All Questions
Tagged with bookkeeping accounting
28
questions
1
vote
4
answers
336
views
Why do we still need double-entry bookkeeping in the age of computers?
I recently learned a bit about double-entry bookkeeping and although I believe I understood the how I didn't really understand the why. At first it seems to me that splitting each account into debit ...
- 127
1
vote
0
answers
60
views
VAT Treatment of Foreign Expenses without Invoice
My client operates a company based in the UAE and maintains several bank accounts, including one in the USA. The US bank levies various fees, such as transfer fees and monthly fees, which are ...
- 31
7
votes
2
answers
3k
views
Double entry bookkeeping - Record incoming money which I would hold temporarily as a custodian
My dad's clients often transfer payments, which they owe to my dad, into my bank account [for technical reasons, some payment types into my account are not currently available in my dad's]. After a ...
- 181
1
vote
1
answer
93
views
Personnel costs recorded twice in the income statement? [closed]
We are talking about a company that produces its own products. Since the manufacturing costs also include part of the personnel costs, the personnel costs are recorded twice in the income statement. ...
- 11
1
vote
1
answer
79
views
How does a balance sheet look when almost all income is immediately drawn?
I have a small business and I am being asked to produce a balance sheet. I have a very simple business model: I do hourly work and get paid on a 1099 basis. It is an LLC but I treat it kind of ...
- 133
2
votes
2
answers
166
views
Is there a standard for the "transaction type"?
After designing and using my personal bookkeeping system for quite some time, I realized that it lacks one column: what "type" of transaction it is.
I have made it a smallint called type ...
- 37
0
votes
2
answers
1k
views
Okay to cancel "Loans to Shareholders" against "Retained Earnings"?
Let's say there's an S Corporation with a single shareholder, a $200 balance in "Loans to Shareholders", and a $300 balance in Retained Earnings. Is it okay to cancel the shareholder's debt by ...
3
votes
1
answer
532
views
How do I properly account for interest charged on a loan in GnuCash?
I've just started accounting and entering initial balances for my personal finances with GNUcash and I'm curious about the proper way to account for interest charged on student loans and credit cards.
...
- 33
1
vote
3
answers
810
views
In double-entry book keeping, how should I track planned expenses
So, I'm working on getting a bit better at managing my household finances and am currently working to learn double-entry bookkeeping.
One thing I need to separate out and track a little better is ...
1
vote
1
answer
138
views
What are the must know topics for personal accounting? [closed]
I'm 18 years old; last year I finished high school. I attended a school oriented in accounting, and even though I didn't care much about it at the time, now I realize how important is to know how to ...
2
votes
1
answer
117
views
What is S/P in "Tax Deduction S/P"? [closed]
This may be an unusual question, but I have a plugboard labeled "Tax Deduction S/P" for an IBM 402 accounting machine from the 1950s. This must have been used to process records on punched cards to ...
- 123
2
votes
2
answers
1k
views
Link bank transactions for credit card payments in GnuCash?
Using GnuCash. I download activity from my bank and from my credit card. I've imported my bank activity and that will have entries such as
Date | Description | Withdrawal
1/1/2017 | ...
- 393
3
votes
3
answers
1k
views
Accounting equation: does income really decrease equity?
I am new to using double-entry bookkeeping for personal finances.
GnuCash uses a variant of the accounting equation that has five variables, and which seems to be known colloquially as an "expanded" ...
user13589
0
votes
1
answer
162
views
How to categorize shared income?
I'm a total bookkeeping noob. My LLC has an agreement with another LLC where we split income coming from a particular source. As it happens the income comes to my business's bank account and then I ...
- 393
9
votes
1
answer
681
views
How to double-entry bookkeep money incoming from sold items?
I started doing double-entry bookkeeping with GnuCash to keep track of my personal finances, down to the penny. I have as assets my bank account and "cash in wallet", and many expense accounts for ...
user24385