Hello, new friends! I wonder if someone would like to give some technical ledger log implementation advice to a beginner used to custom plaintext formats?
I have time logs I am considering migrating to ledger format, maybe using Timeclock. I am wondering how people turn the virtual account produced into double-entry for payroll/expense reporting? Particularly per-job expense reporting? I tried using automatic postings to add two real ones, but the format is different for different tools, and I don't know how to capture parts of the virtual account name (assuming it needs to hold the information for both worker and work) to use in posting account names. I assume automated entries depend on one tool printed and piped to the others, which is what I am doing for now, anyway, from a different plaintext format. I wonder if anyone has ideas. Currently, I just extract the times and import to accounting, but wonder if there is a better way.
Also, besides time, I have running count logs for vehicle distance traveled, equipment hours, and such I would like to incorporate in job expense tracking. I currently just do a query on the logs and compile the information with the accounting system for a job estimated expense report. It might be less complicated if there was a way to track it all in ledger format. I could have a virtual asset account for each equipment with an hour meter, which would only increase, using time as commodity, setting the total, then querying for amount. Similar for odometer readings. We currently don't fully track fuel, but infer from purchase information and these logs. It would be kept by accrual method, but currently, the one business that would track fuel is cash-based, so we don't need it to be report accurate; a general idea is fine. The logs (and accounts receivable) are kept in a separate system from the business accounts, which are used in reports. Some accounts, like sales, are linked only for reconciling purposes.
I first thought about having all expense totals in one transaction per job, but it might be better to use tags and generate reports that way. It looks like Timeclock supports tags. I currently use job tags, but thought it would be nice to have it all together in the source.
Any ideas would be appreciated. I am reassessing the various systems as I try migrating them to ledger format, improving consistency and compatibility.
Lots of good questions! It might be a little easier to tackle them one at a time in one of the chat rooms. Is one of them about converting timelog data to financial transactions ? I haven't seen a good example of integrated timelog and financial ledger; I keep mine separate. Time tracking - plaintextaccounting.org may have some more ideas.
I accidentally called Timeclock format Timelog in my first post. I'll edit it.
Yes, the title question was about using timelog data in financial transactions, though not necessarily in the main journals. For the ones I am looking at the hours would be turned into pay using rates, and ends up in main journals, eventually as an expense. (Cash-based method.) Also, we like to divide equipment usage times and work times by job for analysis, which doesn't end up in main journals.
Edit: Actually, I guess this is better described as a filter journal that has more in depth information about jobs, and the totals are reconciled to the main journal in one way or another, with the main journal considered the authority.
I'll look into the chat rooms when I get a chance...
I haven't seen a good example of integrated timelog and financial ledger; I keep mine separate.
A shower thought: Companies capitalize money invested in potential revenue-generating developments as intangible assets. Similarly, freelancers(or anyone that may build anything intangible, valuable something) could capitalize their time investments. For example, when building a webapp as a side project and spending 2 hours:
This may not really be that helpful for small projects, but it could be better for freelancers with jobs that span multiple months or even years? You can value your time so that's pretty cool if you ask me. Honestly this is the only way I can think of utilizing hledger's time tracking finance-wise.
Glad it helped, but don't thank me! That's just how big companies do in the real accounting scenario.
The thing that bugs me is that since it uses equity (which is, in my opinion, only acceptable among the other four options), this will build up over time, creating this huge equity:time account. Obviously, you wouldn't see it until you close your journal at the end of the $PERIOD, but it's something that you should know!
I would also suggest adding related actual costs into the said intangible asset like this:
2025-02-08 Cloudflare Domain | Domain name example.com
assets:intangible:website1 $25
assets:cash -$25
...
2025-02-08 Sell website
assets:intangible:website1 -10h
assets:intangible:website1 $25
assets:cash $325 ; your time values $300, not $325.
I also thought about amortizing, but that will differ so much case by case.
Thanks, @shlewislee I guess the supplementary system is for intangible asset (and receivables) tracking, then. (Many of the jobs do actually have a nearly tangible value, but are technically treated as negotiable.) I think I will mark intangible assets as the solution. I also want to use that for my own invested time on certain projects that would be considered freelance. Thank you.