Thanks for the patience and help, I appreciate it. If I may ask another account setup questions, how do you propose to handle income tax and other contributions from your salary slips?
I am a salaried individual with regular monthly income. The salary slips reflect the gross income which contains deductions to health insurance, social security contributions etc. The net income is finally credited to my bank account. In the end of the year, I have a yearly consolidated form which mentions my various contributions (social security, pension, health insurance, tax etc.) from my salary slips for that FY (Financial Year). For example, this tabular form would mention Income Tax Paid - 100€ Health Insurance - 40€ Pension - 30€ Social Security - 20€ Some other details - (i) My goal is to track yearly contributions, I do not quite need monthly details. (ii) I plan to import monthly bank transactions from my bank accounts in a CSV format (iii) Tax and other contributions may wary throughout the year due to bonus received (iv) I have a separate account for "Income : Tax Refund" to see income earned back from taxes (v) I want to track fine grained contributions viz. I have a separate account for every contribution "Income Tax", "Social Security", "Pension" etc. (vi) Contributions could be split between me and employer. For example, 10% of income for total health insurance where I contribute 5% and employer contributes 5%. But, the entire 10% is counted towards the gross income statement. Income tax rates are based on gross incomes I currently have two options which come to my mind. Option 1 - Monthly Salary Slip entries In this option, I will merely inflate the gross "Income" to "Net Income" (as reflected on my bank account) + Contributions. The gross salary will flow into the "Income" account and contributions will flow into the "Expense" accounts - one for each Pros - I have monthly entries, up to date information at any given point of time Cons - Difficult to enter every month due to (iii), bank transaction CSV import only reflects net income and additional account entries required Option 2 - Yearly Entries Based on Wage Tax Form as mentioned above Here, I will just enter the contributions yearly into a separate individual "Expense" accounts once a year. I am unsure on how to handle the "Income" accounts year. My immediate idea is to create "Income" accounts for every contribution. For example "Income : Social Security" , "Expense : Social Security" "Income : Health Insurance", "Expense : Health Insurance" and so on Pros - Easier to work with, transaction import CSV process does not interfere Cons - Difficult to handle contributions as some contributions are employers but part of the gross income (Refer (vi) Given these options, what do you recommend? I am particularly concerned and out of wits for point (vi). It seems complicated to handle. -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.