[GNC] gnucash suggestions
Kalpesh Patel
kalpesh.patel at usa.net
Wed Mar 20 18:18:02 EDT 2024
David –
Here is the process that I used to setup an artist as a security in nitty-gritty detailed way:
1) Define Artist as a security…
a. Tools à Security Editor à Add
i. Full Name: Michelangelo di Lodovico Buonarroti Simoni
ii. Symbol/abbreviation: Michelangelo
iii. Display symbol: Michelangelo
iv. Namespace: ARTIST
v. ISIN, CUSIP or other code: Michelangelo di Lodovico Buonarroti Simoni
vi. Fraction traded: 1/100000
2) Create a new Trading accounts…
a. While in the Account View, select “Trading” top level account, right click and select “New Account…”
i. Account Name: ARTIST
ii. Account code: <whatever_you_like>
iii. Description: Renowned Artists
iv. Security/currency: USD (US Dollar)
v. Smallest fraction: Use Commodity Value
vi. Account Color: <whatever_you_like>
vii. Notes: <whatever_you_like>
viii. Put a check mark in front of ‘Placeholder’
ix. Account Type: Trading
x. Parent Account: Trading
xi. Click OK and done
b. Create a new Sub-Level Trading accounts for each artist… while in the Account View, select “ARTIST” account underneath “Trading”, right click and select “New Account…”
i. Account Name: Michelangelo di Lodovico Buonarroti Simoni
ii. Account code: Michelangelo di Lodovico Buonarroti Simoni
iii. Description: Artist Michelangelo
iv. Security/currency: Michelangelo (Michelangelo di Lodovico Buonarroti Simoni)
v. Smallest fraction: Use Commodity Value
vi. Account Color: <whatever_you_like>
vii. Notes: <whatever_you_like>
viii. Account Type: Trading
ix. Parent Account: Trading-ARTIST
x. Click OK and done
3) Now use those artists as “commodities”
a. Create a new Asset accounts…
i. While in the Account View, select “Asset” top level account, right click and select “New Account…”
ii. Account Name: Famous Paintings
iii. Account code: Artworks
iv. Description: Famous Paintings
v. Security/currency: USD (US Dollar)
vi. Smallest fraction: Use Commodity Value
vii. Account Color: <whatever_you_like>
viii. Notes: <whatever_you_like>
ix. Account Type: Asset
x. Parent Account: Asset
xi. Click OK and done
b. Create a new Stock accounts for each painting… while in the Account View, select “Artworks” account underneath “Asset”, right click and select “New Account…”
i. Account Name: The Creation of Adam
ii. Account code: The Creation of Adam
iii. Description: The Creation of Adam by Michelangelo
iv. Security/currency: Michelangelo (Michelangelo di Lodovico Buonarroti Simoni)
v. Smallest fraction: Use Commodity Value
vi. Account Color: <whatever_you_like>
vii. Notes: <whatever_you_like>
viii. Account Type: Stock
ix. Parent Account: Asset-Famous Paintings.
x. Click OK and done
Now when you buy a painting say for a million dollar, you would enter a transaction as follows:
- Withdraw one million from account named “Asset-Checking Account”
- Withdraw one share from account named “Trading-ARTIST- Michelangelo di Lodovico Buonarroti Simoni”
- Deposit one share into account named “Assets-Famous Paintings-The Creation of Adam”
- Deposit one million dollar into account named “Trading-CURRENCY-USD”
There is however a drawback to this – it only works for a single painting by a single artist, which is fine for my use case. If there are multiple painting to be held by a single artist then step 1) of defining artist as an security would have to be unique by being a bit creative with so it is unique. I do so by defining full name as “The Creation of Adam by Michelangelo” (painting x by artist y format) and adjusting rest of the attributes accordingly. As the painting appreciates, it can be tracked in price database.
I am sure there is better way to do so, so comments and/or suggestion are welcome…
From: David Warren <david at warren1.net>
Sent: Tuesday, March 19, 2024 4:58 PM
To: Kalpesh Patel <kalpesh.patel at usa.net>
Cc: R Losey <rlosey at gmail.com>; Tommy Trussell <tommy.trussell at gmail.com>; J. A. Harris <product at harrisja.us>; gnucash-user at gnucash.org
Subject: Re: [GNC] gnucash suggestions
Thanks Kalpesh.
The art bucket makes sense to me.
I understand having individual paintings be individual assets (like individual stocks)
But I don't quite know what you mean when you suggest setting up artists as "securities". Would you mind explaining further? (If I have a brokerage account with individual stocks or bonds, I also think of each of those stocks or bonds as "securities". Hence my confusion with this 'higher level' proposed "security" for an artist.)
Thanks
On Tue, Mar 19, 2024 at 11:24 AM Kalpesh Patel <kalpesh.patel at usa.net <mailto:kalpesh.patel at usa.net> > wrote:
Just in case this is lost or not known, a new namespace can be created by simply specifying text in the namespace field when defining a "new" commodity or security. Existing commodity or security can be shuffled or put under a new namespace by editing the security and simply typing in new string in the namespace field. Only one that cannot be changed or added into is the "Currencies" namespace and what it contains. "FUNDS" (for mutual funds?) and "NYSE" (for securities/stocks?) are, I believe, carried forward as historical but when creating a new file, "FUNDS" and "NYSE" are not created, at least not on the Window version of 4.18 GNC that I am testing on.
I actually use this capability and have created namespace for exchanges to place security into where it is traded (according to Yahoo since I screen scrape for EOD updates via Python script), as well as tracking investments in paintings by artists where artist is a "security" and each painting is an "asset" under a "brokerage" account. It works well.
As for tracking things like miles earned, etc., I believe there is always in-direct way of finding conversion ratio, albeit it may change every time you use it but it is there. More so as different airlines have different conversion rates so this only make sense to set it up that way. Just an idea with one time setup (*PLEA - Accounting SMEs please weight in if this doesn't look right*): create a new name space called "Airline Mileage", create each airline mileage program as a commodity under it, and then create an parent asset account called "Earned Mileage" and then you can track mileage that is earned from each program. All those "bonus" miles that are earned are one way or another convertible to official "Currency".
-----Original Message-----
From: R Losey <rlosey at gmail.com <mailto:rlosey at gmail.com> >
Sent: Monday, March 18, 2024 6:51 PM
To: Tommy Trussell <tommy.trussell at gmail.com <mailto:tommy.trussell at gmail.com> >
Cc: J. A. Harris <product at harrisja.us <mailto:product at harrisja.us> >; gnucash-user at gnucash.org <mailto:gnucash-user at gnucash.org>
Subject: Re: [GNC] gnucash suggestions
On Mon, Mar 18, 2024 at 5:43 PM Tommy Trussell <tommy.trussell at gmail.com <mailto:tommy.trussell at gmail.com> >
wrote:
> On Sun, Mar 17, 2024 at 4:37 PM J. A. Harris <product at harrisja.us <mailto:product at harrisja.us> > wrote:
>
> > On 3/17/24 15:54, Michael or Penny Novack wrote:
> > > Those are "commodities"
> >
> > I am aware of that. Currencies, Funds, and NYSEs are all particular
> > types of Commodities. There is no current support in gnucash for
> > defining Commodities other than those three types.
> >
>
> I wanted to keep track of mileage for corporate reimbursement purposes, so
> I created a "FUND" with the symbol "Miles" abbreviated "M," and I created a
> Liability account called Mileage, whose currency is Miles, with a contra
> liability account called "Driving Owed," whose currency is Dollars. Every
> time I enter "Miles" in the register, I make sure its exchange value in
> Driving Owed dollars matches the current IRS reimbursement rate (which can
> sometimes change multiple times during the year).
>
> When the company does a reimbursement for Driving Owed, a bank transaction
> happens so the contra account to Driving Owed is the corporate bank
> account.
>
> Maybe this is a perversion of the system somehow, but it seems to work for
> me.
>
> It seems if you wanted to keep track of Credit Card Points or Airline Miles
> or whatever, you could create a similar "currency" or "fund" that matches
> your specification. But I presume there is some reason it doesn't work for
> you in the same way mileage does in my example.
>
>
You're not alone; I do something similar; for tracking the bonus points for
retailer "Fred", I created a "stock" with the Symbol FBP (Fred Bonus
Points) and use it to track points in and out of the bonus account.
--
_________________________________
Richard Losey
rlosey at gmail.com <mailto:rlosey at gmail.com>
Micah 6:8
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