Hi Chris. Thanks for your input - it seems cumbersome to me, adding accounts for each instrument I buy. Nevertheless, in my accounting ignorance, I think I understand it and it looks very nice and detailed. I might try this next time I buy some instrument indeed!
Thanks, F. https://www.instagram.com/boniforti_music https://soundcloud.com/boniforti_music https://bonny-j.bandcamp.com Am Mi., 25. Sept. 2024 um 01:35 Uhr schrieb Chris Miller via gnucash-user < gnucash-user@gnucash.org>: > Hi Folks, > > Pardon the interruption; I'm breaking into the middle of this > conversation, so please forgive me if I misunderstand or repeat something > that has already been discussed. > > I believe the discussion is recording the acquisition of musical > instruments and the occasional sale and how to account for that. I > recommend an asset account, "Instruments", with a sub account for each > instrument, which records the book value of each instrument. Remember the > book value is the cost to acquire and *deploy* an asset, which would also > include maintenance, so I would enter splits for "repairs", or "tuning", or > "travel" anything else you might do that costs you. When it comes time to > sell, you need to write off that asset and calculate the gain or loss on > sale and apply that to "income". > > Purchase: > Instruments:Flugelhorn $2,000 > Instruments:Expense:Travel $150 > Instruments:Expense:Repair $50 > Instruments:Expense:Maintentance $25 > Visa Card $2,225 > > > > Several years later, add another split > Instruments:Expense:Tune-upTravel $75 > Cash $75 > > > The above activity is one transaction, that added a split as necessary, > and maintained the book value of the instrument, which would now be $2,225 > + $75 = $2,300 > > > > This is how you would record the sale for $3,500 > Cash $3,500 > Flugelhorn $2,300 (Write off the asset, you no longer own it) > Gain on Sale $1,200 (credit to income, This could, of course, > be a "Loss on Sale" which would debit income. > If different instruments are taxed > differently, then that could appear here, as well, > but tax is not typically an expense) > > > I hope I understood the problem and didn't just make a fool of myself > answering a question nobody is asking. > -- > Chris. > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > 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 gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: 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.
