> On Jan 9, 2018, at 8:04 PM, Chris Smith <[email protected]> wrote: > > I am using GnuCash for my freelance business. My dad always taught me to > set 30% of a check aside for the government's share. > > How would you enter this to keep track of the tax liability? I am thinking > I'd have to enter it against my *Income:Sales* account as a transfer to > *Liabilities:Tax* > > I figure at the end of the year *Asset:Checking Account* can transfer to > satisfy the true Tax liability. > > One thing to note, I *don't* want the liability to effect reports on sales > reports. :/ > > Am I just overthinking this? > > -- > Chris > <[email protected]> >
What I do so I have a basic idea of what my income/expenses are is to make an expense for taxes and a liability for taxes and do a transaction between those two each month. And then when I pay the taxes, the transaction is between the checking account and the liability tax account. So it won't affect income, but it will affect your net income (income - expenses) as it should. Others may chime in with more definitive answers as IANAA. HTH, Dave _______________________________________________ gnucash-user mailing list [email protected] https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
