2013-02-22 GnuCash IRC logs
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05:25:12 <irctc296> question guys, can anyone help me with a little understanding of the 5 main account types? This is my understanding, I can see how asset and liability accounts can go up and down in response to gaining/losing assets and gaining/losing liability
05:25:30 <irctc296> I can see how an income account could go up, but not down
05:25:39 <irctc296> and similar with an expense account
05:25:59 <irctc296> but i can't for the life of me fathom how you use an equity account
05:26:24 <irctc296> i know what equity IS
05:26:30 <irctc296> but not how you would use an equity account
05:29:41 *** fell_ is now known as fell
05:30:49 <irctc296> am i making sense?
05:32:36 <fell> If you start accounting, you create an opening balance: cash 10$, checking account 100$ ...
05:32:58 <fell> and the counter account is usually equity
05:33:10 <irctc296> right - i get that
05:33:45 <irctc296> but i don't see the point of an equity account past the initial condition setup
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05:35:28 <fell> If you manually close the books at the end of the year, e1 =e0 + profit
05:35:36 <irctc296> am I also right in thinking that the income and expense accounts will only ever have one type of transaction either credit or debit? (or is that where you would handle things like refunds if you returned an item to a shop?)
05:36:37 <irctc296> I'm using this for my personal accounts so that I can start to understand it for when we start a small business soon
05:38:41 <fell> If you buy something for consumption, it is an expense. ..
05:39:23 <irctc296> right, generally we wouldn't class buying a CD or a TV as an asset though would we?
05:39:29 <irctc296> they would be an expense also?
05:39:32 <fell> but at home you see, there is something wrong and you return it to the shop.
05:40:46 <fell> You get the money back -> there is no expense. Now you revert your previuos Transaction.
05:41:08 <irctc296> ok
05:41:13 <irctc296> so does that mean that when you close the year, when you start the next year, you would carry e1 as the equity for the start conditions and use a split transaction to put the money in the right places, ie bank account, assets?
05:42:10 <irctc296> and what if an item was damaged and you only received 10% of the cost back?
05:42:39 <fell> e0 = equity of the finished year, e1 = equity of the coming year.
05:42:52 <irctc296> ok
05:43:04 <irctc296> sorry for all the questions
05:45:09 <fell> if you would do business accounting by ink and paper you would have to do it all manually: closing the book for the old year and opening a book for the new year.
05:45:54 <fell> but in gnucash there is no need. You can simply use the reports for the required figures.
05:47:08 <irctc296> ok
05:47:23 <irctc296> going back to the other question - and what if an item was damaged and you only received 10% of the cost back?
05:48:32 <fell> in the damage case: buy item 10$ cash -> expense
05:49:02 <fell> return item 1$ expense -> cash
05:49:12 <irctc296> ahhhhh
05:49:17 <irctc296> ok that makes sense
05:49:29 <irctc296> so in the middle of a year
05:49:44 <irctc296> why/what condition would you add money to an equity account?
05:51:43 <fell> I put fresh money from my private account to my business account: checking: +100, equity: + 100
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05:51:53 <irctc296> right
05:51:57 <irctc296> if i am doing personal accounts
05:52:14 <irctc296> there really isn't anytime when equity increases is there?
05:54:17 <fell> No, only on opening and closing the books. the rest will happen in your income and expense accounts. you can see them as the temporary part of your equity.
05:54:27 <irctc296> right
05:54:28 <irctc296> exactly
05:54:33 <irctc296> phew I think I understand that now
05:54:43 <irctc296> so one last question
05:55:02 <irctc296> end of the year......I close the books......(personal account)
05:55:36 <irctc296> do I (as part of that process) transfer all assets into the equity account? or just calculate e1 based on the amounts in all of the aggregated accounts?
05:55:55 <irctc296> and then how do i take that figure and use it to set up the next years accoutns - presumably I will still have a mortgage for example
05:56:12 <irctc296> so i won't know that my equity figure is lower because of a liability
05:58:44 <fell> No you add only the result of Profit & Loss to the equity.
05:59:05 <irctc296> ok
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06:00:08 <fell> And then you should have Assets = Equity + Liability (this is the classical formula of the balance)
06:00:18 <irctc296> yes
06:00:39 <irctc296> Though the gnucash docs are very good
06:01:14 <irctc296> is there a tutorial anywhere that takes you though personal account for a whole year with examples ..... or maybe I didn't read enough into the gnucash docs yet
06:01:21 <irctc296> would like to know how to close out a year
06:02:27 <fell> probably you could find a few hints at http://wiki.gnucash.org/wiki/GnuCash
06:02:33 <irctc296> thanks fell
06:02:38 <irctc296> you have been very very helpful
06:03:15 <fell> you are welcome rctc296
06:05:10 <fell> but you should eventually read a book about accounting and consult an accountant before you start your business. The local law is very different around the wold.
06:05:17 <fell> world
06:13:44 <irctc296> yes
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13:22:33 <warlord> @op mikee_
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13:24:18 <mikee> @op
13:24:18 <gncbot> mikee: Error: You don't have the #gnucash,op capability. If you think that you should have this capability, be sure that you are identified before trying again. The 'whoami' command can tell you if you're identified.
13:24:27 <mikee> @op
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18:57:18 <harold> Hi I'm a gnucash newby. After setting up a brokerage account I find I can't enter a stock by shares and price. Is this a feature?
18:59:21 <harold> I'll come back another time...
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20:57:02 <tarheelcoxn> I'm looking around for checksums and not finding them.
20:57:21 <tarheelcoxn> Could someone please point me to where checksums for the releases are published?
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20:57:55 <tarheelcoxn> hello, john
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22:56:03 <jalto> does anyone know how to extend the last date in gnucash?
22:56:43 <jalto> I was trying to add a new 30 yr fixed mortgage and it crashes the program
22:57:06 <jalto> seems to be related to the last date available (2037)
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23:10:41 <jalto> oh it's a unix bug
23:12:03 <jalto> or at least unix has the same problem with date measured as a 32-bit integer
23:12:50 <jalto> sounds more space should be set for this time/date measurement
23:13:04 <jalto> it will only get worse as the date approaches
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