[GNC] Ideas and recommendations for community project

[Michael or Penny Novack]

Please -- we are not competent to give this sort of accounting advice. 
Especially for what is an esoteric/rare type of entity (probably not 
addressed in most accounting texts) This seriously needs consulting with 
an accountant familiar with this form of entity, especially if unable to 
find an accounting text covering this type of entity.

Michael D Novack

PS -- I'm pretty sure the "shares" of such an entity are not under 
assets but equity << particular shares might become assets if fully paid 
in shares have been donated back to the entity >> But PLEASE, it is 
perhaps six decades since I looked at a text  discussing entities with 
"shares" and my memory isn't THAT good.


On 8/2/2023 1:52 AM, gibelium at gmx.net wrote:
> Your suggestion sounds interesting, although in my case I have to map
> the side of the provider of the investment, because the community wants
> to "sell" shares to members, right? So, in the example, the community
> would be the hotel itself, which offers shares and wants to record them
> either as income or as open receivables.
>
> One way to map this scenario could perhaps be:
> Assets:Community-Shares: holds the shares that the community offers.
> Income:Community-Shares: holds the membership payments already made for
> shares
> Assets:Accounts-Receivable:Community-Shares: holds the outstanding
> receivables for shares that have already been sold
>
> There would then be the cash flows "Assets:Community-Shares ->
> Income:Community-Shares" for paid amounts and "Assets:Community-Shares
> -> Assets:Accounts-Receivable:Community-Shares" for open amounts. The
> individual entries could reference the appropriate member in the
> description.
>
> The question that is still bothering me with this approach - if it makes
> any sense at all - is how I can credit a posting in the
> "Income:Community-Shares" account to a bank account in parallel, because
> with the posting Assets:Community-Shares -> Income:Community-Shares two
> accounts are already involved.
>
> On 01.08.23 16:09, Fred Tydeman wrote:
>> For a hotel being built, I bought 3 shares on credit in a private 
>> company
>> In the Assets:Investment:Hotel   which is an Account Type of Stock
>> I bought 3 shares with the money for those shares coming from
>> Liabilities:Loans:Hotel    which is an Account Type of Liability.
>>
>> Then, as I get income from other places, that income is used to
>> pay off the Hotel loan.
>>
>> So, perhaps, you could replace "Hotel" with "person1", "person2", ...
>> in the above.
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There is no possibility of social justice on a dead planet except the equality of the grave.