[Fwd: RE: Advice please - How do I?]

Lincoln A Baxter lab at lincolnbaxter.com
Sun Nov 21 17:53:03 EST 2010


Oops... coping the list...

-------- Forwarded Message --------
From: Lincoln A Baxter <lab at lincolnbaxter.com>
Reply-to: lab at lincolnbaxter.com
To: Ian X Waddington <iwaddox at gmail.com>
Subject: RE: Advice please - How do I?
Date: Sun, 21 Nov 2010 17:49:22 -0500

That works... another variation that occured to me, if you wanted to
track what you bought for your child (which is a little more separate
from your own expenses, is to create sub-accounts of the
Assets:OwedToMe:Child1 account, as in
Assets:OwedToMe:Child1:ComputerGames	

That way if you had multiple outstanding assets (loans to your child)
you could track their progress on repayment of each.

Or... you could teach your child to keep his/her own books...

Lincoln




On Sun, 2010-11-21 at 18:20 +0000, Ian X Waddington wrote:
> Lincoln
> 
> Thank you, I have set this up on my test file this afternoon and it works a treat, in fact in many ways it makes more sense than what I was doing before.
> 
> The only thing this does not do is record the fact that I paid money anywhere for a computer game, but I'm thinking that to do this I would simply add an extra step.
> 
> Purchase  
> 
> 	Liabilities:CreditCard:   Sonic   9.90 (Charge)
> 
> This increases your liability to the Credit Card Company by 9.90, and should be balanced by an entry in:
> 
> 	Expenses:Computer Games Sonic   9.90 (Increase)
> 
> This shows I purchased a Computer Game
> 
> Then to charge my Child I would
> 
> 	Expenses:Computer Games Sonic   9.90 (Decrease)
> 	Assets:OwedToMe:Child1:   Sonic   9.90 (Increase)
> 
> When your child pays you back the transaction looks like this:
> 
> 	Assets:OwedToMe:Child1   Sonic repay   9.90 (Decrease) 
> 
> Which is balanced by:
> 
> 	Assets:CashInWallet   9.90 (Increase)
> 
> Does this make sense?
> 
> 
> I've one or two other slightly different examples where I have been using Class but will try and work them out before asking for further help.
> 
> Regards
> 
> -----Original Message-----
> From: Lincoln A Baxter [mailto:lab at lincolnbaxter.com] 
> Sent: 20 November 2010 14:50
> To: Ian X Waddington
> Cc: gnucash-user at gnucash.org
> Subject: Re: Advice please - How do I?
> 
> It would appear that in MS Money you are modeling assets and liabilities transactions as categories.  (This is not how it works in Double entry accounting practice, which is what GC implements.
> 
> In GC (and double entry accounting) when you buy the "Sonic" for your child you are making a loan to the child.  When you are the lender you have an asset in the amount you have lent.  Therefore, if you used a Credit Card to buy the "Sonic", the transaction(s) would look like this:
> 
> Purchase  
> 
> 	Liabilities:CreditCard:   Sonic   9.90 (Charge)
> 
> This increases your liability to the Credit Card Company by 9.90, and should be balanced by an entry in:
> 
> 	Assets:OwedToMe:Child1:   Sonic   9.90 (Increase)
> 
> This is the loan to Child1
> 
> When your child pays you back the transaction looks like this:
> 
> 	Assets:OwedToMe:Child1   Sonic repay   9.90 (Decrease) 
> 
> Which is balanced by:
> 
> 	Assets:CashInWallet   9.90 (Increase)
> 
> If you look at the the account Assets:OwedToMe:Child1, you will see the data you were trying to capture in the reports you ran in MS Money.
> 
> Note that you still owe the Credit Card 9.90 (which you is paid when you transfered from Assets:Checking to the Liabilities:CreditCard.
> 
> You could have deposited the 9.90 from your wallet to the checking account (another asset transfer) and then payed 9.90 the credit card company, if you wanted to close the loop with the original purchase (showing the same amounts all the way through),  but you probably just didn't transfer as much or as soon to your wallet the next time you needed cash.  
> 
> Lincoln
> 
> 
> On Sat, 2010-11-20 at 10:31 +0000, Ian X Waddington wrote:
> > Hi
> > 
> > As part of my getting to know GNUCash sessions before switching from 
> > MS-Money I am trying to address the following Class question. Any help 
> > or advice appreciated.
> > 
> > A typical MS-Money transaction might be
> > 
> > Date: 10/11/2010
> > 
> > Type : Charge
> > 
> > Account: Visa
> > 
> > Category: Computer
> > 
> > Subcategory: Software
> > 
> > Class: Child1
> > 
> > Amount: £9.99
> > 
> > Note: Sonic for PC
> > 
> > At this point if I run a transaction report for Class = Child1 I can 
> > easily see that Child1 owes me £9.99
> > 
> > Then, when child1 repays the £9.99 they owe, I enter
> > 
> > Date:20/11/2010
> > 
> > Type : Receive
> > 
> > Account: Cash in pocket
> > 
> > Category: Computer
> > 
> > Subcategory: Software
> > 
> > Class: Child1
> > 
> > Amount: £9.99
> > 
> > Note: Sonic for PC
> > 
> >  
> > 
> > Now when I run the same report again (Class = Child1) I can easily see 
> > both the above transactions with a balance of £0.00. Child1 does not 
> > owe me any more money.
> > 
> > In addition to the above, I can also see what money has been spent on 
> > Computer:Software and I can easily see that the amount I have 
> > personally spent is £0.00.
> > 
> > I am looking for advice and suggestions as to how I might reproduce 
> > the above approach in GNUCash.
> > 
> > Thank you for your help
> > 
> > Ian
> > 
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> 
> 
> 





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