyway
22:01:51 <nmx> although i would have to check that
22:03:58 <nmx> i think the way it works is that i wouldn't have to pay back anything if i lost my job if i spent more than i'd paid in. but i would lose what i had paid in, just like i would at the end of the year, if i hadn't spent it all
22:04:36 <nmx> but anyway setting it up as an asset seems to make all the bookkeeping work
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23:19:48 <Willnet> I'm seeing a problem running the lastest dev version. On startup, I get "<unnamed port>: no code for module (www main)". Any idea what I'm missing?
23:22:10 <Willnet> ls
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