2012-06-01 GnuCash IRC logs

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14:34:01 <wakko222> I am getting the read only error. The instructions to fix this mention an edit button that doesn't exist. Using Fedora 17 x86_64. I just realized today that it hasn't been keeping track of things for about a week now.
14:35:11 <wakko222> Have to go to work. Hope I can pay rent for the month after this mess.
14:37:25 <warlord> wakko222: what "read only error"?
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19:25:20 <JaneR> Have a question about GnuCash, got a little lost on the way here :)
19:26:21 <JaneR> I just set it up today, and I'm wondering why my Equity totals don't change although I've now entered some expenses. In other words, the Equity account still just shows the total of all my opening balances, even though the assets accounts now have less than that.
19:26:57 <JaneR> Is there a missing link? Do I need to explicitly let the Equity account know I'm payin expenses? The documentation is pretty silent on this question.
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20:11:55 <warlord> JaneR: actually,the docs do talk about this. There are the Equity Accounts but those only show you equity at a point in time. What you want is Instantaneous Equity, which you get from your Balance Sheet report.
20:12:08 <warlord> The reason is that INcome and Expense accounts are,technically, "equity"
20:23:05 <JaneR> Thanks warlord. But, in that case, will the Equity balance show my starting balances forever? I mean, what's the utility of that?
20:23:25 <JaneR> Or can I update the displayed Equity balance to reflect instantaneous equity?
20:25:41 <JaneR> Also, when I do the Balance Sheet report, it shows "assets....................$0" / "current assets..........................$0" / then "Jane's checking.....................$321.25" Why doesn't it add the balances in the subaccounts? Is it because I unchecked Placeholder?
20:26:35 <JaneR> Nope, I just changed the parent accounts back to placeholder and ran a new Balance Sheet. Didn't affect it.
20:29:45 <warlord> The equity accounts will show your starting balance until you "close the books", assuming you do. The utility? None, really, but it's a requirement for double-entry accounting
20:30:06 <warlord> check the transaction dates versus the report date.
20:30:36 <warlord> So yes, the equity accounts will, in general, show your starting balance forever. But so what?
20:30:43 <JaneR> Hmm. Since I'm only average computer-literate and probably below-average accounting-literate, can I ask, when might I want to "close the books"? Is that yearly / monthly / or less frequent?
20:30:45 <warlord> Your real information is from the reports, not the CoA
20:31:00 <JaneR> Ah. OK, thanks.
20:31:01 <warlord> Yearly at most. Me, I've never done it.
20:31:09 <JaneR> :) Gotcha
20:31:20 <warlord> The reports are programmed to show you yearlies.
20:31:33 <warlord> So there is no need,tecnically, to close the books.
20:31:54 <warlord> All closing does is let you see the YtD for income/expense accounts in the CoA vs. using the Income Statement report.
20:32:23 <JaneR> Which could be useful, but I agree, might not be necessary depending on what you're interested in.
20:32:26 <JaneR> OK
20:36:53 <JaneR> Now what about the balance sheet? Is there some reason the Assets line doesn't add up all the amounts in the subaccounts?
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21:33:22 <JaneR> OK, well, thanks... clearly I have a lot to learn :)
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