Dear John,
On 10/09/2017 16:10, John Ralls wrote:
On Sep 10, 2017, at 1:26 AM, Hylton Conacher (ZR1HPC) <hyl...@conacher.co.za>
wrote:
Hi,
I am a new user of Gnucash 2.6.17 on a Mac and after many years using the
earlier versions (95/98) of Quicken on Windows Have started a fresh set of
accounts on Gnucash, for personal use, since the 1st Sept.
I have managed to operate my way through how different the app works, and am
actually enjoying the learning experience.
In the years previous to this I have invested funds in several unit trusts, or
what I believe some call, Mutual Funds.
I would like to add the current balances of the unit trusts as opening balances
in Gnucash however despite reading the on-line manual and doing some Google
searching as well as Bugzilla searching, have been unable to successfully
create the following unit trust type of account hierarchy, as the account type
is not specified.
Further delving into the app trying to use either 'Stock' or 'Mutual fund' did
not assist as then I needed to select the 'Security/Currency'. When I clicked
on Select it only showed non-currency related items, and none of them in south
Africa. As my country currency is not listed, despite being listed if I choose
to add an 'Asset' account.
The composition of the units purchased is decided by the parent company from
which you are buying the unit trusts. The money given to the company for the
purchase of your units is invested in a variety of assets that should provide a
return i.e. gold bullion, stocks purchased in a particular range of companies,
bonds etc.
As the value of those investments increases i.e. those companies invested in
are now worth more, so the value of a unit trust unit increases.
The parent company has absolute discretion on where and when it wants to invest
your money and so manages the risk and ensures a positive return on investment,
allowing them to take a fee of the profit earned.
A unit trust will normally be traded in the home country currency but may be
traded in a completely different currency i.e. whilst the home currency is ZAR,
I may have a unit trust that is traded in GBP. A unit trust consists of units
purchased, usually to 2 or 3 decimal points i.e. 0.01 or 0.001 but some might
be more, a price per full unit and then the currency value of the total units
held in that particular named unit trust.
I believe this unit trust account type needs further development work and
wonder if there is a work around?
I have raised a feature request
<https://bugzilla.gnome.org/show_bug.cgi?id=787493>
to request this further enhancements to Gnucash.
You believe wrong.
One accounts for units in a unit trust as units. Please STUDY the Tutorial and
Concepts Guide, paying particular attention to the chapters on Investments and
Capital Gains, where you’ll learn how to use GnuCash to account for
non-currency assets.
Regards,
John Ralls
You are incorrect.
You account for your investment in units, expressed as having a currency
value. Each transaction is actually measured in currency as there is a
price per unit which must be paid or received. I tried to enter the
investment as a mutual fund but the price calculation would not allow me
to enter in values to 4 decimal places. After changing decimal places in
the settings, I saw no change. Despite your advice and your inability to
understand my mention that I had read and STUDIED the documentation and
tried Google searches, I tried many methods to get the unit trust
accounts to display properly, Gnucash is just not currently suitable for
unit trust accounts, in my opinion, even if the account is marked as a
Mutual fund or Stock, of which it is neither. If there is anyone else
who actually uses Gnucash for South African unit trusts, I would be most
pleased to hear from you.
Again John, thank you for taking it upon yourself to close my bugzilla
post before doing any investigation into the matter or even waiting for
a reply from the original poster. So much for you using the community
user platform to improve the product.
I have reopened the request and will close it once I am able to
accomplish what I require, whether it be by step by step instructions or
further application development.
Let's make Gnucash great again.
Hylton
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