Budgeting/report of current paid expenses for future periods

classic Classic list List threaded Threaded
6 messages Options
Reply | Threaded
Open this post in threaded view
|

Budgeting/report of current paid expenses for future periods

randix
Not sure how to explain this so let me give an example...

I do lots of travel and want to keep track/control of how much I'll be spending per week in the future based on my current outlays.  Sounds simple enough, but many of my expenses that I incur now, are for a future period in time.  Example.  If I have a trip to DC planned in 3 weeks and pay for hotel, etc expenses in advance, eg now, I want a report that shows me how much I'm spending for that future period, eg per week, not when I actually paid the expense.  I'm not talking for tax purposes, but for my own record keeping and budgeting.  Other than keeping a separate excel sheet and recording the info on that, is there any way I can do that within GnuCash?  
Reply | Threaded
Open this post in threaded view
|

Re: Budgeting/report of current paid expenses for future periods

GnuCash - User mailing list

Hi, 
My low tech solution would be to add a code in the memo field for each transaction, e.g. "dc201611", do a find for that code, and create an account transaction report on the result. 
Cheers, David T.
  
 
  On Sun, Oct 9, 2016 at 6:42, Steve<[hidden email]> wrote:   Not sure how to explain this so let me give an example...

I do lots of travel and want to keep track/control of how much I'll be
spending per week in the future based on my current outlays.  Sounds simple
enough, but many of my expenses that I incur now, are for a future period in
time.  Example.  If I have a trip to DC planned in 3 weeks and pay for
hotel, etc expenses in advance, eg now, I want a report that shows me how
much I'm spending for that future period, eg per week, not when I actually
paid the expense.  I'm not talking for tax purposes, but for my own record
keeping and budgeting.  Other than keeping a separate excel sheet and
recording the info on that, is there any way I can do that within GnuCash? 



--
View this message in context: http://gnucash.1415818.n4.nabble.com/Budgeting-report-of-current-paid-expenses-for-future-periods-tp4686978.html
Sent from the GnuCash - User mailing list archive at Nabble.com.
_______________________________________________
gnucash-user mailing list
[hidden email]
https://lists.gnucash.org/mailman/listinfo/gnucash-user
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.
 
_______________________________________________
gnucash-user mailing list
[hidden email]
https://lists.gnucash.org/mailman/listinfo/gnucash-user
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.
Reply | Threaded
Open this post in threaded view
|

Re: Budgeting/report of current paid expenses for future periods

randix
Thanks for that reply.

Yea, I have need of a more elegant solution than that... looks like maintaining a separate spreadsheet is the only real option
Reply | Threaded
Open this post in threaded view
|

Re: Budgeting/report of current paid expenses for future periods

David Cousens
Hi Steve,

One way of handling this would be to set up an asset account for PrepaidExpenses which is credited when you pay the expenses (and your bank account is debited by the payment amount) and then at the date you want to record the expense as being incurred create a second transaction which debits the amount of the expense from the PrepaidExpenses account and credits the amount to the relevant Expense account.

This approach is commonly used to account for things like insurance payments which are paid annually in advance but where you need to record the expense incurred in each monthly period for accurate profit/loss recording.

Hope this helps

David Cousens
David Cousens
Reply | Threaded
Open this post in threaded view
|

Re: Budgeting/report of current paid expenses for future periods

randix
Thanks David, that approach definitely sounds like the solution.  Steve
Reply | Threaded
Open this post in threaded view
|

Re: Budgeting/report of current paid expenses for future periods

Adrien Monteleone
In reply to this post by randix
Your Welcome Steve,

I forgot to mention, that if you want some sort of report in advance of the period where you’ll be using those pre-paid expenses, for example, to see how much you’ve spent so far prior to taking a trip, then utilize the Jobs feature. You could create a ‘Job' for each trip you are planning, and that will give you additional reporting capability for expenses tied to that job. Caveat, as far as I know, Jobs can have multiple Vendors say for travel, lodging, meals, et cetera, but only belong to one Customer. (if you also have and use Customers) I’m not familiar enough with the budgeting feature yet to know if you can set a Job budget in advance and get any sort of alarm, warning or report on how you are matching up. There was lots of budget discussion here a few months ago and I seem to recall some interest in that aspect. Check the list archives.

Regards,

Adrien

> On Oct 15, 2016, at 11:00 AM, [hidden email] wrote:
>
> From: Steve <[hidden email] <mailto:[hidden email]>>
> Subject: Re: Budgeting/report of current paid expenses for future periods
> Date: October 15, 2016 at 3:38:16 AM CDT
> To: [hidden email] <mailto:[hidden email]>
>
>
> Adrien, thanks for that reply.  Sounds like that definitely is workable for
> my situation!
>
> Steve

_______________________________________________
gnucash-user mailing list
[hidden email]
https://lists.gnucash.org/mailman/listinfo/gnucash-user
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.