2011-07-22 GnuCash IRC logs
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08:17:27 <soa2ii> Hi. What's the right way to solve this: You get cash from a cash machine. So you have it imediately in your purse. The withdrawel on you bank account is usually some days later though. The money is somewhere "twice" then. Is there a special account for that?
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08:29:07 <warlord> soa2ii: if you REALLLY care about that time difference then you can use a suspense account, but generally you would just create the transaction dated the time you initiate it. Then when it actually clears your account you can mark it "cleared"
08:29:51 <soa2ii> warlord: I thought about that too. I'll stick with the "mark as cleared" then I think.
08:31:46 <warlord> soa2ii: that is the generally-approved GAAP method
08:31:58 <soa2ii> GAAP?
08:33:36 <soa2ii> warlord: btw, I used gnucash now for a while to manage my private expenses. Now my girlfriend might start a a little business. Do you know some place to read a little about the customer management and so on? I started to play around a little and it seems that there are a lot of new features I haven't noticed yet. (writing bills and so on)
08:36:55 <warlord> Generally Approved Accounting Practices
08:37:11 <warlord> As for docs -- Check the GnuCash docs themselves and the Wiki?
08:38:44 <soa2ii> warlord: Of course. Wasn't sure if they mention all features. :-)
08:38:58 <warlord> I'm not sure, either.
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09:20:40 <linas> ola
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11:45:25 <warlord> hiya linas_
11:50:45 <linas_> hey, was out for a while, thought I should check in.
11:53:22 <warlord> No worries.. I've been in and out myself. How's life in TX?
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12:08:14 <linas_> well, other than irc bouncing up and down .. fine
12:08:31 <warlord> Yeah, not sure if that's at your end or IRC's end?
12:08:33 <warlord> @op linas_
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12:08:53 <linas_> vaguely thinking about asking you to mint me an ssl certificate to deploy on gnucash.org
12:09:20 <linas_> (I figure that having the same signing authority as on the other servers would be better)
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12:12:17 <JasonBoxLaptop> hrm, how to handle student loan that gets transferred between lenders way too often with a concommitant reduction in interest each time?
12:13:31 <JasonBoxLaptop> Also not sure how to handle interest only payments
12:14:19 <warlord> linas_: I think I use a self-signed cert. Although we should consider going with a "real" cert.
12:14:34 <warlord> JasonBoxLaptop: Don't use SXes ;)
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12:16:55 <JasonBoxLaptop> What do you suggest?
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12:17:35 <warlord> when you get your monthly statement manually split your principal and interest payments. If it's purely an interest-only payment then leave the split to principal as $0.00
12:19:24 <JasonBoxLaptop> heh, there is no monthly statement, guess I'd need to find them
12:19:36 <JasonBoxLaptop> I won't be able to get any historical ones, though
12:20:06 <JasonBoxLaptop> What is the purpose of the SX?
12:20:10 <warlord> True, but you have pick SOME starting date and just ignore everything from before that.
12:20:36 <warlord> http://wiki.gnucash.org/wiki/FAQ#Q:_What_is_the_.22SX.22_thing_I_see_on_the_lists_and_IRC_periodically.3F
12:21:49 <JasonBoxLaptop> Yeah, I know what the SX is, but if not useful for this purpose, in what circumstance(s) would it be useful?
12:22:19 <warlord> If you have a constant loan.
12:22:23 <JasonBoxLaptop> Given the potential uncertainy of loans, sounds like it should never be used for that?
12:22:31 <JasonBoxLaptop> It was, for a while lmfao
12:22:50 <JasonBoxLaptop> Couldn't I also just 'pay off' the loan and create a new one using a new SX?
12:22:54 <warlord> I've never ever heard of a loan that changes interest just because it changes ownership.
12:23:15 <JasonBoxLaptop> It's like good behavior, for whtaever reason I keep getting interest rate breaks ;)
12:23:24 <JasonBoxLaptop> Who knows, I'll take it lol
12:23:34 <warlord> Well, sure, you could do that.. Or just set up a new SX. However it may be unclear what the basis is.
12:23:51 <JasonBoxLaptop> Which part is the basis?
12:24:40 <warlord> the original loan amount.
12:31:01 <JasonBoxLaptop> Wouldn't it be what the new company sends me when they tell me they acquired my loan?
12:31:19 <warlord> MAYBE....
12:31:21 <JasonBoxLaptop> Always gotten something in the mail with an outstanding amount and interest rate
12:31:37 <JasonBoxLaptop> hrm
12:31:46 <warlord> Yes, but that doesn't mean it's <outstanding balance>, <rate>, <# payments left>
12:34:55 <JasonBoxLaptop> Pretty sure that's what I get, is that not enough information?
12:35:01 <JasonBoxLaptop> Have to dig up the paperwork
12:35:53 <warlord> Nope, that's not necessarily enough to compute your payments and P/I splits
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12:51:19 <JasonBoxLaptop> What is necessarily enough?
12:52:26 <warlord> Generally you need to know the "original" principal balance, the "original" loan term, the rate, and the number of payments left.
12:52:55 <warlord> However in these situations it may be harder to determine those values. You could play around and look at the amoritization tables.
12:54:11 <JasonBoxLaptop> Oh, how is "original" differ from 'original'?
12:54:31 <warlord> That's a very good question.. And I dont have an answer for you
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12:57:01 <JasonBoxLaptop> If I start with balance X and it terminates at 0 at the end of the period they specify, wouldn't that at least be a decent approximation?
12:58:07 <warlord> Maybe. Maybe not. It depends on how they amortize it.
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12:59:48 <warlord> For example, let's say you start with $10k over 10 years at some rate x Then 5 years later it moves and you get a reduced rate, y. At that 5 year mark your principal is (hopefully) much less than $10k, but it's probably more than $5k.
13:00:08 <warlord> Either way, the question is: do they amortize the new loan as 5 years? Or as a 10-year loan 5 years in?
13:00:17 <JasonBoxLaptop> Ah, okay
13:00:40 <JasonBoxLaptop> At least for the current loan, I can attempt to ask
13:00:52 <JasonBoxLaptop> No idea if they'll be helpful, though
13:01:41 <warlord> You can play around with loan calculators until you figure it out.
13:01:45 <JasonBoxLaptop> Depending on what old paperwork and statments I have, I might be able to tease that out with guesswork, though
13:01:58 <warlord> Just plug in different numbers and look at if the payment schedule matches.
13:02:01 <JasonBoxLaptop> Yeah, that's what I did when I first set it up back in 2003 or 2004
13:02:29 <JasonBoxLaptop> A best guess will be fine for my purposes
13:02:54 <JasonBoxLaptop> I'm sure I can make journal adjustments if I end up being really wrong
13:03:59 <warlord> true.
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13:12:10 <JasonBoxLaptop> Thanks for your insight on this!
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13:33:20 <warlord> good luck!
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