This is one side of the story. For another view of things you might
take a look at
https://www.mathstat.dal.ca/~selinger/accounting/tutorial.html. You
could also look at
https://www.mathstat.dal.ca/~selinger/accounting/gnucash.html which is
outdated but still might be useful.
If you want to fix things by adding trading account splits where needed
you could use the "Check and Repair" commands in the Actions menu. If
Trading Accounts are turned on these commands should add the splits
where required. I would certainly make a backup copy before trying
this.
Mike
On 26 Jul 2022, at 20:39, David Carlson wrote:
I forgot to address fixing the mess.
I think there are two ways to fix it. The easiest is to restore your
last
backup from before turning on TA's.
The other, iirc, is to manually delete all those TA's.
On Tue, Jul 26, 2022, 7:24 PM <davidcousen...@gmail.com> wrote:
Fred,
Not early in the guide, but in the section dealing with multiple
currencies
https://www.gnucash.org/docs/v4/C/gnucash-guide/currency_trading_accts.html
and
discussed on the wiki
(https://wiki.gnucash.org/wiki/Trading_Accounts).
I don't think anyone has yet written anything about any application
to
trading
stocks and I don't think they are intended to be applied there.
It is recommended to read the guide and help manual fully before
using
GnuCash.
I didn't, like many other users, but I did have a general accounting
background
coming in. You will find a lot of discussion in the mailing list
archives
re
stock trading and unrealized gains and losses..
If they were mentioned earlier it is likely they would confuse new
users
with
limited experience of double entry accounting and accounting
practice. It
is a
compromise to get new users in the door.
Trading counts are about providing information in the accounts for
unrealized
gains and losses involving currency transactions.
It is not normal accounting practice to recognize unrealized gains or
losses in
the books as income/expenses and the circumstances under which they
may be
recognized in some jurisdictions are likely to be highly variable.
They
are not
normally taxable until the gains are actually realized in the
majority of
jurisdictions. That is why they aren't a default option.
I wouldn't think there is any need to redo past transactions unless
the
information re unrealized gains and losses through currency exchange
transactions is necessary for some specific reporting process.
David Cousens
On Tue, 2022-07-26 at 18:46 -0400, Fred Tydeman wrote:
Over the past several months, I have been importing Quicken data
into
GnuCash. There is about 6 years of data and lots of transactions.
Besides
normal income and expenses, that data involved many different stocks
and
many different currencies. Recently, I saw a reference to "Trading"
accounts. I have now enabled that feature. Based on reading
https://www.mathstat.dal.ca/~selinger/accounting/tutorial, I believe
that
my old transactions that involve currencies (and maybe stocks and
other
assets whose value varies) were done wrong.
Do I need to redo old transactions involving currencies?
Do I need to redo old transactions involving stocks?
Do I need to redo old transactions involving any assets whose price
varies? This probably depends upon the asset, eg. no for Real
Estate.
Is there an easy way to fix the mess I have created?
Aside: I do not recall any mention of trading accounts in the
Tutorial
early on when it talked about setting up the Chart of Accounts.
What is the reason that Trading accounts are not turned on by
default?
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