Questions tagged [bookkeeping]
Bookkeeping is the process of recording business data in a prescribed format. It often forms the first step in the accounting procedures of a company.
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Journal entry for savings of multiple family members
I'm recording family-related transactions in a journal. My question is regarding a cash deposit (asset debit).
For example, my family earned $300 at a garage sale. I deposit that entire amount into ...
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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 ...
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How do you set up current year bookkeeping based on previous year balance sheet and profit and loss items?
I'm setting up this year's accounting ledger for a sole proprietorship. It used to be done by CPAs in the past but I decided it's time to bite the bullet and start doing it myself.
All is going well,...
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Double-entry bookkeeping: When selling an asset, does the money come from, Equity or Income?
I use a double-entry system (ledger) to manage my personal finances. I have set it up so that the only entries in my Equity are my opening balances.
If I sell an asset (e.g. laptop) whose value I ...
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Best Practices for Managing Paper Receipts
I'm curious to get some input from the community on best practices for managing paper receipts, whether personal receipts or business-related receipts. For example...
What are the arguments for ...
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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 ...
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How to account for startup costs for an LLC from personal money?
If I start a business (LLC, specifically) and incur some of the startup costs with my own money, how do I account for this in the bookkeeping once the LLC's bank account is up and running?
For ...
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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 | ...
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Bookkeeping accounts for rent-to-own property
I own a house which I'm renting to tenants. We've entered a long-term rent-to-own contract, where the principle portion of each mortgage payment becomes potential equity for the tenant. How do I ...
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What's the best way to account for a risky investment - As an asset or an expense?
We normally account for investments as a separate account in assets:
Assets:Banks:Bank ABC => Assets:Risky Investments:Investment XYZ
which is consistent with the fact of having an asset that ...
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Paying extra toward installment loans - is it a prepayment or paying ahead?
If someone has an installment loan with equal, fully amortizing payments, and the borrower pays extra each month, how does the creditor decide whether to apply the extra as a prepayment to principal ...
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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" ...
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Reinvesting earnings increases the book value of equity?
I'm reading this text about elementary concepts in finance. It keeps repeating an example where a company reinvests part of its profits (earnings), and claims that this increases the book value of ...
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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 ...
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Double-entry bookkeeping: How to account for non-monetary taxable benefits received from employer?
I'm trying to keep detailed books for my personal finances. One thing I haven't figured out how to represent is various non-monetary taxable benefits that I get at work. For example, a gift or a meal.
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