Noob question about rebates/savings
Yves S. Garret
yoursurrogategod at gmail.com
Tue Aug 25 23:30:32 EDT 2009
One thing that I find a little bit annoying is the fact how I need to enter
the names of the rebates.
This is how I do it now:
Description:
Stop & Shop:
Memo:
Bread (Expenses:Groceries) 2.99
Milk (Expenses:Groceries) 2.99
Apples(Expenses:Groceries) 2.99
Bread (Expenses:Groceries) 0.49
Milk (Expenses:Groceries) 0.49
Apples (Expenses:Groceries) 0.49
I'm repeating the same stuff just to get a record of the rebate, ideally it
would be something like this:
Description:
Stop & Shop:
Memo:
Bread (Expenses:Groceries) 2.99
(Expenses:Groceries) 0.49
Milk (Expenses:Groceries) 2.99
(Expenses:Groceries) 0.49
Apples(Expenses:Groceries) 2.99
(Expenses:Groceries) 0.49
Is there a way to do this? It's merely how the information is being
displayed. I tried putting the savings under it, but got them all simply
put at the end of all of the transactions (not what I wanted.)
Michael DeBusk-3 wrote:
>
> Yawar Amin wrote:
>
>> then put in the Stop & Shop rebate (0.49) as an income.
>
> Despite the maxim "a penny saved is a penny earned", this money is not
> income. It's recorded in a "contra" account, usually a credit-balance
> account under the debit-balance "cost of goods sold". People on a
> cash-accounting basis don't worry about them.
>
> (You don't want anyone, not even yourself, to believe you're earning
> money you aren't earning.)
>
> Since the OP wants to, though, he could do it three ways, depending on
> his goals. He could either:
>
> - Open a savings account somewhere and deposit all savings, discounts,
> and rebates into it. Credit Cash or Checking for 2.99, debit Groceries
> for 2.50, debit Savings for 0.49; or
>
> - Set up a contra account for each expense at which he gets a discount,
> rebate, etc. Credit Cash or Checking for 2.99, debit Groceries:Purchases
> for 2.50, debit Groceries:Discounts for 0.49; or
>
> - Write it in a notebook, keep it in a spreadsheet, etc. Something
> outside the chart of accounts. You still get to watch it add up, but you
> don't make your bookkeeping chores any more complex than they need to be.
>
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Ideally I'd like to keep this information as close together as possible so
that I can get ascertain what is going on after a quick glance (not having
to open a new account.) It just seems easier to keep all of that stuff
closer together.
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