2012-08-30 GnuCash IRC logs

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05:58:27 <MacCoaster> Hi guys. Curious how to manage assets split by a roommate, like a TV, for example, in the case in the future the roommate would pay me back for my half for full ownership?
05:59:56 <MacCoaster> Transaction 1: $100 to expense, $100 to asset, $200 from checking; Transaction 2 (roommate pays me back 1/2 for the split): $100 from equity to checking; Transaction 3 (roommate pays me back my half so he owns the TV in full): $100 from asset to checking?
06:00:08 <MacCoaster> but that leaves equity and expense unaffected
06:00:21 <MacCoaster> so i'm forced to make another transaction to move $100 from the equity to expense
06:00:25 <MacCoaster> is that the correct way to do it?
06:04:00 * gour suggests not to watch TV and sell one's 'TV-stocks' asap
06:04:29 <MacCoaster> :p
06:05:01 <MacCoaster> I'm just trying to understand the accounting way of life with this kind of situation, hmms.
06:06:17 <gour> well, if you own 1/2 TV that's your asset...when you decide to sell it, then your asset will increase in the for, of a cash, hopefully
06:06:36 <gour> *form
06:06:46 <gour> but you still still own the same worth
06:07:36 <gour> so, you do not own 1 TV, only 1/2 and that's your asset
06:07:48 <MacCoaster> right
06:07:58 <MacCoaster> which is why transaction 1 is $100 to expense, $100 to asset
06:08:00 <MacCoaster> for a $200 tv that is
06:08:23 <MacCoaster> guess i forgot to include the theoretical $200 amount in the question, oops, sorry
06:09:19 <MacCoaster> for example: Shared Assets will get the $100 there
06:09:24 <gour> your expense is $100 for buying 1/2 TV which is now your asset..when you decide to sell it, it will just change the form
06:09:44 <MacCoaster> right but how do i record that?
06:09:56 <MacCoaster> I pay $200 for the TV using my credit card.
06:10:08 <MacCoaster> and my roommate pays me back for the 1/2 interest in the TV
06:11:04 <MacCoaster> then in the future suppose either I buy his interest or he buys my interest
06:11:21 <MacCoaster> i just need to understand where that goes in and out the system, I've tried a few things but I'm confusing myself :)
06:14:11 <MacCoaster> i think mainly because I'm thinking the expense is the same as my 1/2 of the asset
06:14:12 <gour> 1. buy TV for $200 eg. credit card --> Assets -->Equipment --> TV
06:15:09 <gour> then when your friends gives you $100, it's something like Asset .. --> TV --> cash and there will bee $100 in TV, $100 in cash
06:15:39 <gour> does it make sense?
06:16:03 <MacCoaster> Ohhh, so basically I put $200 in asset value from the credit card, then make a new transaction from roommate as Asset to Checking Account?
06:16:41 <MacCoaster> and then that way the current balance for Asset->TV would be $100?
06:17:32 <MacCoaster> but how would I record that as an expense as well? or i just dont and leave it as asset?
06:17:48 <gour> 1. yes 2. right you'll still own $200, but $100 as asset-Tv and 100 in checking acount, cash or wtatever
06:20:23 <gour> e.g. i have card for paying road fee...when i buy credit i increase that asset by decreasing my checking account
06:21:04 <MacCoaster> right, so when I pay off the $200 credit card bill from my checking account, it basically wipes out the $200 i "owned"?
06:21:05 <gour> otoh, when i use highway, then i pay with that card and decrease that asset by card: --> expense -> highway fee
06:21:19 <MacCoaster> would i record that as $100 in expense for entertainment, for example?
06:22:16 <gour> it depends how you see it
06:22:46 <gour> my example is in croatian, so shoot won't help you
06:22:57 * gour --> lunch
06:24:18 <MacCoaster> :) thanks for your guidance, appreciate it
06:24:51 <gour> http://imagebin.org/226427
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08:39:55 <warlord> MacCoaster: The initial transaction would be split: $200 Checking, $100 Asset:TV, $100 Asset:Roommate Owes Me
08:40:40 <warlord> (or $200 CC if that's how you pay for it)
09:01:51 <gour1> /nick gour
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09:23:36 * gour wonders why warlord is suggesting investment in TV stocks :-)
09:23:49 <warlord> :-P
09:23:51 <warlord> I'm not.
09:24:08 <warlord> It's not a stock, per se (except perhaps in the Inventory definition of stock)
09:24:43 <gour> well, his roommate may increase price for the share later
09:25:18 <warlord> MacCoaster didn't say that.
09:25:37 <gour> yeah, it's written somewhere with the fine print ;)
09:32:15 <warlord> heh.. reading between the lines
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13:53:39 <MacCoaster> warlord: sorry, didn't see your message, yeah we're just assuming the value doesn't change. i.e. in 2 years, someone wants to claim full ownership, they just pay the half
13:54:29 <warlord> Right.
13:54:58 <MacCoaster> warlord: my problem is that if I do Assets-Roommate-Owes-Me: $100, then i record a transaction for him to me to wipe that out to 0, i can't keep track of assets we split.
13:55:14 <MacCoaster> unless im misunderstanding something
13:56:00 <warlord> Or maybe I'm misunderstanding what you want to do..
13:56:12 <MacCoaster> OK, let me start over again.
13:56:13 <warlord> You own half the TV..
13:56:17 <warlord> That's $100.
13:56:22 <warlord> So that's the Assets:TV
13:56:36 <MacCoaster> Right, but I'm the one who purchased it in the first place, so the purchase transaction will be $200 on my credit card, for example.
13:56:37 <warlord> The other half of the TV isn't on your books, because it's not yours.
13:56:57 <warlord> Right, so that's why the split $100 to A:TV and $100 to A:Roomate owes me
13:57:04 <warlord> They give you $100 for their half of the TV
13:57:32 <MacCoaster> but then Roommate pays me
13:57:44 <MacCoaster> and i record that as $100 decrease from the roommate owes me
13:57:49 <warlord> Right..
13:57:57 <warlord> So now you each own 1/2 the TV
13:57:59 <MacCoaster> i guess the A:TV keeps track of the split value
13:57:59 <warlord> ($100 each)
13:58:12 <MacCoaster> but I want to also record it as an expense.
13:58:27 <warlord> Why? It's not an expense
13:58:44 <MacCoaster> hmm
13:59:05 <MacCoaster> Maybe I've been taught accounting a bit differently then.
13:59:19 <MacCoaster> (never formally, anyway, just want to keep track of my stuff :))
13:59:34 <MacCoaster> so expenses should be consumable things?
14:00:16 <warlord> Yep
14:00:29 <MacCoaster> what happens if i dump it?
14:00:30 <warlord> If you ever plan to re-sell it then it's an asset, not an expense.
14:00:32 <MacCoaster> do i just write it off from the asset?
14:00:36 <warlord> *then* it becomes an expense.
14:00:44 <warlord> that's effectively "depreciation"
14:00:58 <warlord> For example, you buy it for $100, but 5 years later you can only sell it for $50.
14:01:18 <MacCoaster> ahhhhhh that makes sense, then $50 is an entertainment expense after selling it?
14:01:32 <warlord> That's would be a split txn (or two txns), $50 to Exp:Depreciation, $50 to Cash, and $100 from TV
14:01:43 <MacCoaster> ah
14:01:45 <warlord> Sure, you could call it that
14:02:02 <MacCoaster> doesnt matter which expense category it is as longas its double entried, right?
14:02:56 <warlord> pretty much
14:03:04 <warlord> Unless you're a business it probably doesn' tmatter.
14:03:33 <MacCoaster> what if i have multiple items on the credit card and we wanted to split it each
14:03:41 <MacCoaster> like TV for $200, couch for $500
14:03:46 <MacCoaster> in the same CC charge
14:04:14 <MacCoaster> I split $700 to: A:TV $100, A:Couch: $250, $350 A:RoommateOwes me
14:04:54 <MacCoaster> then roommate pays me back for the half. wipes out the $350 in A:RoommateOwesMe
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14:05:19 <MacCoaster> then he decides to buy it out from me, i transfer A:TV $100, A:Couch $250 to checking account or cash or wahtever?
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14:49:53 <warlord> MacCoaster: yep.
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14:52:16 <MacCoaster> warlord: ok, slowly making sense! thanks so much, I appreciate it.
14:52:46 <warlord> You're welcome
14:56:27 <gour> MacCoaster: good luck with TV-stock exchange ;)
14:56:41 <MacCoaster> ;)
14:57:04 <MacCoaster> the joys of splitting everythign with a roommate :)
14:58:05 <warlord> Yep
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