[GNC] gnucash-user Digest, Vol 229, Issue 39

[Chris Skudder]

   Ken,
   You can hold other "commodities" (in addition to currencies) in
   INVESTMENT acct's - which are asset accounts, rather than equity accts.
   I think the contribution of an asset like stamps, bitcoin, etc would be
   recorded with an "opening balance" entry which credits the equity
   account, balancing with a debit (increase) to the investment asset
   account.
   Chris
     __________________________________________________________________

   Message: 1

Date: Sat, 23 Apr 2022 21:10:03 +1000
From: [1]davidcousens49 at gmail.com
To: [2]gnucash-user at gnucash.org
Subject: Re: [GNC] Why does an Equity account have to be of Currency
        type?
Message-ID: [3]<562e2258bd573a8cffb2e690e2eaae3da31333bf.camel at gmail.com>
Content-Type: text/plain; charset="UTF-8"

Ken

All accounts have a currency associated with them. When you hold an asset, you
hold it at a value in a particular currency, not as an item of indeterminate
value. You would require an inventory (which GnuCash does not have to hold the
items and in inventory accounting each item still has a value, usually its cost
to either buy or produce which is used to calculate the value of the items held
in the corresponding inventory account. An inventory account would not
dissimilar to a stock account.

David Cosuens

On Sat, 2022-04-23 at 17:46 +0800, km22 wrote:

Hi,

I am starting a new Gnucash file for a simple "mock" trust.  The trust
holds physical assets (like stamps and coins and other collectibles).  I
want to represent the contributions to this trust in the form of these
assets.  However, when I try to create new Equity accounts for the
contributions it only allows me to use "Currency" type assets.  I don't
understand why Gnucash would force this limitation.  Why wouldn't a user
be allowed to use any asset type they wish (stocks, bitcoin,
collectables) and not solely the ISO cash types?

A screenshot of the issue is attached.

Thanks,
Ken

References

   1. mailto:davidcousens49 at gmail.com
   2. mailto:gnucash-user at gnucash.org
   3. mailto:562e2258bd573a8cffb2e690e2eaae3da31333bf.camel at gmail.com