2012-01-15 GnuCash IRC logs
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00:24:19 <dennis> Anyone notice any changes to aqbanking in 2.4.9 for windows? I am seeing no difference and am still not able to connect to my bank.
00:24:38 <dennis> Works fine in linux.
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01:53:46 <dennis> Anyone notice any changes to aqbanking in 2.4.9 for windows? I am seeing no difference and am still not able to connect to my bank. Works fine in linux.
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13:17:53 <palithius> I've been searching online for an answer but I am stuck -- how do I distribute shareholder distributions in GNUCash (this is for an S corp)?
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14:33:14 <john> palithius: I do it by having a Liabilities account called "Declared Dividends"
14:34:34 <john> I transfer the total dividend/distribution (to all partners, but I'm running an LLC instead of an S-Corp) from Equity:Retained Earnings
14:35:22 <john> Then I write the dividend checks to each partner, transferring the amount from Liabilities:Declared Dividends.
14:36:00 <john> But I'm not an accountant; you might run it by yours if you have one, or ask on gnucash-users-list where a couple of actual accountants hang out.
14:57:08 <palithius> So you transfer the declared dividends from "Declared Dividends" into "Equity: Retained Earnings"? or from "Equity: Retained Earnings" to "Declared Dividends"?
14:58:09 <john> From Equity:Retained Earnings to Liabilities:Declared Dividends
15:00:25 <palithius> ok, so now my Declared Dividends account is in the red. It says -100
15:00:36 <palithius> Now I transfer from checking to Declared Dividends to pay that off?
15:01:57 <john> Yes, that's right.
15:02:20 <palithius> ok, but when I do that, now my Declared Dividends says -200
15:02:45 <palithius> wait one sec
15:05:12 <palithius> yeah this is the part I am confused about. Retained Earnings says 100, and Declared Dividends says -100..if I withdraw from checking and put it into Declared Dividends, I get -200..
15:07:13 <palithius> My equity: retained earnings was 0
15:07:26 <palithius> the money in checking is 200
15:07:29 <john> You did the first part backwards. If you're paying a distribution, you should have a balance in retained earnings to pay from, and by creating the liability of the distribution you reduce retained earnings.
15:07:40 <john> Did you close your books?
15:07:55 <palithius> no, do I need to close them first?
15:08:16 <john> Yes, otherwise you won't have any retained earnings to pay out as a distribution.
15:09:09 <palithius> ahh ok - so if you want to pay a distribution in the middle of the year, you add it to the declared dividends. Then at the end of the year it works out when the books are closed and retained earnings are positive
15:09:12 <john> You should probably read a basic accounting book if you're going to keep the books for your company yourself.
15:10:35 <john> Yes, that would be the theory. If the company doesn't do so well, though, and you don't wind up making enough to cover the distribution then you'll wind up with negative equity.
15:10:59 <palithius> right
15:11:05 <palithius> thanks a lot for your help john!
15:11:10 <palithius> big help!
15:11:14 <john> You're welcome.
15:11:20 <john> Do read that book.
15:11:24 <palithius> yes :)
15:11:40 <palithius> (any in particular you recommend?)
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19:07:47 <Randy> When I try to list a chart in Reports-> Income -> Income & Expences Chart I get a blank page. What am I doing wrong?
19:08:15 <Randy> I have the Checking Account open.
19:13:55 <Randy> I'm running Windows 7 64 bit.
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19:16:54 <warlord> What version of gnucash?
19:45:51 <Randy> GnuCash 2.4.7
19:54:16 <Randy> Actually, none of the reports will display anything.
20:00:55 <warlord> I think it's a windows thing..
20:02:01 <warlord> It certainly works fine on Linux
20:05:35 <Randy> Probably, thank you for your time.
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