[GNC] (no subject)

[Jesse MacDougall]

Thanks for the reply Mike.  After reading your message I realize I should
have shown what I am building this set of Financial Statements(FS) from.
I am making this set of FS congruent to Canada Revenue Agency's GIFI codes
for self employment tax payers.

The .pdf shows the estic I am trying to achieve.
Does that make sense?


On Sun, Dec 19, 2021 at 7:53 AM Michael or Penny Novack <
stepbystepfarm at comcast.net> wrote:

> On 12/19/2021 2:11 AM, Jesse MacDougall wrote:
> > I am trying to add a "label"(not sure if that is the right word) on
> Income
> > Statement "Cost of Goods Sold" and put accounts under COGS.  Like there
> is
> > with "Total Revenue".  What is happening is COGS is a parent account with
> > sub accounts but I want to make COGS a label.
> >    I am trying to achieve a bolded "COGS" on the IS.  I don't see
> anywhere
> > to achieve this.  Been stuck on this a few hours.  I have COGS as a
> > placeholder currently.  Here is what I see:
>
> You really need to start with a "fundamentals of bookkeeping, an
> "accounting 101" sort of text.
>
> a) You seem to have some sort of "business" embedded in a set of
> personal books. I can understand WHY you might want to do that (they
> share a bank account)
>
> b) I have no idea what your (tax) reporting requirements might be and
> how that affects "a real business" vs a very much side operation liable
> to be classed as a "hobby" << important for over here as while both
> businesses and hobbies pay tax on profits, only businesses can deduct
> losses from other income >>
>
> c) Inventory should be under assets, expensed as used, not as bought.
>
> d) Because a CoA can have only one structure (one tree hierarchy) when
> you choose to embed the business books into your personal books you will
> NOT be able to produce a simple "Statement of Revenues and Expenses".
> Same with the "Balance Sheet". In other words, you will probably want to
> run multiple using account selection to disentangle accounts.
>
> Michael D Novack
>
>
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-- 
* Please consider adding jesse at macdougall.ninja to your address book.  This
will be my new address.  This gmail address is being retired.
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