[GNC] (no subject)

R. Victor Klassen rvklassen at gmail.com
Sun Dec 19 13:29:18 EST 2021


What most people have found - and someone would be sure to say eventually - is that to get reports formulated exactly as you want them, you pretty much need to export them to a spreadsheet or even a word processor table, and manipulate them from there.   GnuCash will handle the numbers, and even give you a number of reports, but it won’t give you all the options you need/want regarding formatting.

Regarding the inventory in/out if you have inventory as an asset, then running a balance sheet at the start and end of the year will give you the two numbers you want.  Not all in one report matching Form T2125, but you need to fill that out by hand in the end anyhow.  

There’s a certain amount if creative accounting required for inventory anyhow, since you can take raw materials at the price you paid for them and finished goods at the price you expect to sell them for, but goods in process is not so cut and dried.  If none of your end of year inventory remains by the time you file a few months later, you will have real values for everything, but in the more likely case, you don’t know how much of that inventory really is worth its original value.   I expect GnuCash for things that can really be measured - cash, funds in the bank - and treat inventory as something for spreadsheets.  It’s not that you can’t  do what you’re setting out to do, it’s that GnuCash isn’t designed to do full inventory management for you, and if that’s what you need, you should find something that is.  If it isn’t what you need, it’s a once a year thing to satisfy the CRA, and not worth the detailed tracking that following inventory through every transaction would give you.   But that’s a choice.

 

> On Dec 19, 2021, at 1:05 PM, Jesse MacDougall <macdougall.jesse at gmail.com> wrote:
> 
> 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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> 
> 
> -- 
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> will be my new address.  This gmail address is being retired.
> <IncomeStatement.jpg><t2125-20e.pdf>_______________________________________________
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