Adding bank accounts

[Yawar Amin]

Hi Dave,

You can create these accounts almost exactly the way you've outlined
them here. Let me walk you through it step by step.

On 4/18/10 6:10 PM, dave boland said:
> I'm attempting to use gnuCash for home finances.  My first problem is
> finding the correct way to add bank accounts.  I have three saving,
> three checking and a money market account at three different financial
> institutions.  My expectation is that they would show up in the ledger
> like this:
>
> Assets
>   

If you haven't already created the Assets account, click File > New >
New Account..., Fill in the account name (Assets) and set the type to
Asset. Also make sure the parent account is `New top level account'.

> |--Current Assets
>   

Right-click on the Assets account you just created, then click New
Account.... Fill in the name (Current Assets) and click OK.

> |  |--Checking Account
> |  |  |--Bank of America
> |  |  |--Goldman Sachs
> |  |  |--My Credit Union
> |  |--Savings Account
> |  |  |--Bank of America
> |  |  |--Goldman Sachs
> |  |  |--My Credit Union
>   

You can create all the above accounts in exactly the same way--for each
one, right-clickng on its parent account, then clicking New Account....
and filling in the name.

> |  |--Money Market Account
> |  |  |--Fred's Investments
>   

This one can be created in the same way, except when you do it you set
the account type to Stock (even though it's a money market portfolio).
You then define a separate commodity for each type of bond you buy and,
since one account can only deal with transactions in a single commodity,
you create as many accounts as you have different types of bonds. So
it's more like

- Money Market Accounts
  - Bond1
  - Bond2
  - ...
  - Bondn

Each of the Bondx accounts deals with the transactions for a single type
of bond.

> Am I correct on my understanding, and how do I do this correctly?
>
> Thanks, 
> Dave
>   

HTH,

 Yawar


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