2010-09-23 GnuCash IRC logs
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07:46:09 <shact> Hi all. If I have an account with a utility company, and each month pay the £x for the services that I have used, then I make an overpayment to my account of £y, how should this be incicated in GnuCash? I have a method, using an expense account and an untouchable dedicated asset account, but that seems messy. Thanks
07:49:07 <kimmo> come again?
07:49:28 <kimmo> what is this overpayment?
07:49:37 <kimmo> where is it paid to?
07:49:49 <kimmo> if £x constant? or is £x + £y constant?
07:50:09 <kimmo> is*
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08:14:50 <warlord> shact: For me I'd just say ₤y from Checking -> Expense and not worry about tracking that it was an overpayment.
08:18:23 <shact> warlord, yeah that's what i was doing until this week, but i'd like to have the record of what paid for what on the bills, so if I'm paying money in advance i would need a way to record that
08:19:11 <shact> Maybe I should put them as liabilities. Technically I suppose they are credit accounts
08:19:31 <warlord> shact: well, you COULD use the A/P Vendor Bills...
08:19:37 <warlord> But it's a LOT of work.
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08:20:04 <kimmo> well you'd have an asset account taht you move the money from your bank, "advanced paid", and a liability "utilities owed" that you deduct the individual items from into separate expense accounts, and then just balance that to 0 from the advances paid
08:20:08 <shact> warlord, hmm, i'm not heard of those. i'll check them out
08:20:38 <warlord> shact: it's part of the business features.
08:21:21 <warlord> Or you could do it manually. Bill: Liability -> Expense; Payment: Checking -> Liability
08:23:41 <shact> While that Vendor thing looks good, I think I'll go with liabilites and keep it simple. Cheers guys
08:25:01 <warlord> Note that A/P is a liability; but it's more designed for when you delay payment of bills.
08:26:26 <shact> that's cool. I've created liabilities:service contracts :)
08:27:48 <shact> ...oh damn i'm going to have to put all the bills in
08:28:29 <warlord> You can just start with the current ones; no need to shift them around.
08:28:52 <warlord> You'll also need a different account for each vendor in order to keep track of WHICH vendor has been over/under paid.
08:29:02 <warlord> (The A/P system can do it with one account because it keeps metadata)
08:29:33 <shact> Yep I know. Got seperate accounts already
08:30:01 <warlord> ok
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15:35:14 <Koreth> Hello
15:35:45 <kimmo> what's up
15:36:09 <Koreth> I have some questions about setting up debt accunts in gnucash and showing said debts have been settled.
15:36:23 <kimmo> sure go ahead
15:37:36 <Koreth> Let's say I have a liability of $1000. I create a liability account with an opening balance of $1000 taken from the equity account. The creditor then allows me to settle the debt for say, 65%. So I can show a payment of $650 from a checking account to the liability, but I'm trying to figure out the best way to show what happens to the remaining $350.
15:38:44 <kimmo> well, that's a non-taxable income I'd say
15:40:33 <Koreth> There any special way to show the non-taxable status of that income, or just create an income account and put non-taxable in the notes?
15:40:56 <todd> you can flag an account as tax related or not
15:41:04 <warlord> Income:Non-Taxable Income ?
15:42:51 <Koreth> Is that flag under the account settings or elsewhere?
15:43:23 <todd> in the list of accounts, right click on the account, edit account .. iirc its on the lower left side of the resulting dialog
15:44:03 <Koreth> Oh I see it. It is disabled.
15:44:34 <warlord> todd: I thought it was only editable through Edit -> Tax Settings?
15:44:58 <Koreth> Yeah, just found that.
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15:49:46 <todd> gnucash 2.2.9 here, tax related is not checkable but present in the 'click on account -> right click -> edit account' stuff, never played with the 'edit -> tax settings' but makes perfect sense now that I see it
15:53:09 <kimmo> I have all my income accounts as Income.IncomeTaxable.*, Income.CapitalGainsTaxable.*, and Income.Untaxed.*
15:53:43 <kimmo> aww fuck
15:54:13 <kimmo> why do we europeans have to wait 3 more hours until our Steam copies of Civ V are unlocked? :(
15:55:43 <warlord> LOL
15:55:49 <jsled> heh
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16:03:51 <kimmo> really, what is the point in this?
16:04:04 <kimmo> it was released through steam, I've already paid for it
16:04:17 <kimmo> why can't I play on the 21st when you fuckers can
16:04:42 <Koreth> Punishment for being hours ahead in timezones?
16:04:43 <kimmo> do they really know that if they'd let europeans play it on tuesday, that would be the end of the productivity for that week?
16:05:59 <kimmo> oh well, I paid VAT on that, so it's gotta be a ETA country company that sold it, so I can invoke the full refund clause of EU remote sales directive and just play on my vmware image without network
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16:42:39 <Koreth> This double-entry system in GnuCash is nifty. A bit tricky to wrap my head around at first, but I think I'm starting to get it. And I've spotted a few errors in my earlier bookeeping because of it.
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16:55:16 <kimmo> "nifty". A funny word to describe something that was encouraged in the 15th century
16:55:55 <kimmo> it just adds a layer of double-checking, which comes in _very_ handy if you do the books by hand, paper, and pen
16:56:22 <kimmo> not so required anymore for double-checking reasons with computers, but quite essential otherwise
17:03:58 <Koreth> double checking is good.
17:05:45 <kimmo> indeed
17:06:36 <Koreth> It may have come about in the 15th century, but I wonder how many regular people even know such exists or just rely on what the bank's internet statement or the single-entry setup w/ checkbook says.
17:06:38 <kimmo> hrm, AMD Phenom II X6 1090T Black Edition 3.2GHz for 219 EUR, or AMD Phenom II X6 1090T Black Edition 3.2GHz for 290 EUR
17:07:39 <kimmo> I'd say about 96% of adults don't have any bookkeeping, 3% have some bookkeeping, and 1% have bookkeeping that would satisfy a CPA
17:07:46 <kimmo> and I'm most likely overoptimisti
17:07:47 <kimmo> c
17:08:55 <Koreth> And people blame the government for the economy collapsing
17:11:32 <kimmo> yup
17:12:51 <kimmo> my wife is somewhat furious at me, as I refuse to buy us a bigger place, since "everyone else can afford it"
17:13:02 <kimmo> I'm self employed, she's a stay at home mum
17:15:00 <Koreth> "We're not everyone else."?
17:15:12 <kimmo> hrm, AMD Phenom II X6 1055T Black Edition 2.8GHz, 219 EUR, vai AMD Phenom II X6 1090T Black Edition 3.2GHz, 290 EUR
17:15:27 <kimmo> yeah but that will just start the bithin
17:15:31 <kimmo> bitchin
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17:47:40 <Koreth> How does the 'close book' under the Tools menu work? Does that just close the account currently being worked on, or everything for whatever the time period is?
17:48:40 <kimmo> it's equal to what businesses do at the end of the fiscal year
17:49:05 <kimmo> it sums up all the expenses and incomes and moves them the the proper accouts
17:49:08 <kimmo> nts
17:52:19 <Koreth> The proper accounts being something specified or some kind of a year end equity account?
17:56:22 <kimmo> an Equity account
17:56:53 <kimmo> it just creates two huge splits to zero all income accounts to an equity account, and the same for all expense accounts
17:58:54 <Koreth> But the past transactions remain in the income and expense accounts, so you can still look up past records?
17:59:15 <Koreth> i.e. How much did I spend on fast food back in June last year?
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