Using gnucash

[Maf. King]

On Wed 16 October 13 13:34:49 ed at theabacusstudio.co.uk wrote:
> Hi Maf,
> 
> Thanks for your message, think I can get it to work ok for me, it is a
> shame that there is no way to manage assets(stock) with the program
> particularly as assets form part of the general accounts that need to be
> submitted for tax purposes. I have set it up so that there is a record
> of stock purchased it is just unfortunate that when I sell an item this
> cannot be recorded to give a picture of my current assets at the end of
> the tax year.
> 
> Thanks.
> 
> Ed
> 

Hi Ed,

You can track the value of all your assets as you buy and sell, for tax 
purposes.   What gnucash won't easily tell you is how long you have had an 
item on hand, or how many widgets are in stock.

When you sell an item, you have to reduce the asset account.  I think this is 
a transfer to an account called "Cost Of Goods Sold (COGS)"  but this is more 
an accounting question than a GC implementation thing, to ensure  you do thing 
"the right way" for your local authorities.
  
When you reply to this list, don't forget to include a copy to the list too.  
There are others here who may be able to help you better than I can, and also 
maybe others will benefit from seeing the full discussion.  Maybe your email 
software has a "reply-all" or "reply-list" function?

HTH,
Maf.