Bookkeeping is the process of recording business data in a prescribed format. It often forms the first step in the accounting procedures of a company.

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99 views

In double entry book-keeping, how should I record writing of a check?

Say I write a check (in British English, a cheque) to pay money to some supplier out of my business's current account. I post the check. As far as I'm concerned, the company has spent that money and ...
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2answers
87 views

How to record (accepting and later returning) other peoples' money? What's the correct terminology for that? // GnuCash

How to record (accepting and later returning) other peoples' money in GnuCash? I assume it would not be recorded as income / expense, respectively. Liabilities also seems unlikely. Equities? ...
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1answer
44 views

How to account for transferring money to an investment account?

I have recently been asked to look after the books temporarily for a small not for profit sports club in Christchurch New Zealand. I noticed that they had entered transferring of money from the ...
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1answer
90 views

What account should passport renewal expenses go into?

I am trying to appropriately name an account for these types of "official" fees. The fee doesn't really relate to a particular project, nor a normal type of expense.
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0answers
54 views

What would be the appropriate account for written off loans to friends and family?

In the past I have lent some money to friends and family, which I have not gotten back. I don't want to ask them for the cash, but I do want to clean up my accounts. How would I record this in my ...
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2answers
53 views

Which date to record for a transaction?

I need to record a transaction in a journal. If I take the date of the paper receipt, this might be different to the date on my bank statement. Which one should I use? Should I use one, and then ...
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2answers
46 views

How to record a transaction with more than one purpose?

Suppose I pay with my credit card, £15 at a store, where £10 is for stationery used for my business meeting which is a claimable expense, and £5 is for my lunch which is a personal expense. I think ...
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2answers
50 views

Double-entry bookkeeping conundrum - how to log built-in fees?

So today I was trying to figure out how to do some double-entry bookkeeping for one of my projects. The service is similar to a bank teller - it accepts money on one end, charges some fees, and gives ...
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0answers
97 views

How do I do double-entry bookkeeping for separately-managed investment accounts?

Double-entry bookkeeping is new to me but is something I'm trying to apply to our personal finances. The area I am struggling with is how to deal with our investments. We have a mix of Canadian RRSP ...
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2answers
704 views

Double-entry accounting: how to keep track of mortgage installments as expenses?

Context: I am new to double-entry accounting, I use GnuCash for my personal family bookkeeping. At the moment, the main goal for me is to keep track of incomes/expenses of our family over time. For ...
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1answer
220 views

Asset Sale: Net proceeds to cash AND capital gains?

This is very simple but I'm having trouble figuring out how to account for the sale of an asset, in double-entry bookkeeping, in a way that shows the net proceeds going to cash AND recorded as a ...
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2answers
365 views

Lending money to someone: how to book?

I'm trying my hand at double-entry bookkeeping for my personal finances. While I get the gist, I have trouble with the details. Please bear with me if I use the wrong terminology. I have lent some ...
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1answer
336 views

How can I debit money to Accounts Receivable in Gnucash without raising an invoice?

I have some income from Amazon Associates that is paid to me automatically every few months. I don't raise an invoice and Amazon doesn't create one for me. Amazon does specify a date when the payment ...
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1answer
133 views

How to teach personal reconciliation and book balancing

How do I go about finding good resources to teach my children about good money management. Something that will be able to show them how to run a personal bank account, how to reconcile and balance it. ...
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2answers
10k views

How to account for Capital Gains (Losses) in double-entry accounting?

After taking an introductory financial accounting class, I decided to use GnuCash to keep track of my personal finances. I have 5 major accounts in my general ledger: Equity Currently only used to ...
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2answers
842 views

Good way to record currency conversion transactions in personal accounting software?

I have deep personal financial connections to two countries, with different currencies. (They happen to be Canada/CAD and USA/USD, but I don't think that's material.) I have multiple bank and ...
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1answer
4k views

Correct method of recording bank transfer in double-entry accounting

What is the correct way to record the transfer of funds between 2 accounts of the same type (ie checking account to savings account)? Since they are both debit accounts, wouldn't crediting one and ...
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0answers
201 views

What is a Typical Quickbooks Workflow?

I would appreciate a coherent outline of a typical Quickbooks workflow. Basically a list of what should be done and when/where from inception all the way down to reconciliation of downloaded ...
5
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2answers
499 views

When bookkeeping, which transaction date should I use from my bank statement?

When reconciling my bookkeeping with my bank statement, should I use the date the transaction occurred or the date the bank processed the transaction? Also, which date should I use when transferring ...
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1answer
2k views

How to report a bill was paid in journal entry?

I have a couple bills in my name in QuickBooks from business expenses that I paid for personally. I have since paid myself back ("paid the bill") but it was during the early months of my business (no ...
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3answers
204 views

Help in understanding a basic accounting principle

'An entry which increases an asset account is called a debit.' So if my bank account is my asset account, when I debit money, money actually goes out so it is a 'decrease'. But the above statement ...
5
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6answers
583 views

What are the negative implications of the 2011 cost basis reporting law?

The United States has a new law requiring brokerages to report the cost basis of sales on IRS Form 1099-B. For stocks purchased after January 1, 2011, financial services firms will have to report the ...
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1answer
933 views

Accounting treatment for store credit

I just got store credit when I returned some bad juice. This left me wondering. Which accounts receive the entries when a store issues store credit? For example, when I made the payment for the ...
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11answers
910 views

Good book-keeping software?

Can anyone recommend a good program (or web app, I guess) for keeping one's books? I've tried GnuCash, but I find it so complex, that I'm sure I'm appropriating credits to credits. As a minimum, I ...
5
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1answer
596 views

GnuCash bookkeeping for account contributions to accounts having annual contribution limits?

I'm using GnuCash, and trying to figure out how to structure a couple of accounts to track contributions to accounts like Roth IRAs and HSAs that have an annual contribution limit that I need to ...