Hot answers tagged

20

GnuCash uses the extended accounting equation, which is Assets - Liabilities = Equity + Income - Expenses Confusingly, the entire right hand side (Equity + Income - Expenses) is also known as Equity if you use the standard accounting equation (as THEAO has pointed out). The equity you're trying to increase is the entire right hand side, and in GnuCash ...


15

The ”standard“ thing to do, after double checking your numbers to see if you can find or remember the actual reason for the discrepancy, is to use an Income account for ”extra“ money and an expense account for ”lost“ money. The Imbalance account is meant as a temporary placeholder for monies not yet put into their right account. I personally use Income:...


13

It's income. Create an income account for it, or use a broader “miscellaneous income” account, depending on how precise you want to be.


13

I'd say you have a couple options that differ by the amount of time required. Option 1: Export your checking/credit card ledgers from your banks for the unaccounted for periods you mention then import them into GNUcash. They won't be categorized, but it's a fairly simple task to go through and categorize the main ones. Anything else can be categorized in ...


11

Currencies aren't user editable, but then if you were tracking your investments in bubble gum this probably isn't what you want to do anyway. What you can do is add what gnucash calls a Security using the tools->security editor dialog. You can choose one of the pre-defined types (AMEX/NASDAQ/FUND/etc) or just type your own. Once you've created your own ...


10

I'm going to take the “Expense Piechart” report in GnuCash 2.6.7 as my primary example; other reports may have slightly different options. Open the report you want to use. Click “Options" in the toolbar or “Report Options” in the Edit menu. In the “Accounts” tab, the “Show Accounts until level” option (or “Account Display Depth” in some other reports) cuts ...


10

The thing is that you only need one entry, not two. That's the beauty of double entry - since you have double entry system, every transaction will create two entries. So you don't need to create two transactions, you only need one. So you got a $30 gift. You credit Income:Gifts and on the other side Assets:Checking. Your general ledger entry (Menu->Tools->...


10

If you were a business, all your assets would have a dollar value, so when you sold them you'd decrease the amount of assets by that amount and increase in cash, and if there was a profit on the sale it would go in as income, if there was loss it would count as a cost (or a loss)... so if there was a profit it would increase Equity, a loss then it would ...


9

I just decided to start using GnuCash today, and I was also stuck in this position for around an hour before I figured out what to do exactly. The answer by @jldugger pointed me partially on the right track, so this answer is intended to help people waste less time in the future. (Note: All numbers have been redacted for privacy issues, but I hope the ...


9

The GnuCash manual has a page with examples of opening new accounts. The tl;dr is: use the Equity:Opening Balance to offset your original amounts. The further explanation from the GnuCash page is: 4.7.2. Opening Balances As shown earlier with the Assets:Checking account, the starting balances in an account are typically assigned to a special ...


8

Towards your question #1 The basics of double-entry accounting run off of the equation that (Assets) - (Liabilities) = (Owner's Equity). In terms of double entry bookkeeping, you always need 1 "event"'s set of transactions to balance the left (A - L) and right (OE) sides of the equation. Here are some examples to show what I mean: Ex 1: Company starts ...


8

Just found one way: Then, get an account report using [Reports] > [Account Report] while you have the search results tab in front of you. This generates a report with the listed transactions and includes the total (...)


8

The Equity balance is your Assets (stuff you own) minus your Liabilities (debts you owe to others). It represents your "net worth" - how much money you would have when you would pay all your debts. When you want anything to show up in Equity, you need to make use of the asset and liability sheets. As long as you only manage Income and Expenses, your equity ...


8

You're on the right track. Typically you start with the asset being withdrawn from - in this case I'd start with your bank account you made the withdrawal from - let's call it Assets:CurrentAssets:Checking. In the Assets:CurrentAssets:Checking ledger, list the total withdrawal, including the fee in a split as follows: Assets:CurrentAssets:Checking: ...


7

Typically in GnuCash, account balances that exist at the beginning of the time you're keeping records for are balanced by entries in an Equity account “Equity:Opening Balances”, which is part of the default set of accounts created for you. This account is really just a placeholder so that everything balances, and that's perfectly normal. So, just enter “...


7

It is different than "net worth", isn't it? Profits = income - expenses Net assets = assets - liabilities.


7

You can generate the transactions directly into your GnuCash XML file via the GnuCash python bindings. You could probably alter your script to directly generate the XML for the transactions into your GnuCash database in this manner. You would then open GnuCash and everything would already be there. See a simple example which creates some accounts and ...


6

It's not native functionality, but you could probably do it. You could create a fake security/currency for the meter type (kWh, whatever gas/water get measured in ). Updating would be a pain, though. You'd have to go read it and enter the data manually -- unless it was a smart meter, and then you could probably build some sort of script for it. In terms ...


6

You'll have a certain number of shares of each fund in your pension. You purchase a certain number of shares with the "pension" portion of your paycheck. This will be different each time because the share price fluctuates. To see the changing value of your pension, you update the price(s) of your fund(s). How often you do this is up to you, though if it'...


6

GnuCash allows hierarchical listing of accounts, with the parent also summarizing the children when in the accounts' list. So you can create "TFSA Accounts" account under "Assets", and create separate account for each of the TFSA's under that "TFSA Accounts" parent account. You can mark it as a placeholder for your convenience so that you won't assign ...


6

Unfortunately, there is no facility to do bulk transaction edits in GnuCash, so you are out of luck for your existing hundred. (I don't know whether there is a way to initially import a transaction as split.) However, once you have entered this split once, it can be used as a template for new transactions, using autocomplete or by entering it in the ...


6

You should keep doing it the way it is most comfortable for you, but I'd suggest not splitting. GnuCash is perfectly capable of generating reports for any given time range, and it is much easier and straightforward to keep one book. That's how accounting in general works (for a business, keeping multiple books is in fact a crime). You break down your ...


6

When you spend $100 on kayak supplies, you have lost $100 worth of assets (or incurred $100 worth of liabilities if you borrowed the money), but you have gained another $100 asset: the right to be paid $100 as reimbursement. So this really should be a transfer to an asset account. I handle this for myself by making a top-level Asset account named ...


6

For the purpose of personal finance, treating $500 as Interest Expense is sufficient. For business accounting, it involves making the $500 a contra-liability and amortizing it as interest expense over the course of life of the loan.


6

In general you need to ask yourself how serious you are about tracking your finances. If your GNUCash 'cleared' balance doesn't match your statement, it represents an error on either your part or much less likely the banks part. Tracking down this error might be a real pain, but you will also likely learn from it. So to answer your question - find the ...


6

The Yahoo Finance API is no longer available, so Finance::Quote needs to point at something else. Recent versions of Finance::Quote can use AlphaVantage as a replacement for the Yahoo Finance API, but individual users need to acquire and input an AlphaVantage API key. Pretty decent documentation for how to this is available at the GnuCash wiki. Once you've ...


Only top voted, non community-wiki answers of a minimum length are eligible