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Gnucash 2.4 Small Business Accounting: Beginner's Guide

You're reading from   Gnucash 2.4 Small Business Accounting: Beginner's Guide Manage your accounts with this desktop financial manager application

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Product type Paperback
Published in Feb 2011
Publisher Packt
ISBN-13 9781849513869
Length 324 pages
Edition 1st Edition
Tools
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Toc

Table of Contents (20) Chapters Close

Gnucash 2.4 Small Business Accounting
Credits
About the Author
About the Reviewers
www.PacktPub.com
Preface
1. Getting Started with GnuCash 2. Transactions – the Lifeblood of a Business FREE CHAPTER 3. Fun and Eye-opening Part - Reports and Charts 4. How not to Get Lost in the Transactions Jungle 5. Repetitive Work? Let GnuCash do it 6. Business Mantra: Buy Now, Pay Later 7. Budget: Trip Planner for your Business 8. Making Tax Times Less Stressful 9. Printing Checks and Finding Transactions 10. Adapting GnuCash for Non-profits and Personalizing 11. Data Import/Export: Use your Phone to enter Expenses 12. Application Integration and Other Advanced Topics Pop Quiz Answers Index

Time for action – allocating funds for projects


Non-profit scenario 2 – Keeping funds for projects separately: SOS is planning to add a new wing to the building for community healthcare. You are receiving donations specific to the building project and you want to keep the funds separately, even though you don't want to open a separate bank account for that purpose.

  1. Create a new account Funds for building new wing of the type Bank and with Current Assets as the Parent Account. This will show up as a sibling to Checking Account. Now, when you reconcile the Bank balance, you have to reconcile with the total of Checking Account and Funds for building new wing, as shown in the following screenshot.

What just happened?

Ideally, you might want to create a separate bank account for such projects. In this case, you were able to achieve the same results without going through the extra cost and effort of opening another bank account.

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