[GNC] Getting My Account To Trial Balance

Fri Jul 27 19:40:21 EDT 2018

Hi David

Thanks.  I was worrying  that I just wasn’t getting it.   I downloaded the software and it offers an option to change currency to sterling which I did.  It was that simple so I haven’t do e any conversions from USD.

Thanks for your patience.

> On 27 Jul 2018, at 23:14, David Carlson <david.carlson.417 at gmail.com> wrote:
> 
> Hugh,
> 
> There has been a lot of discussion in this thread that does not apply to
> your use case.  The Trial Balance Report should not show any unrealized
> gain if you do not have any accounts that are denominated in any currency
> other than that defined by your Locale.  Since you report that it does,
> there may be an issue with settings on your computer.
> 
> Do not assume that GnuCash will not work for you.  Please tell us what
> settings you used to change the default from US dollars to your local
> currency.
> 
> David C
> 
> On Fri, Jul 27, 2018 at 1:49 PM, H M MacDonald OBE <sassunachobe at gmail.com>
> wrote:
> 
>> We aren’t a business – we are a social club.  Most of our income is
>> derived from subscriptions or donations or ticket payments for our social
>> functions.   Our expenditure is on running costs like postage, stationery
>> and hotel charges for meals and functions.  The profit is the overall
>> profit when the expenditure is deducted from the income.   The software is
>> fine for recording everything and for calculating the profit and loss but
>> at the year end we will need to produce a balance sheet and that’s where
>> the problem appears to come up.  I’m really sorry if I’m wasting all your
>> time – you’ve all been really helpful and maybe its just that gnucash won’t
>> do what we expect.
>> 
>> From: gnucash-user <gnucash-user-bounces+spahonsecobe=gmail.com@
>> gnucash.org> on behalf of David Carlson <david.carlson.417 at gmail.com>
>> Date: Friday, 27 July 2018 at 14:19
>> To: Hugh MacDonald OBE <sassunachobe at gmail.com>
>> Cc: Gnucash Users <gnucash-user at gnucash.org>, Stan Brown <
>> the_stan_brown at fastmail.fm>
>> 
>> Subject: Re: [GNC] Getting My Account To Trial Balance
>> 
>> If you sold an asset that is valued in units other than your currency then
>> read the chapter of the manual about capital gains about how to enter your
>> profit.
>> 
>> Otherwise tell us more about the transaction where that profit appeared.
>> 
>> David C
>> 
>> On Fri, Jul 27, 2018, 4:11 AM H M MacDonald OBE <sassunachobe at gmail.com>
>> wrote:
>> 
>> My accounts are showing a profit of £20.99  which shows as an Imbalance of
>> £20.99.  Sorry to be a bit slow on all of this but are folk saying that the
>> £20.99 needs to be added to current assets/equity to make the trial
>> balance?
>> I¹ve tried that and it still fails.  It can¹t be added to the income  as a
>> profit since that will make the profit double.  Clearly there¹s something
>> I¹m still not getting ŠŠŠ
>> 
>> Thanks to everyone for their input so far.
>> 
>> From:  gnucash-user
>> <gnucash-user-bounces+spahonsecobe=gmail.com at gnucash.org> on behalf of
>> Stan
>> Brown <the_stan_brown at fastmail.fm>
>> Date:  Thursday, 26 July 2018 at 13:21
>> To:  GnuCash User List <gnucash-user at gnucash.org>
>> Subject:  Re: [GNC] Getting My Account To Trial Balance
>> 
>> David T. wrote:
>> 
>>> For those who *do* have such holdings, a balanced transaction will
>> still fail
>>> the trial balance if the gain or loss isn?t entered. In this instance,
>> there
>>> will be no entries in IMBALANCE-XXX, since each transaction balances.
>>> Example: buy 10 shares of X for $100, using cash from your checking
>> account
>>> (credit/debit of $100). Then sell those shares for $150 (debit/credit of
>>> $150).
>>> Both transaction balance?but where did that extra cash come from?
>> Without
>>> entering the gain of $50 as income, the Trial balance will fail.
>> 
>> Is that really what happens?  I can't understand why, if it does. Yes, you
>> end up with an extra $50 in cash, and you also end up with MINUS $50 in the
>> investment: the original debit of $100, and the sale credit of $50, leaving
>> a credit (minus) balance of $50. As far as I can see, the trial balance
>> still balances.
>> 
>> Of course, a negative balance in an investment account should raise a red
>> flag when (if) yo notice it: "Oops, I forgot to enter the gain as a
>> transaction." But I don't see how it should make the trial balance fail.
>> 
>> BTW, instead of a separate transaction, I might record the gain as a split:
>> Assets:Cash $150 debit
>> Assets:Investment $100 credit
>> Income:Gain on investments $50 credit
>> 
>> Is there any disadvantage to doing that, versus two transactions?
>> Assets:Investment $50 debit
>> Income:Gain on Investments $50 credit
>> Assets:Cash $150 debit
>> Assets::Investment $150 credit
>> 
>> --
>> Stan Brown
>> the_stan_brown at fastmail.fm
>> http://BrownMath.com
>> http://OakRoadSystems.com/
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