Hi Richard. It's one payment I got from the buyer, which includes both the value of the goods and the shipping costs. F.
https://www.instagram.com/boniforti_music https://soundcloud.com/boniforti_music https://bonny-j.bandcamp.com Am Fr., 22. Nov. 2024 um 18:10 Uhr schrieb R Losey <rlo...@gmail.com>: > Hi. Your statement that "shipping is... paid by me, but the buyer is > giving me the money for the shipping" is a contradiction. If the buyer is > providing the funds, he is paying the shipping, not you. How you would > record this depends partly on preference and partly how this is done... is > the shipping included in the total sent to you? Is it a separate payment? > If it is part of the same "transaction", I would use one entry, but if he > gives you money at two different times or in two different ways, I would > use two transactions. > > > On Fri, Nov 22, 2024 at 2:15 AM Boniforti Flavio <bonifort...@gmail.com> > wrote: > >> Hi David. >> Shipping is factually paid by me with my money, but the buyer is giving me >> the money for the shipping. So do I understand it right that I could >> separate this sale and just enter two transactions in my checking account? >> One would be the shipping costs, the other is the rest from 1214 EUR? I >> then would have two different "sources of money" for both zeroing the >> "Korg >> MS-20M" account and for the "shipping costs of sales" account. Could this >> work? >> >> F. >> >> https://www.instagram.com/boniforti_music >> https://soundcloud.com/boniforti_music >> https://bonny-j.bandcamp.com >> >> >> Am Fr., 22. Nov. 2024 um 04:57 Uhr schrieb David Cousens < >> davidcousen...@gmail.com>: >> >> > It all depends on whether the buyer or seller is paying the shipping >> > costs. >> > >> > If the seller is paying the shipping costs then it is an expense to the >> > seller but in this case the shipping costs are not explicitly included >> > in the purchase price and would be paid. >> > >> > For a business this could be recorded as >> > >> > >> > Asset:Mus. Inst. Cr 800.00 >> > Expenses:CoGS Dr 800.00 >> > Asset:Bank Account Dr 1241.00 >> > Income:Sales Mus Inst Cr 1241.00 >> > >> > when the funds are received >> > >> > Asset:Bank account Cr 35.49 >> > Expense:Shipping Dr 35.49 >> > >> > when shipping is paid (these could be combined if simultaneous but >> > ideally better to keep the splits with memo annotations) >> > >> > and the nett profit on the sale is 1241-800-35.49 = 405.51 >> > >> > If the buyer is paying the shipping costs, then the purchase price >> > should have included the shipping over and above the sale price of the >> > instrument itself and the seller cannot claim the shipping as an >> > expense and part of the money received pays for the shipping. >> > >> > For this case it could be recorded as >> > >> > Asset Bank Dr 1178.51 >> > Asset:Mus. Inst. Cr 800.00 >> > Expenses:CoGS Dr 800.00 >> > Income:Sales Cr 1178.51 >> > >> > Asset:Bank Dr 35.49 >> > Liability:Shipping Cr 35.49 >> > >> > when the funds are received >> > >> > and when the shipping is paid >> > >> > Asset:Bank Cr 35.49 >> > Liability:Shipping Dr 35.49 >> > >> > and in this case the net profit is 1178.51-800 = 478.51 >> > >> > Which of these it is appropriate should be clear from the sales >> > invoice. >> > >> > David Cousens >> > >> > On Thu, 2024-11-21 at 20:52 -0600, R Losey wrote: >> > > 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 >> > > > _______________________________________________ >> > > > 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. >> > >> _______________________________________________ >> 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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