[GNC] Suggestions for personal use of GnuCash

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[GNC] Suggestions for personal use of GnuCash

rrowan
I ran dual last year with MMEX (using since 2013) and GnuCash for personal finances. Today I tried to set up loans/mortgages that I have lent, not borrowed, but could not select from assets.

Please consider those of us who are lenders and not borrowers.

Also, personal use does not require vendors and customers as distinct entities. A simpler approach would be to tie to a contacts file. I use the "description" field inconsistencies can result from not using a source file when typing in a name in another account.

        To simplify the development of such a feature, consider a common contact list such as from gmail as most every user would have access to that file. Later releases could add other databases such as Apple's.

        Thank you very much.
Richard E. Rowan
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Re: [GNC] Suggestions for personal use of GnuCash

Rich Shepard
On Tue, 5 Mar 2019, [hidden email] wrote:

> I ran dual last year with MMEX (using since 2013) and GnuCash for personal
> finances. Today I tried to set up loans/mortgages that I have lent, not
> borrowed, but could not select from assets.

Richard,

I am not an accountant but my off-hand idea is to your loans/mortgages as
accounts receiveable assets. Set up A/R and as many sub-accounts as you
need. Your accountant has the final say, of course.

> Also, personal use does not require vendors and customers as distinct
> entities.

So, ignore them. For contacts use a Palm Pilot.

> To simplify the development of such a feature, consider a common
> contact list such as from gmail as most every user would have access to
> that file. Later releases could add other databases such as Apple's.

Except not all of us use gmail, Apple products, or Microsoft's stuff.

Why don't you set up your mortgagees and loan recipients as customers and
put their information in that table?

Be innovative and make GnuCash work for you rather than asking the devs to
fulfill your specific needs.

Rich
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Re: [GNC] Suggestions for personal use of GnuCash

David Cousens
In reply to this post by rrowan
Richard,

Rich Shepherd's approach is aprt of the way to accounting for a loan made
but one would not usually use the business features for doing this. When you
borrow money the loan is setup as a liability account as you are obligated
to pay it back. Where you make a loan it will be setup as an asset. You will
need to create an appropriate loan account depending upon the term of the
loan. If it is short term and to be repaid within an accounting year you
would set it upunder current assets otherwise you can use a general asset
account. E.g.

Asset:Loan

Normally when accounting for a loan you need to know what the principal
originally was, what  interest has accumulated on the loan, what repayments
of the principal have been made and what the current outstanding value of
the loan is. This can be achieved  by creating a number of subaccounts to
the above account as follows with the Asset:Loan account as a placeholder
account only.

Asset:Loan
Asset:Loan:Principal
Asset:Loan:Accumulated interest
Asset:Loan:Repayments

When you make the loan, you credit (withdraw from) an appropriate bank
account and debit the Asset:Loan:Principal account by the same amount.

When you add interest to the loan amount, you debit the
Asset:Loan:Accumulated interest account and credit an appropriate
Income:Interest account.

When the creditor makes a payment to you, you credit the
Asset:Loan:Repayments account and debit an appropriate bank account for the
payment loan.

The total displayed by the placeholder account will be the outstanding loan
amount.

If the transactions are regular you can use the scheduled transaction
editor. Where values change , e.g. interest the amount of the scheduled
transaction can be edited to the correct value.

See https://www.gnucash.org/docs/v3/C/gnucash-help/setup-accounts.html for
deatils of creating and editing accounts.

David Cousens



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Re: [GNC] Suggestions for personal use of GnuCash

David Cousens
In reply to this post by rrowan
Richard

For personal use just select Common Accounts and deselect the Business
Accounts when creating the account heirarchy. This is usually the default
setup. For an existing heirarchy make sure there are no transactions to the
A/R, A/P accounts ( transfer them to other accounts as appropriate) and
delete them from the account heirarchy.

There is no contacts database outside the customer/vendor lists in the
business features and I don't think there are any plans to add one.

You can use cut and paste within the description field or even simpler use
Transaction->Transaction Duplicate to duplicate an existing transaction
containing the description item you wish to use and then edit the date
description accounts and amounts in the duplicated transaction as
appropriate to create a new transaction using a common descriptor item as a
tag. You could also maintain a list in another text file open in a text
editor or spreadsheet (at least sortable) and cut and paste from it as
required.

David Cousens



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