Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [accounting]

for questions that relate to the laws, practices, and products of accounting. Please note that questions about accounting that are academic or have no bearing on personal finance are off-topic here.

accountancy is "the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof."

Please note that questions about accounting that are academic or have no bearing on personal finance are off-topic here.

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How to teach personal accounting to an 8-year-old

I try to teach my 8 year old daughter the basics of finance. She has some her own money (partly in a wallet, partly in a piggy-bank). Some time ago, she threw a short tantrum about "someone stealing her money". My wife's and my assumption is that…
mbork
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What does "gold reserves" on a gold mining company's balance sheet mean?

From a Reuters article: On Wednesday, [Newmont Mining Corp] reported gold reserves of 68.5 million ounces for 2017, unchanged from 2016, as it replaced reserves through exploration, projects, revisions and acquisitions. 68,500,000 ounces divided…
Ms Jackson
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What are the advantages of doing accounting on your personal finances?

What are the advantages of keeping track of your personal finances? Is it only worthwhile if I earn "enough"? Why should I bother?
Psirus
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Starting with GnuCash. How to eliminate automatic entries ending up in the "unbalanced" account?

I just started using GnuCash and there is something I do not quite get how to get rid of (and whether I should try to get rid of). When I start importing transactions, I have expenses, income, etc. As this this as "double method" system, for…
Gabriel
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In double entry accounting, how does income become equity?

Using GNUCash, help, putting it all together, I'm accounting for a lottery income transaction. I was able to get the example shown with 2 transactions. 1. Dr. Savings 750,000 Cr. Income:Lottery 750,000 2. Dr. Income:Lottery…
zundarz
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Indie Software Developers - How do I handle taxes?

I apologize if this is the wrong site to post on, perhaps someone could point me to the proper place if it is not. Hello, I am 17 years old and currently develop applications/games for Android and iPhone as well as develop internet websites and code…
Connor
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Presenting negative numbers using parentheses: where does this practice come from?

The standard accounting way is always to show negative numbers in parentheses. Where does this practice come from? For example, this cash flow statement use parentheses indicate negative values:
Franck Dernoncourt
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Why use accounting software like Quickbooks instead of Excel spreadsheets?

Some friends and I are starting a small landscaping cooperative, and are thinking about how we will manage accounting. Places we've worked in the past have used Excel spreadsheets to manage all of their finances. However, a lot of the stuff I've…
J. Taylor
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How to account for Capital Gains (Losses) in double-entry accounting?

After taking an introductory financial accounting class, I decided to use GnuCash to keep track of my personal finances. I have 5 major accounts in my general ledger: Equity Currently only used to record opening balances for other…
William Breathitt Gray
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How do you calculate the depreciation on a car?

I’m thinking of selling my new car. Here are some informations about it. Model: Suzuki XL7 2022 Bought: Brand New, January 2022 (6 months of usage) Initial Price: ~$16600 Mileage: 3100 miles If I’m selling my car this month, what price is…
Kezia
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How to account for months lapse in tracking finances

I have been tracking my finances with GnuCash since the beginning of this year. All was good until summer hit and I spent more than two months traveling, but I'd like to get back to it without the time it would take to categorize and reconcile ten…
Dean Brundage
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What is the difference between equity and assets?

I am (going to be) using GNU Cash, which uses the double-entry method; I use it for personal finance. Reading various tutorials for GNU cash, it lists 5 types of accounts: income, expense, assets, liabilities, and equity, followed by various…
Christopher King
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How to record the finding of 10 dollars lying on the street and their subsequent placement into one's wallet (in gnucash)?

Within gnucash: within the Cash in Wallet account: description: found some money in the street transfer: Imbalance-USD or create a new arbitrary one-off account called something like "Penny Lane" or "Gift from above"??? What are the options for…
shoyu
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How should I record the changing value of an investment in accounting software?

I have the following (simplistic) structure set up in GnuCash, but this should apply to other software too: Assets Bank account Pension Income Salary Interest Every month, my salary is split between my bank account and my pension. Both…
alexmuller
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Why is a coin an asset whereas a note is a liability on the Federal Reserve's balance sheet?

Can someone explain me why coins are assets and notes are liabilities for the U.S. Federal Reserve? I know coins are made from "precious" metals, but even notes are made from various materials too, so I am assuming its not because of this reason.…
user793468
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