[GNC] gnucash-user Digest, Vol 228, Issue 33

[davidcousens49 at gmail.com]

Frederick

GnuCash also does not have support for full cost management accounting as well
as not having inventory accounting which is just one component of cost
management accounting. It requires a different form of jobs from that
implemented in the business features. It can be done manually with the kludges
others have mentioned. If your manufacturing is on any significant scale you may
be better served getting a commercial accounting package which has that support.
It will cost but it will likely save you money and time in the long run.

David Cousens



On Thu, 2022-03-17 at 16:50 +0000, davidvernonlong at gmail.com wrote:
>    2.  Question about Assemblies (Frederick)
> There is no inventory accounting in GnuCash, so if you need to hold parts in
> inventory in numbers of units together with their cost per until, whether on
> average cost or on FIFO basis, which then build assemblies, I cannot see how
> this would be possible.
> David
> 
> -----Original Message-----
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> gnucash-user-request at gnucash.org
> Sent: Thursday, 17 March, 2022 4:00 PM
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> Subject: gnucash-user Digest, Vol 228, Issue 33
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> Today's Topics:
> 
>    1. Re:  IRA/401K income detection (Michael or Penny Novack)
> 
> 
> ----------------------------------------------------------------------
> 
> Message: 1
> Date: Thu, 17 Mar 2022 10:29:14 -0400
> From: Michael or Penny Novack <stepbystepfarm at comcast.net>
> To: "D." <sunfish62 at yahoo.com>
> Cc: Gnucash Users <gnucash-user at gnucash.org>
> Subject: Re: [GNC] IRA/401K income detection
> Message-ID: <f9bc13aa-db83-5b07-66ec-1d27c22f93a5 at comcast.net>
> Content-Type: text/plain; charset=UTF-8; format=flowed
> 
> On 3/16/2022 8:49 PM, D. wrote:
> > Michael,
> > 
> > I think I get what you're saying. In my own case, I've taken to 
> > separating the pretax streams into their own income accounts, which 
> > seemingly addresses some of your points.
> > 
> > But one of the big selling points of IRA/401Ks is that they earn money 
> > tax deferred (which I've also isolated into their own income 
> > accounts). How does Joe allocate the distributions-- or does it even 
> > matter? Each distribution is going to include a portion of deferred 
> > income and a portion of untaxed dividends (at least how I've captured 
> > the txns thus far). Is there a different way to manage those dividends?
> 
> If the contributions are all "pre-tax" then they are "deferred income" . 
> The "deferred income" account would have been used when you entered the
> transaction for a contribution.
> 
> What the account has earned is also all "deferred income". If you were
> entering transactions to record the increase in value of your 401K, that
> would have been the other side of the transaction. Note that it is "deferred
> ordinary income? and not "deferred capital gains"
> 
> If the 401k existed before you began with gnucash, the probable cause was
> entering the starting balance using the "tool" (so other side "starting
> equity"). It should have been "deferred income" << you could still use the
> tool -- when you created "deferred income" (probably under
> equity) with the same starting value that would have taken it out of
> "starting equity". Understand? Yes "deferred income" is part of your equity
> but it is different than your other equity because it has an attached tax
> liability.
> 
> Michael D Novack
> 
> PS? --- Bears repeating, but a "manual" is not a "user guide". We really
> should not be advising users about things like this. In other words, the
> question isn't "how do I enter transactions related to a 401k" but "what
> accounts, what transactions, would I be using when accounting for a 401k".
> That's for a tax accountant to tell you, or you look it up. I am not legally
> qualified to answer "tax accountant" sorts of questions.
> 
> 
> 
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