2012-03-20 GnuCash IRC logs

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00:22:02 <two-byte-hero> I love the "don't ask to ask, just ask and wait" warning
00:29:09 <two-byte-hero> Anyone know Derek Atkins?
00:31:37 <two-byte-hero> I'm working on a bug in the qif importer and he knows the most about the subject.
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01:44:32 <two-byte-hero> Warlord, I guess it's you I'm looking for
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07:30:27 <warlord> two-byte-hero: yes, that's me. US/EDT here. But I'll be unavailable this morning.
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11:06:11 <mcepl> which version of OFX is expected to be imported? (please, say 2.* ... I don't want to deal with SGML anymore).
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12:12:46 <Mr_Pig> Does GNUcash generate the tax documents( 1040, Schedule C, Schedule B etc.) or do I need to use a separe tax prep software to accomplish this?
12:16:35 <mcepl> Mr_Pig: I am afraid, the latter.
12:17:03 <Mr_Pig> Are there any recommendations?
12:17:32 <Mr_Pig> I need something that can handle Schedule C and D.
12:18:08 <Mr_Pig> I looked at Turbotax but you have to update that every year at $180/year.
12:20:46 <mcepl> the problem is that GNUCash is maintained by volunteers ... by providing serious tax-related software you are opening yourself to the resposinibility for damages. I don't believe there will be any good FLOSS tax software anytime soon.
12:21:44 <Mr_Pig> Ahh, good point.
12:22:18 <john> I've been using Turbo Tax for almost 20 years, except for one year when I tried Tax Cut. That sucked, so I went back to Turbo Tax. Yes, you need a new copy every year to get the new forms. But the cheapest version on Amazon is only $43.
12:22:51 <Mr_Pig> Also, aparently Intuit is actively blocking government efforts to provide tax software.
12:23:44 <john> Yes, Intuit very much doesn't want the government to undercut its business. No surprise there.
12:24:33 <Mr_Pig> I've never done my own taxes, approximately how long does it take to import the data from GNUcash into Turbo Tax?
12:25:04 <Mr_Pig> I've always used an accountant. I do pay taxes. ;-)
12:26:03 <mcepl> also, maintaining tax software is mainly (and that's what you pay those money for) keeping up with the non-sensical changes in tax code (multiplied by number of countries in the world; e.g., I am from the Czech republic). Double-entry accounting is still the same since 1494 ... much easier to maintain.
12:26:34 <john> Wait, sorry, you said you need SkedC, so you need the $67 "Home and Business". Still way cheaper than an accountant.
12:28:16 <john> Gnucash is pretty weak on the importing side of it. It will generate a basic TTF if you go through and set up all of the accounts, but in most cases that takes more time than just running a "Profit and Loss" report and typing the stuff in.
12:30:29 <john> It usually takes an hour or so each to do my kids' taxes; they're pretty simple. A single business (also simple, it just has a single rental property) takes about 2 hours. My main taxes, which are rather complex (lots of SkedD, and one of my brokers doesn't support transfer so I have to enter all of those transactions by hand) takes about a day and a half.
12:31:49 <Mr_Pig> I have 1 MLPs on my Schedule D, so I may need TurboTax Business.
12:33:54 <Mr_Pig> Also, I did several searches, what is TTF? TurboTaxFormat?
12:35:16 <Mr_Pig> Is it a File Extension?
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12:49:25 <Mr_Pig> Also, if you purchase from Amazon, do you still get to Chat with their Tax advisors?
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13:02:39 <thafreak> Is anyone around to answer a question of mine?
13:03:11 <thafreak> I'm working with accounts receivable...but my accounts receivable balance is negative whenever I post a payment
13:07:19 <warlord> thafreak: that means you are receiving payments before you invoice your customers.
13:07:44 <thafreak> is there more to do before creating an invoice?
13:07:50 <thafreak> cause I did that
13:09:04 <warlord> did you post it?
13:10:15 <thafreak> not sure...
13:10:25 <thafreak> how do you do that?
13:12:39 <thafreak> so i make a new invoice, then how do I mark it as posted?
13:12:56 <warlord> You click on the POST button
13:13:04 <warlord> which applies the invoice to your Accounts
13:13:17 <warlord> Before you post it, the invoice is purely metadata. It doesn't affect your accounts.
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13:18:25 <thafreak> ok, thanks...took me a while to find the post button!
13:18:48 <thafreak> thank you VERY much...
13:20:49 <warlord> you're welcome.
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13:45:45 <mcepl> what are tax refunds? income or some kind of weird type of asset?
13:46:04 <Mr_Pig> John: I only own units. Thanks for the assist.
13:46:38 <warlord> mcepl: generally income, but may or may not be taxable income
13:46:51 <mcepl> ok, right, thanks
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