Due To So-and-So (Liability) and Fund Balance (Equity) have credit balances. It seems like you want your fund to have five accounts: Cash, Due To So-and-So (or Accounts Payable), Expenses, Revenue, and Fund Balance (or Retained Earnings). What's the right bookkeeping way to track the "income" our joint account does or should receive each month from each of us? Should we be using accounts receivable as a way to track how much we've actually paid versus what we should pay each month? posted by lab.beetle to Work & Money (6 answers total) 1 user marked this as a favoriteīest answer: Think of your bank account as a separate fund.
GNUCASH I SPENT MONEY AND PROFITS INCREASED HOW TO
The problem is that we're new to double-entry bookkeeping and we're very confused about how to set up the different accounts and types of transfers. We are trying to start using gnucash to keep track of all of this. In practice, it's more complicated, because we don't follow the rules: I might buy groceries using my own credit card, and then I resolve this by either directly taking money from the joint account to pay me back for the groceries, or I transfer less money into the joint account to make up for what I'm owed. In principle, this should be simple: each month we each contribute some amount to the joint account, and then we pay for our joint expenses directly from that account. Stock Prices, Budgets and Scheduled Bills and Deposits will need to be copied manually.We have a joint checking account, which we use for daily expenses like groceries, utilities, and eating out. Once the accounts are consistent with Microsoft Money you can edit individual GnuCash accounts and reassign them as needed. Also check the category spending over all time from Microsoft Money with the Accounts in GnuCash.
![gnucash i spent money and profits increased gnucash i spent money and profits increased](https://cdn1.iconfinder.com/data/icons/finance-274/150/growth__money__increase__dollar__profit-512.png)
Any liability accounts will probably have the wrong type and a negative balance in GnuCash. Final Checks After conversion examine the account balances and compare with the final account balance reports from Microsoft Money. Replace the two splits with a single transaction to the target of the transfer. A transaction with two splits one of which is a transfer adding to zero in a single account may not transfer properly. You should enter a category in Microsoft Money for these and transfer the data again. These are transactions with no category specified. Adjustments for Transactions Check for any transactions with one side in the unspecified account. The account names can be included in the file by placing the following text at the beginning of each file: !AccountĪsset accounts should start with a zero balance to import successfully otherwise the asset has no balancing transaction (it has to come from somewhere!). It may be more convenient to enter Stock Codes in the Securities editor prior to importing.Īdjustments for Accounts Investment accounts do not record the account names in the QIF files so if an error is made in entering the account name the transaction will be duplicated. Thus for the conversion to be successful all accounts must be loaded and the Account names must match to enable GnuCash to remove the duplicates.
![gnucash i spent money and profits increased gnucash i spent money and profits increased](https://cdni.iconscout.com/illustration/premium/preview/money-savings-business-profit-concept-2888495-2409755.png)
When exporting Microsoft Money records each transaction twice, once in each account's QIF. GnuCash will create your accounts automatically from the information in the QIF files. Use the Loose QIF (longer names) format if available.
![gnucash i spent money and profits increased gnucash i spent money and profits increased](https://matlabgeeks.com/wp-content/uploads/2011/03/Gender-NCAA-Expenses-and-Revenue.png)
To transfer data, use the Export Function of Microsoft Money. The purpose of this page is to list hints and tips that may assist users in migrating their books from Microsoft Money(TM) to GnuCash.