2020-06-19 GnuCash IRC logs
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04:15:41 <cuken> Hello, I'm trying to understand how to properly use GNUCash. If I have a business expense, and I create an account called "Startup Costs" and I want to show that I spent some money from my personal account to cover something for the business so I can claim it later, would I create a new split transaction within the startup costs account? And if so, would the account be Expenses: StartupCosts for that transaction entry?
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05:14:26 <fell> cuken: About which accounts to create, you should talk with your local CPA.
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05:16:04 <fell> Also the rules regarding transactions between which accounts are regulated in regional law.
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05:19:36 <fell> Assuming you bought something from private money for your business, I would create a transaction similar: Assets:<bought_item> $XXX Equity:cuken:Payments.
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08:25:00 <warlord> cuken, are you talking about from your personal books or from the business books?
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12:45:15 <cuken> warlord, I keep track of my personal finances separately, in my personal I have a transaction showing money going out towards start up costs for the corporation. I'm specifically concerned with tracking the startup costs from the business side. I created an account called Startup Costs with type Expense. In it I added my first expense (the cost of incorporating the LLC) @ $85. Where I'm struggling is where to tie that account money too.
12:45:16 <cuken> Technically the business should be $-85 in the total.
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12:58:19 <warlord> cuken, Equity:Owner Equity -> Expense
12:58:48 <warlord> Since you paid into the company (bought equity) and used that money-in-the-business to pay for the startup cost expense.
12:59:21 <warlord> Or if you want to consider it a loan, it would be Liability:Owner Loan -> Asset:Cash; and then Asset:Cash -> Expense...
13:00:36 <cuken> awesome, I think I follow. And to show the money coming into Owner Equity, what would that transaction account look like
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13:02:11 <warlord> There is none -- Equity:Owner Equity *is* the source
13:02:45 <warlord> (Note that Income & Expense accounts are effectively instantaneous Equity accounts)
13:03:02 <warlord> So you "source" and "sink" value to/from Income/Expense & Equity
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13:03:09 <shaggy> Another option would be to use Income -> Personal ?
13:04:00 <warlord> shaggy, except an owner buying into the corp isn't Income to the biz
13:04:33 <shaggy> ahh, gotcha
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14:00:36 <cuken> warlord: So if I'm looking at the Owner Equity account I should see a Transfer from Expenses:Startup Costs with an Increase to the balance right?
14:08:23 <warlord> I'm not 100% if it will increase or decrease, but you want to credit Equity and debit Expense.
14:08:47 <warlord> (whether that credit shows as an increase or decrease depends on how you have certain preferences configured)
14:09:22 <warlord> Your other option, to make sure you get the sign right, is to create it as a Withdrawal from an Asset account.. and then change the account from Asset to Equity without changing the sign.
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14:09:45 <warlord> (use expanded-split mode to do it right)
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