Thanks, Andrzej, I think that will work. GST is the same as VAT. I'll use a query on fava to calculate the income tax unless someone has a better idea.
On Tuesday, 28 January 2020 22:17:02 UTC+13, Andrzej wrote: > > 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] <javascript:>. > 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/dc26a7e4-0a01-456a-bd49-1be7d3687214%40googlegroups.com.
