[GNC] Adding new income category or new expenses category

[Glenn Fowler]

Excellent tips and nice write up!

On Thu, Jul 22, 2021 at 2:07 PM Adrien Monteleone <
adrien.monteleone at lusfiber.net> wrote:

> I'll add some tips for any new user getting their feet wet building
> their Chart of Accounts:
>
> Put as much info into each transaction as you possibly can.
>
> A. Use the Notes field (visible in Double Line mode) and put info in the
> Memo fields for each Split. (if you don't know what Splits are yet, read
> that section of the manual and learn them, you'll thank me later)
>
> B. Don't combine individual line items from an invoice or receipt as an
> attempt to 'speed up' data entry. Just enter each line item separately.
> (especially tax) Here's why:
>
>    1. It takes time to do the math to combine the items. GnuCash does
> math for you automatically.
>    2. You'll inevitably make math mistakes doing so and waste time. (did
> I mention GnuCash handles math on the fly?)
>    3. A Memo field can only take so much text, so if you are combining
> too much, you'll tend not to describe the items there as well.
>    4. Keeping each line item separate, and putting good descriptions in
> the Memos allows you to split off or change accounts later without
> making a mess or having to 'start over'. (this you will certainly
> appreciate a few months down the road) If you combine items you later
> want to put in different accounts, unless you have the original receipt,
> or put the individual amounts in the memo, this will be impossible.
>    5. You'll end up saving lots of time for routinely purchased items,
> and routinely visited stores because GnuCash utilizes an 'auto-fill'
> based on previous entries. In most cases, after a few months of use,
> what seemed like a daunting grocery receipt, is just a matter of tabbing
> through, editing a word here or there, and adjusting a few prices.
>    6. GnuCash lets you 'attach' documents to transactions. Scan *every*
> receipt and attach it. That way, if you have an issue later, you can
> always correct it. (or if you didn't follow my above advice, you can
> re-do the transaction split up correctly) It takes little time to scan
> and save, and only a few clicks to attach the scan to a transaction.
>
> C. As with any new software, it will take time to learn to use it
> effectively. Not everything ends up being a 'time saver'. The point of
> Accounting is to *spend* time now, so you have better information to
> make decisions later, that are, hopefully, more productive or perhaps
> less costly.
>
> D. The best time to record (to 'Account' for) your financial activities
> is as soon as possible after they occurred, so make it a daily habit.
> That also keeps the workload down.
>
> Regards,
> Adrien
>
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