[GNC] Multiple currencies involved - how to correctly deal with it?

[R Losey]

On Mon, Jun 16, 2025 at 2:51 PM Boniforti Flavio <boniforti.f at gmail.com>
wrote:

> This all looks correct: the "shipping cost of sales" SHOULD wind up bing 0
>> because you didn't actually have any expense (they actually paid for it,
>> not you). That account should show an increase when you purchased the
>> shipping label, and then decreased back down to zero when you received
>> their funds.
>
>
> In fact this makes sense, although the account "shipping cost of sales"
> should simply show me how much I've spent for shipping what I sold -
> regardless of the incoming money to pay for it. It's always the buyer
> paying the shipment (whether he/she sends me the money upfront or not)...
>
> https://www.instagram.com/boniforti_music
> https://soundcloud.com/boniforti_music
> https://bonny-j.bandcamp.com
>
>
This is getting into a somewhat more philiosophical ground:  *you* haven't
really had any shipping expense if it is being reimbursed -- so (for my
part), I don't mind it showing both increase and decrease. You can always
bring up that account and look at the amounts that were paid.... and there
is probably some report that will separate the increases and decreases.

As with the other, you COULD create sub-accounts under shipping costs to
split what you pay and what you are reimbursed for... that way, the total
will show your net shipping costs (which should theoretically be zero).







>
> Am Mo., 16. Juni 2025 um 19:33 Uhr schrieb R Losey <rlosey at gmail.com>:
>
>>
>>
>> On Mon, Jun 16, 2025 at 6:00 AM Boniforti Flavio <boniforti.f at gmail.com>
>> wrote:
>>
>>> Hi all.
>>> I thought I got this one sorted last year, but apparently my notes are
>>> not
>>> correct/up-to-date... please bear with me.
>>>
>>> The SECOND USE CASE is (to me) a bit more complex:
>>> - item POD, sub-account of the "EUR instrument collection", bought for
>>> 285
>>> Euros;
>>> - sold the item for 630 Euros, of which 27 Euros I would spend for the
>>> shipping;
>>> I've done it like this:
>>> - increase my EUR checking account by 630 Euros - the account for this
>>> transaction is the "Item POD" one, where it gets split into 285 Euros (to
>>> zero the value of my asset), 27 Euros to "Expenses EUR:Post:Shipping cost
>>> of sales" and 318 Euros to "Income EUR:Music Equipment sales EUR".
>>> The problem I'm encountering here, is the fact that in the account
>>> "Shipping cost of sales" I have 2 transactions: an earlier one of 27
>>> Euros
>>> (because I had to buy the shipping label before receiving the money from
>>> the intermediary) and then a "rebate" of 27 Euros... but this is
>>> creating a
>>> wrong total amount for the account "shipping cost of sales"...
>>>
>>> Anybody willing to help me go through this? It'll be very much
>>> appreciated
>>> (and I shall take screenshots and notes for the process, so that I can
>>> just
>>> look them up for future transactions).
>>>
>> --
>>
>> This all looks correct: the "shipping cost of sales" SHOULD wind up bing
>> 0 because you didn't actually have any expense (they actually paid for it,
>> not you). That account should show an increase when you purchased the
>> shipping label, and then decreased back down to zero when you received
>> their funds.
>>
>> If you MUST track the shipping costs, whether or not they are you receive
>> funds, I suggest creating sub-accounts under the shipping cost; one for the
>> expenses, and one that tracks what people paid to you. Thus, the overall
>> account will show your net expenses (zero in the example above), and you
>> will have an account with shipping.  Personally, I wouldn't do this, but
>> the beauty of GNC is that you can configure it to meet your needs.
>>
>>
>>
>> _________________________________
>> Richard Losey
>> rlosey at gmail.com
>> Micah 6:8
>>
>

-- 
_________________________________
Richard Losey
rlosey at gmail.com
Micah 6:8