Data entry question
Alex
I'm depositing a check with distribution to Income category. I'd like to enter cost of goods (the original purchase price) of item but doing a split then changes the amount of the checking account deposit. What's the best way to enter this information so it accurately reflects the income less the cost to show a net value in reports?
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1 Posted by dwg on Jan 14, 2020 @ 08:18 PM
I'm a fellow user.
You have really described two separate transactions. The purchase of the goods is one transaction and the sale is another transaction.
To show a net figure in reports it is necessary to just use one category for the goods. As you expect to make a profit I would have it as an income category. When you purchase the goods you choose this category for the purchase, but as it is an income category it will show as a negative number in it as it is an expense. When you sell the good you use the same category but as it is now an income item it will show as a positive value. The net amount will be reflected in the total of the category.
2 Posted by Alexander Rose on Jan 16, 2020 @ 08:44 PM
Thank you for the reply. Makes perfect sense. What would be the recommendation if the good that was sold was acquired before the application was first used, i.e. an historical transaction not entered in database? All we know is what was originally paid.
Thank you for any ideas.
3 Posted by dwg on Jan 16, 2020 @ 10:17 PM
You are straying into the area of business accounting and Moneydance is for personal financial management so not the same thing, but you have also described something that should never happen in the business world.
With personal finances it is usually the case that you start using an application like Moneydance and have existing accounts that have often been operating for many years if not decades, it is not practical to go back and rebuild those transactions in Moneydance so for Accounts there is the provision to have an opening balance.
There is no such provision in categories, To do something similar you need another category, you could name it something like Opening Balances and do a transaction that is a category to category transfer.
System closed this discussion on Apr 16, 2020 @ 10:20 PM.