GAAP

[Wm]

On Thu, 14 Jul 2016 16:49:34 +1200, in gmane.comp.gnome.apps.gnucash.user,
Keith Marvin <kmarvin at snap.net.nz> wrote:

> The GNUCash uses “professional accounting principles”. How does a user ensure particular principles are adhered to (eg US GAAP)?

David has given a good answer, another is, which particular principle did
you have in mind?   There are great big chunks of GAAP that aren't really
the domain of software at all.

The human decision to apply Cash vs Accrual accounting is an oft cited
example.  In some jurisdictions you may have to use Accrual accounting
depending on the type of business or turnover or something else (I don't
think anywhere says you have to use Cash but could be wrong) the point is
that no bit of software "knows" when you enter an expense whether you are
using the date you paid it or the date you received the bill (electronic
tx's that have gone through an external system excepted, etc).

-- 
Wm