I'm not sure how GST exactly works, but here is what I do for VAT -
instead of booking it to Income account, I book it to Liabilities:VAT
account. Note that both income and expense accounts exclude VAT amounts.
- I can easily see my income (excluding VAT). To compute tax, I query
for income in a given time frame and eligible expense accounts - this
part is manual for me
- balance of Liability:VAT is how much VAT I have to pay in tax
2020-01-28 * ""Invoice XX 15% VAT""
Assets:Checking 115
Income:ClientA:Net -100
Liabilities:VAT -15
2020-01-28 * "Business expense 20% VAT"
Assets:Checking -120
Expenses:Equipment 100
Liabilities:VAT 20
On 28/01/2020 10:03, DP wrote:
Hi,
Beancount newbie here so still struggling with the basic accounting
concepts.
I work as a freelance developer. For each invoice I must collect
GST/VAT (15%). Every six months I must pay the collected GST, minus
GST deduced from my business expenses. Similarly I must pay income tax
every 6 months at a given rate (30%), calculated as the difference
between my income less business expenses.
For example, a typical invoice transaction might look like this.
2020-01-28 * ""Invoice XX""
Assets:Checking 115
Income:ClientA:Net 100
Income:GST 15
Ledger's Virtual Posting would allow to easily keep track of the owned
tax like this:
2020-01-28 * ""Invoice XX""
Assets:Checking 115
Income:ClientA:Net 100
Income:GST 15
(Liability:Tax:GST 15)
(Liability:Tax:Income 30)
I understand the reason why beancount doesn't support VIrtual
Postings, but I can't figure out what would make be a good strategy to
produce a balanced transaction and keep track of how much money I owe
the taxman at a given time.
--
You received this message because you are subscribed to the Google
Groups "Beancount" group.
To unsubscribe from this group and stop receiving emails from it, send
an email to [email protected]
<mailto:[email protected]>.
To view this discussion on the web visit
https://groups.google.com/d/msgid/beancount/68a95109-e17a-4e7d-a753-ab35d24d84d1%40googlegroups.com
<https://groups.google.com/d/msgid/beancount/68a95109-e17a-4e7d-a753-ab35d24d84d1%40googlegroups.com?utm_medium=email&utm_source=footer>.
--
You received this message because you are subscribed to the Google Groups
"Beancount" group.
To unsubscribe from this group and stop receiving emails from it, send an email
to [email protected].
To view this discussion on the web visit
https://groups.google.com/d/msgid/beancount/60516c5d-dc9e-487a-607c-25b743e15d21%40gmail.com.
