2017-11-04 GnuCash IRC logs
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03:56:48 <byzant> Hello! I have a question. I have made a security deposit with my landlord (e.g. 1000 dollars) and I don't how to enter that in Gnucash.
03:58:27 <byzant> It's not an asset, because I don't current possess this money (though I can claim it when I stop renting this property).
03:59:09 <byzant> It's not a liability either, because the landlord already has the money.
04:01:01 <byzant> I'll check this channel for answers throughout the day.
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04:52:01 <chris> byzant: I'd keep it as an asset. When you move out the asset is transferred back to your bank account. If there are deductions they are expenses similar to depreciation.
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04:58:32 <Simon> https://www.gnucash.org/docs/v2.6/C/gnucash-guide/accts-oa11.html
04:59:50 <Simon> I'd consider it a Current (short-term) Asset
05:00:24 <Simon> even if you may continue renting for many years, the deposit is payable when you leave and that can happen in a short time period
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05:39:14 <paulrf> Good morning all (or afternoon/evening as the case may be.... I'm missing something very basic with GnuCash. 'entering initial data and trying to transfer money to pay credit card. I'm crediting my checking and debiting visa from the checking side - that reduces my checking as expected, but the debit increases my visa balance... What am I missing?
05:40:04 <Simon> the type of the account is set wrong
05:40:22 <Simon> it's used to decide whether the balance is displayed as positive or negative
05:40:50 <Simon> although it sounds like you have the transaction the wrong way around
05:40:59 <Simon> so maybe your bank account is set to the wrong type
05:41:40 <paulrf> Well my checking is an asset and visa a liability
05:42:42 <paulrf> If I try the transaction the other way, my checking values increase
05:43:12 <Simon> in general, is the balance showing as positive on both accounts?
05:44:42 <paulrf> The credit card is negative and checking positive..
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05:45:05 <Simon> then your credit card transactions may be the wrong way around
05:45:25 <Simon> they should usually go to an Expenses account, and the Expenses account should be positive
05:46:14 <Simon> by default (unless you enable the option to be strict instead of user friendly), all your account balances should show as positive
05:46:21 <paulrf> hmmm
05:46:47 <Simon> anything negative implies something unusual (which can be ok, maybe someone overpays a loan)
05:46:52 <Simon> or it's an overdraft
05:51:08 <paulrf> Hmmm a lot of my expenses are negative....
05:56:16 <Simon> assuming you don't have split transactions (involving more than 2 accounts), you can type a "-" before the amount to swap its direction
05:57:43 <Simon> is your credit card set to the "Credit Card" type? that names the columns at the top "Payment" and "Charge"
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05:59:55 <Simon> sections 2.1.3 and 2.3.3 in the documentation could probably do with a note regarding the balance being positive in most scenarios
06:00:11 <Simon> because it can be annoying to have to reverse things later
06:02:16 <paulrf> I'm not certain where to check that. I'm using " formal accounting labels" - reverse balanced accounts are credit accounts...
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06:03:36 <paulrf> Yeah... it's been annoying :)
06:04:04 <paulrf> I know I'm missing something very basic as I said...
06:04:24 <paulrf> I'll re-read the section that you suggested... thanks a bunch..
06:05:40 <Simon> aah
06:05:48 <Simon> I suggest you don't use formal accounting labels
06:07:26 <paulrf> Well I've tried both... my thinking, debit increases the account balance and credit decreases it... but I would expect that when my checking reduces, my credit card should decrease.... but it goes further into the red...
06:07:50 <paulrf> That's the basic part I'm missing :-)
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06:08:00 <Simon> formal account would have credit increase the balance
06:08:06 <Simon> because you're crediting the account
06:08:28 <paulrf> also on a credit card?
06:08:49 <Simon> oh it's the "Reversed Balanced accounts" setting
06:09:16 <Simon> aiui the default is "Credit Accounts" which shows them positive instead of negative
06:09:25 <Simon> yes even on a credit card
06:09:34 <Simon> your credit card balance is formally negative
06:09:53 <paulrf> Yeah reverse balancesd is credit accounts
06:10:26 <Simon> ok, then regardless of the labels your credit card should have a positive balance when you owe money
06:15:10 <paulrf> No that is happening... The problem I believe is that when enter a transaction on my checking (credit), it shows debit to liabilities:visa... that debit is causing my visa to go more negative.
06:17:06 <byzant> chris, Simon: I figured using "Deposits Receivable" would be a good idea as that's suggested in the manual, but that looks like a business feature and I don't want to bother figuring that out.
06:17:29 <byzant> chris, Simon: So I'll consider it a short-term asset. Thanks for helping me out!
06:18:24 <Simon> byzant: you can name it whatever you want
06:19:00 <paulrf> Okay - re-read your message about credit card balances being positive... and I think the bulb just went off... thanks :-)
06:19:07 <Simon> (you don't have to use the extra features to enter transactions, you can enter the manually)
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06:33:42 <paulrf> Simon - just wanted to say thanks again - you wouldn't believe how long I've been fighting this :-) And yeah - I'm sure I missed it in the manual ;-)
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06:51:27 <byzant> Another Another question: I have created a scheduled monthly transaction that starts today, but today's transaction hasn't been created. How do I "trigger" the creation of this transaction?
06:54:42 <byzant> Never mind, I found out: Actions -> Scheduled Transactions -> Since Last Run...
06:54:50 <byzant> Not very intuitive, but it works.
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07:07:19 <byzant> A general question: suppose I go out to eat and I foot the bill, for which I receive compensation by the other guests at a later date. Should I write off that bill as a Dinner expense and consider the contributions as income, or should I write off the bill as a dinner expense but subtract the contributions from that expense when I receive them?
07:13:37 <byzant> The problem is that I didn't *spend* 100 dollars on dinner. I paid 100 dollars and received 50 dollars from my friend at a later.
07:13:52 <byzant> later date*
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08:15:08 <lmat> byzant: The most correct way to do that would be to debit your Dinner expense the amount *you* pay for dinner, then debit the rest to an accounts receivable (credit your credit card or debit card or whatever).
08:15:27 <lmat> byzant: When you get the money from your friends, debit cash (or whatever) and credit that accounts receivable.
08:16:32 <lmat> byzant: I might not go through that trouble, though, and instead for the purchase of the dinner debit expense (the whole amount) and credit the credit card. When friends pay back, enter an opposite transaction: debit cash, credit Dinner Expense.
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14:44:36 <Iustinus> Hi. I recently returned to using gnucash, but am having trouble getting finance quote to work. It says it's up to date, but returns an error every time I try to get quotes.
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15:49:32 <codesmythe> lustinus: See recent threads on gnucash-user (https://lists.gnucash.org/pipermail/gnucash-user/2017-November/thread.html). Yahoo has discontinued their quote service.
16:05:48 <Iustinus> Thanks for the info!
16:06:15 <codesmythe> lustinus: You're welcome.
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17:48:18 <warlord> .
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