Noob Question

Keith Clark keithclark1966 at rogers.com
Tue Apr 15 10:51:26 EDT 2008


>I've recored a transaction for a new digital camera.

>Cash from my 'Asset' bank a/c goes into the 'Expense'
>account ( I selected 'Computer' as it's digital hardware ).

>That all work's great and the cash transaction is recorded
>fine. My question is regarding my new physical asset.

>The item, a digital camera, where would I record this new asset?

>The cash flow has been recorded in GnuCash from my
>Asset:Bank Account to my Expenses:Computer but the actual
>physical item, the camera, is an asset now too.

>Things like this new asset should be recorded elsewhere
>or in other 'Inventory' type software?

>Apologies if this is off topic but I'm just not sure where
>to record the value of the physical 'Asset' items I posses.


In business, you would not have expensed the camera purchase.  You would have created an asset account, transferred from cash to asset account, and then expensed depreciation of that asset over time.


Keith




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