One exception might be investments, particularly if you need to track the "buy" and "sell" price for tax purposes.
Thus when I switched from Quicken to GnuCash, I started with opening balances, but on some of my investments, I went back and put in previous transactions. All one has to do in that case is to adjust the opening balance in such a way that it is correct when you start with GnuCash. On Sun, Sep 29, 2024 at 3:11 PM Boniforti Flavio <bonifort...@gmail.com> wrote: > Thanks Patrick. > > I understand that accounting is quite a broad subject matter and that > there's not really a "right/wrong" answer to (basic) questions. I > appreciate the different proposals to "solve" my questions and I have > step-by-step learnt to deal with some factors and understood some decisions > (on how to register a specific type of transaction). > > As I'm doing this for my personal finances, to have a view on where my > assets, liabilities and debts are, I don't have any regulations to adhere > to (I'm not a business) when doing my "personal bookkeeping". > > I tend to first search in the GC official documentation and when that > information is not answering 100% of my doubts, I revert to this list. > > For example, the last thing I realized and memorized is the fact that > having opened my books on 31.12.2023, I'm not going to add any transaction > before that date. :-) > > F. > > https://www.instagram.com/boniforti_music > https://soundcloud.com/boniforti_music > https://bonny-j.bandcamp.com > > > Am So., 29. Sept. 2024 um 22:02 Uhr schrieb Patrick James via gnucash-user > < > gnucash-user@gnucash.org>: > > > Boniforti, > > > > I am not a maintainer/moderator of this list. > > > > The challenge with accounting questions is the accounting standard being > > used. For someone who is new to accounting, it seems as though there > should > > be one "right" or "best" answer, but often the "right" or "best" answer > is > > situational, and depends on factors such as the organization and > accounting > > standard being applied. Even then, goals and objectives might differ, and > > thus when there are options, the "best" choice is a management decision. > > > > If someone asks, "How do you personally do this..." then you avoid the > > challenge, but then you may not be so certain of what went into the > > decision the person made. > > > > Someone might say, "Here is how I account for this given transaction..." > > or "Here is how I would account for a transaction if I were in your > > situation...", and that may be helpful for you. After gathering up a > bunch > > of data, analyze it, and then the way to get best advice for your > situation > > is to take your information to a professional who can and will represent > > you. > > > > In summary, there are major problems with getting accounting advice on > the > > internet, and following poor advice could be very costly in the future. > > > > > On 09/29/2024 11:41 AM PDT Boniforti Flavio <bonifort...@gmail.com> > > wrote: > > > > > > > > > Hi Stan - I know this is a GC mailing list and not an accounting one. > > This > > > is simply my best way to learn something and get helpful information. > If > > > these kinds of questions are OT here, then please excuse me and I'll > > search > > > somewhere else for information. > > > > > > Thanks to everyone replying to my initial question, even though I > didn't > > > reply to every single email in this thread. > > > > > > F. > > > > > > https://www.instagram.com/boniforti_music > > > https://soundcloud.com/boniforti_music > > > https://bonny-j.bandcamp.com > > > > > > > > > Am So., 29. Sept. 2024 um 01:06 Uhr schrieb Stan Brown (using GC 4.14) > < > > > stan...@fastmail.fm>: > > > > > > > On 2024-09-28 14:07, Boniforti Flavio wrote: > > > > > I would enter it as follows (let's assume the real estate total > cost > > is > > > > > 500k): > > > > > > > > > > Assets:Fixed Assets:Real Estate - increase 300k > > > > > Liabilities:Loans:Mortgage Loans: - increase 300k > > > > > Assets:Fixed Assets:Real Estate - increase 150k (downpayment) > > > > > Assets:Current Assets:Checking Account - decrease 150k > (downpayment) > > > > > Assets:Fixed Assets:Real Estate - increase 50k (reservation) > > > > > Assets:Current Assets:Checking Account - decrease 50k (reservation) > > > > > > > > You do realize this is an accounting question, not a GnuCash > question, > > > > right? But there is a GnuCash feature you may not be aware of. > > > > > > > > I'm not sure why you are contemplating three transactions with a > total > > > > of six splits, when it's all logically one transaction. You wouldn't > be > > > > getting this mortgage if you weren't buying this property, or buying > > > > this property without this mortgage or "reservation" (a Swiss > > > > real-estate term I don't know). I believe that entering them as one > > > > transaction would be more logical, and faster too: > > > > > > > > Assets...Real Estate: increase (debit) 500K (property value) > > > > Liabilities...Mortgage Loans: increase (credit) 300K > > > > Assets...Checking Account: decrease (credit) 150K (down payment) > > > > Assets...Checking Account: decrease (credit) 50K (reservation) > > > > > > > > If you're doing this in an account register, you may need to click > the > > > > Split button at the top to open enough fields to make this entry. > > > > > > > > Stan Brown > > > > Tehachapi, CA, USA > > > > https://BrownMath.com/ > > > > _______________________________________________ > > > > 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. > > > > > -- _________________________________ Richard Losey rlo...@gmail.com Micah 6:8 _______________________________________________ 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. 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