[GNC] Beginner Accounting Question Using GnuCash

Patrick Skelton patrickskelton at gmail.com
Sat Dec 18 11:13:33 EST 2021


Thank you everyone for those replies. They have been extraordinarily
helpful. It is amazing how, when asking a question about something
specific, a single sentence or even just a phrase in the reply can cause a
lightbulb moment. I now have a much clearer understanding of how the basic
mechanics of this work.

I think next task is to play with some reports, to see if I can answer the
questions I might like to ask at the end of the year.

- Patrick

On Fri, 17 Dec 2021 at 17:41, Michael or Penny Novack <
stepbystepfarm at comcast.net> wrote:

> On 12/17/2021 6:48 AM, Patrick Skelton wrote:
> > Hi, David,
> >
> > Thank you for that. I have actually just kind-of worked that bit out but
> I
> > would like the £8 spent on paper to become an asset. Is it simply then a
> > case of entering a transfer from Expenses-Stock Purchases to Assets -
> Stock
> > on Hand?
> >
> > Kind wishes - Patrick
>
> You were doing it correctly, Patrick. Your example appears to be a
> "stationery" business, so you correctly had the purchase of paper go
> into an asset "inventory" rather than being an expense. You also did the
> sales transaction correctly, recording not just the part with the
> customer but the part where you are now decreasing inventory and
> recording an expense for the cost of that pad sold.
>
> Michael D Novack
>
>
>
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