Newbie with a startup business

[Wiggins d Anconia]

> On Wed, 2004-08-25 at 11:59, Pierre Abbat wrote:
> > I'm starting a business and I have a few transactions to put into
the GnuCash 
> > file. I set up a chart of accounts and am not sure what to do next.
I have a 
> > homegrown database with transactions and accounts, where each
supplier is a 
> > separate account. Here's an example transaction set:
> 
> First, IANAA.
> 
> You're going to have to account for your inventory in one of two ways:
> As an Asset, containing the value of the inventory
> -or-
> As an Expense.
> 
> That allows you to consider the last two conditions as monetary,
> leaving: (I've considered Inventory an Asset)
>

Still new to GnuCash, but couldn't you setup a commodity for each of the
items you want to inventory (assuming you aren't walmart, aka have a
reasonably small number of items), then supply their current price and
store the inventory in terms of number of items? You might (if possible)
consider having two commodities, aka one for the current purchase price,
and one for the current sale price, assuming you are making a profit. Or
does this only work for things such as stock?

<snip>

Someone (I trust) will correct me if I am off my rocker...

http://danconia.org