Thank you so much everyone helping me out here. I’ll use your recommendations and let you guys now once I put it into GNC.
> On Jul 22, 2019, at 13:22, Eric Coates via gnucash-user > <gnucash-user@gnucash.org> wrote: > > Michael > >> I wonder what???s the best practice on how to enter physical Gold into GNC. >> Is there anybody who has done that before? > > I added gold to my list of "thingies" fairly recently. > > The way I did it: > (1) Right click on the Assets class and choose New Account > (2) In the window that appears enter an Account Name (let's say BULLION); > optionally enter an Account Code and description > (3) The next bit is a bit odd but bear with me: in the Security/currency > section click Select... in the mini window that appears under Type choose > Currencies and then for Currency scroll almost to the bottom and choose XAU. > Then click OK > (4) Back in the main window for the Smallest fraction I'd select 1/10000 > (5) Make sure that the Account Type is Asset, add anything else you want and > click OK > (6) And you will have an account called BULLION appear under Assets. > > As far as I can see this account can be used to record your holding of gold > but, of course, you will need to enter the purchase of said gold and (I > assume) you'll want to track its value This is where that odd bit comes in. > As far as I can see purchasing the gold is done in much the same way as > you'd buy some shares EXCEPT THE UNIT IS ONE TROY OUNCE. Note that this means > that if you buy coins (or jewellry, I guess) you'll have to find the gold > content - I found that relatively straight forward. > > Now, when you update share prices XAU is automatically included and (rather > magically to my mind appears) as GBP (I'm in the UK and GBP is my base > currency). Rather magically because the price of gold is usually quoted (on > the web) in USD - but hey, let's say we're lucky that someone has waved a > magic wand behind the scenes. > > It all seems rather simple now but at the time it took some work to get my > head around things, whilst I was in that mode I was using a dummy copy of my > accounts - slight hint, it may be best that you do too. > > I guess you are in Germany, they are a sensible people so they may work in > grams. A dummy transaction (in the dummy accounts) and some hand checking may > show up any extra niggles > > One major mistake I made was in the buying of the gold. The bullion dealer's > web site said "purchase gold using a credit card or debit card". In my > innocence (or as my wife called it "stupidity") I used a credit card. The > card company hit me with a hefty "cash transfer" fee. Thinking about (post > event!) it seems obvious why. > > Good luck. Best wishes > > Eric > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > If you are using Nabble or Gmane, please see > https://wiki.gnucash.org/wiki/Mailing_Lists for more information. > ----- > 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 gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
