1
vote
1answer
60 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.
0
votes
0answers
51 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 ...
1
vote
1answer
25 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 ...
1
vote
0answers
69 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 ...
1
vote
1answer
176 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 ...
0
votes
1answer
292 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 ...
3
votes
2answers
8k 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 ...
1
vote
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 ...
1
vote
0answers
196 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 ...
1
vote
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 ...
3
votes
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 ...
3
votes
1answer
868 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 ...
5
votes
1answer
575 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 ...