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Maybe I am handling things incorrectly...

I use the Loan from Shareholders for then I use personal money for expenses that can be written off to the business.

I do not what that money back, as the business usually ends up at an operating loss.

Maybe there is a better way to do this.

tom

Well this is all it says...

When you start a new Company, you should check that the Fiscal Year is setup correctly. If this is not your starting Fiscal Year, then you should start by creating the starting Fiscal Year. After you have corrected the starting Fiscal Year, you can delete other Fiscal Years if there are no transactions in them. Now set this new Fiscal Year on your company by selecting Setup tab, Company Setup.

If the first year is setup as Jan 01 2011 - Dec 31 2011 and your starting Fiscal Year should be Jul 01 2011 - Jun 30 2012, then you must first create a short dummy year, Jan 01 2012 - Jun 30 2012. Create another Year Jul 01 2012 - Jun 30 2013. Set the company to use this year. Now close and delete the year Jan 01 2011 - Dec 31 2011. Close and delete the short dummy year Jan 01 2012 - Jun 30 2012. And then create the correct broken Fiscal Year Jul 01 2011 - Jun 30 2012. After the creation, set this Fiscal Year as active on the company. You are now ready to make your transactions. You have 2 fiscal years and you are using the current one.

When you reach the end of your Fiscal Year, you have to create another new Fiscal Year. When you want to switch Fiscal Year on your company, go into company setup and do that. When you have finished your year-end entries, you may close the Fiscal Year.

A closed Fiscal Year can no longer be used for entries. When a Fiscal Year is closed, the difference between all asset and liability accounts are brought forward as a Journal Entry where the Default account for Retained Earnings is credited (if this is a profit, otherwise it is debited). And the default account Profit/Loss Year is debited (if this is a profit, otherwise it is credited).

You can have as many Fiscal Years running as you want, but for performance reasons you should not have more than needed (by your legislations). When you delete a Fiscal Year, the assets, liabilities and equities are brought forward. All other unneeded transactions such as documents are deleted.
Tips and Tricks
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This really needs to be in the wiki!
(all of the above... well the important activities)

How do I get rid of retained earnings?
Do I do a Bank Payment and select that account?

How about converting Loans from Shareholders to loss?
Pay it back somehow?

tom

I think you mean this post: https://frontaccounting.com/punbb/viewtopic.php?id=2451

I did not see any replies to it...

Is that the right way?

Not for the *same* item, but I do have for example

STONE Bulk with UOM 1LB and
4LB Stone with UOM each

The Bulk stone is my purchased inventory and the 4LB Bag is a Manufactured Item.

Here is the general flow of a given Raw Material:

1) Buy 50lb box of Lab Stone (Supp Unit 50lb Box, Conversion factor 50)
2) STONE Inventory Level becomes 50
3) Sell 5 Units of Stone Bulk
4) STONE Inventory Level becomes 45
5) Get an Order for 3 4LB Bags of stone
6) Manufacturer 3 "4LB Bags"
7) STONE Inventory Level becomes 33

You can have different versions so long as you can manufacturer the secondary items.

tom

I may be missing something, but aren't there hooks already for maintaining the current Exchange Rate from your base currency (EUR) and others (like USD)

tom

Yes, see the Readme.txt and post here is you still have problems.

It should be under Items and Inventory -> Import CSV Items

tom

I use purchase pricing to handle the bulk items.

If I sell BOLTS and I have a item

Here is a poorly written implementation of my suggestion...

diff -r 6fa1ff512c1b sales/customer_delivery.php
--- a/sales/customer_delivery.php    Sun Jul 31 00:37:32 2011 +0200
+++ b/sales/customer_delivery.php    Wed Aug 10 21:37:12 2011 -0400
@@ -95,6 +95,14 @@
        die ("<br><b>" . _("This order has no items. There is nothing to delivery.") . "</b>");
    }

+// Adjust Shipping Charge based upon previous deliveries TAM
+    $sql = "SELECT sum(ov_freight) as freight FROM ".TB_PREF."debtor_trans WHERE order_ = " . $_GET['OrderNumber'] . " AND type = " . ST_CUSTDELIVERY . " AND debtor_no = " . $ord->customer_id;
+    $result = db_query($sql, "Can not find delivery notes");
+    $row = db_fetch_row($result);
+    if (!$row[0]) $freight = 0;
+    else $freight = $row[0];
+    if ($freight < $ord->freight_cost) $ord->freight_cost = $ord->freight_cost - $freight;
+    else $ord->freight_cost = 0;
    $_SESSION['Items'] = $ord;
    copy_from_cart();