Hi Richard.
Yes, my "Shipping costs" account should be (and it is) an expense account -
I think this is correct, as it is something I pay for out of my pocket.
The income is there, you just haven't seen it: "Income:Music Equipment Sold
EUR"
My asset (Korg MS-20M account) has gone down to zero (minus 800 Euro). The
gain ("Income:Music Equipment Sold EUR") is actually 378,51 EUR because
with the money coming into my checking account (1214 EUR) I also paid the
shipping costs.
But maybe I want to "compress" too much into one big split transaction. I
could just put 414 EUR in my "Income:Music Equipment Sold EUR" account and
then use money from my checking account to pay for the shipping - but this
would distort my gain (which in fact is *not* 414 EUR, but it is 378,51
EUR).
What do you think?
F.
https://www.instagram.com/boniforti_music
https://soundcloud.com/boniforti_music
https://bonny-j.bandcamp.com
Am Fr., 22. Nov. 2024 um 03:53 Uhr schrieb R Losey <rlo...@gmail.com>:
> Expense accounts, because they are usually only increased, just have
> Expenses for debits. The credit is called a "Rebate". I don't know if you
> meant to make that account an expense account.
>
> I don't see an Income anywhere in the list.
>
> Your asset should have gone down by 800 EUR, as you did. The gain in this
> sale is 414 EUR, of which the shipping should be an expense, and the Income
> will be 1214 minus the shipping cost, right?
>
>
> On Thu, Nov 21, 2024 at 3:53 PM Boniforti Flavio <bonifort...@gmail.com>
> wrote:
>
>> Hi all.
>>
>> I've just sold one of my instruments, for which I already have a dedicated
>> account "Assets:Current Assets:Music Equipment EUR:Korg MS-20M".
>> The opening balance for this item is 800 EUR.
>> I now sold it and I got 1214 EUR for it. So I entered 1214 in the "Total
>> Increase" column, with "Transfer" my EUR Checking account. Then I added
>> splits:
>> 800 "Total decrease" so that the item's value is 0 (as I sold it, I don't
>> have anymore its value at home) - Transfer = "Korg MS-20M" account;
>> 378,51 "Total decrease" (which is the surplus I made) - Transfer =
>> "Income:Music Equipment Sold EUR"
>> 35,49 "Total decrease", the price I paid for shipping this item to the
>> seller - Transfer = "Expenses EUR:Post:Shipping cost of sales"
>>
>> Now when I look at the last account listed, I see 35,49 in the "Rebate"
>> column and the "Expense" column is empty - which in the end results in a
>> negative total:
>> [image: image.png]
>> What am I doing wrong?
>>
>> Thanks,
>> Flavio.
>>
>> https://www.instagram.com/boniforti_music
>> https://soundcloud.com/boniforti_music
>> https://bonny-j.bandcamp.com
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>
> --
> _________________________________
> Richard Losey
> rlo...@gmail.com
> Micah 6:8
>
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