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

Thu Mar 17 17:42:01 EDT 2022

Thanks for the information and suggestion David.  Not on any kind of a significant scale, just a one person operation making a modest living.  I own and am using an old version of Sage 50 currently (and happy with it!), but they want $600 annually for the “subscription” service now offered.   My version is having problems getting “authorized” by Sage when i open the program and it will not work when i switch to Windows 11.  I do not make enough to justify $600 for accounting software, but i may be my only option.  I am looking for a free or at least reasonably priced alternative.  

take care,  fred

> On Mar 17, 2022, at 5:26 PM, davidcousens49 at gmail.com wrote:
> 
> 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-----
>> From: gnucash-user
>> <gnucash-user-bounces+davidvernonlong=gmail.com at gnucash.org> On Behalf Of
>> gnucash-user-request at gnucash.org
>> Sent: Thursday, 17 March, 2022 4:00 PM
>> To: gnucash-user at gnucash.org
>> 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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>> End of gnucash-user Digest, Vol 228, Issue 33
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