Hi,
Liabilities are on the same side as assets. Let me give you a couple of
examples
Paying with a debit card
Assets:MyBank -5 CHF
Expenses:Coffe 5 CHF
Paying with a credit card:
2021-01-01 "" "Bought a cup of Coffee"
Liabilities:Creditcard -5 CHF
Expenses:Coffee 5 CHF
This is double book accounting, you have the Income/Expense side and you
have the Asset/Liabilities side and that should always end up as zero.
Normally you want to book the expenses when they happen (e.g. when you
buy the Coffee, not when you pay the credit card bill). At least that's
what I do with most of it.
There are some cases where you might want to defer/spread expenses. Here
I've used two different ways.
Amortizations (e.g. buying a car)
What I do here, is add the car as an asset of a certain value and each
year I reduce the value of the car and book it as an expense (this is in
line with my taxes, where the value of the car decreases each year)
Reserves
This is for things where I want to spread cost across multiple years
(e.g. house renovations)
I have an Equity account called Equity:HouseReserves
Each month I book expenses against this Equity account (without actually
moving any money around)
If I have an expense that counts against this, I book the actual
movement against this Equity account instead of an expense
Regards,
Patrick
On 19.06.2021 16:36, Peter wrote:
Hi,
aren't expenses payable "immediately" and liabilities owed for a later
time? That's why I booked it into a liabilities account, because the
taxes are due at the end of the year.
[email protected] schrieb am Samstag, 19. Juni 2021 um 13:26:04 UTC+2:
Hi,
I think you're missing the expenses account for taxes. What you
move to liabilities should be balanced by a tax expenses account.
Regards,
Patrick
On June 19, 2021 12:57:20 PM GMT+02:00, Peter
<[email protected]> wrote:
Hi,
How do I book taxes that have to be paid due to capital
income, but will only be due in the future?
Let's take this posting as an example:
```
2021-06-18 * "" "Harvesting farmed crypto"
Assets:Crypto:Wallet:Polygon:Ledger-X:Staking:VERT0.675055007246049347VERT
{42.138USD} @ 42.138USD
Income:Crypto:Farming:Polygon:VERT
```
This makes me 28.45 USD in capital gains. I'd probably have to
pay a whopping 42% in taxes. That equals to 11.95 USD. I'd
like to keep track of the amount of taxes which will be due at
the end of the year—to avoid a bad surprise. How do I do that?
I tried:
```
2021-06-18 * "" "Harvesting farmed crypto"
Assets:Crypto:Wallet:Polygon:Ledger-X:Staking:VERT 0.675055007246049347
VERT
{42.138 USD} @ 42.138 USD
Liablities:Taxes:Crypto -11.95 USD
Income:Crypto:Farming:Polygon:VERT
```
But bean-doctor tells me that just 16.50 USD get booked into
the income account. This seems wrong to me from a bookkeeping
point of view, because the income is still 28.45. How do I
book that correctly?
--
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/7c641723-0a4b-462c-a1fe-238c4ca1cc90n%40googlegroups.com
<https://groups.google.com/d/msgid/beancount/7c641723-0a4b-462c-a1fe-238c4ca1cc90n%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/88518d18-cab2-769c-e70d-9920bd572420%40ch.tario.org.
