On 26 May 2005, at 9:22 PM, Brian wrote:
Just a note on types of income...you might also need to account for charge tips (where customers pay for something including a tip with a credit card and the company includes the tips for a pay period in the paycheck) or taxes on reported cash tips.� At least in Vermont, those tips are subject to an entirely different formula for taxation (I believe it's based on total revenue and an assumption of workers being tipped at a certain percentage, i.e. they are taxed based on additional income of x% of total food sales, where x is a number in the vicinity of 5, regardless of actual tipping).� I don't know if anyone else is more familiar with a jurisdiction that does things in a similar manner, and I'm not entirely sure what the correct double-entry manner of accounting for cash tips would be (since they are neither income nor expense for the company but may need to be accounted for in tax calculations). If no one else has encountered a similar situation, I'll try to dig further into this one; I'm only semi-aware of it now due to being in the vicinity of payroll operations for restaurant operations. Kevin Broderick / [EMAIL PROTECTED] |
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