OK. I think I have this figured out.
Unfortunately I don't think the deferred method you are suggesting will
work well in the US, because from my understanding it's used as an expense
to reduce overall income (which in turn reduces your taxes).
So I am going with something like this...
2017-01-01 open Equity:Miles
2017-01-01 open Expenses:Consulting:Mileage
2024-01-01 price MILES 00.67 USD ;IRS standard mileage deduction 2024
2024-01-04 * "XYZ Company Paid Invoice" "Completion of Project XXX"
; Project for XYZ company at Site XXXX
Assets:Banking:MyBank 1000.00 USD
Income:Consulting:XYZ -1000.00 USD
Expenses:Consulting:Mileage 227.8 MILES
Equity:Miles -227.8 MILES
Then in FAVA I can then click "Converted to USD" to see the mileage expense
in USD and also removed from my net income on the Income Statement.
Or I can click on Units and see it separated out as MILES.
On Thursday, February 29, 2024 at 6:32:21 AM UTC-5 [email protected] wrote:
> On Wednesday, February 28, 2024 at 7:33:42 PM UTC+1 CD wrote:
>
> Thanks for taking the time to do this!
>
> It does make sense.
>
> I don't fully understand the "pad" directive yet. I guess I do
> theoretically - it's sort of like creating an opening balance? But in
> practice it seems confusing to me.
>
>
>
> It just saves you some manual calculation.
>
> In my new example
> <https://colab.research.google.com/drive/1FRttWZWgphX5SSZnViF5GlV6FDPGhbbT>
> it will automatically add the following entry. I
>
> 2021-03-02 P "(Padding inserted for Balance of 0 USD for difference 10
> USD)" Assets:Deffered-Tax:Y20 10 USD Income:Tax-Refund:Car-Mileage -10 USD
>
>
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