Loans and assets

[genmil]

Hi, still trying to evaluate the product. Here are some questions:

1- Can I set up a loan i.e. someone owes my business some money. I want it to show in my books and my reports as a loan. How do I proceed with this?

2- Can I keep track of assets? For example I want my company books to reflect the fact that I own a certain amount of art pieces. I want my books to reflect this asset and it's value. Can this be done and how?

3- Can reports come out in french? I know that I can change the language on my workspace but can I also change the reports when printed?

4- Budgeting: Can this software do budgets? Can I track my budget through My Money?

[mthadm]

Hello,

1) Many ways of capturing this information, the simplest possible way could be to create an Asset Account ( Line of Credit/ Assets) and charge the owed money with a Payee going to the vendor and an appropriate category. A more detailed and proper accounting approach would be to create a new Account for your vendor and transfer money out to it. Then as the payments come in match them and roll them back in into your operational account.

2) Create a new account for each asset, give it an opening balance to what the market value of the asset it. Create a new category to reflect Appreciation and Depreciation and make correcting entries once or twice a year.


3) Reports are localized, if your data is in French then they will come out in French


4) No budgeting at this point. You still can do some planning and tracking by tracking categories and subcategories history, using accounts forecast and run reports such as top20


Thanks,