HI,
On Tue, March 30, 2021 11:22 pm, Jack Frillman via gnucash-user wrote:
> I do know the difference between credit and a debt.
Just for the record, many people (myself included) learned it backwards,
because we learned it from the bank statements we received. But those
statements use the terms from *their* side; the terms are opposite (for
the same account) when using them from *your* side. The reason is that
e.g. a Bank Account is an asset for you but a liability for the bank. So
a deposit into that account is a debit from your side, but a credit from
the bank side.
> Doesn't everyone track their sales tax as a separate expense item? Why
> would you consider sales tax the same type of an expenditure as
> groceries, gasoline or your electric bill?
As others have said, unless you get the tax back, no.
> When I say a split 1 and split 2 I'm referring to each separate item in
> a split transaction
>
> I buy a pair of socks for $5 and a hammer for $10 and sales tax of $0.24
> for a total $15.24.
> There's a split transaction that comprises of three items:
> Socks $5.00 makes an enter into the clothing account <----- that's
> what I call split 1
> Hammer $10.00 makes an entry into the tools account <------ that's what
> I call split 2
> Sales tax $0.24 makes an entry into the state sales tax account <-----
> that's what I call split 3
>
> Maybe that's not the correct accounting term but then again I'm not an
> accountant. I'm just trying to track where I spend my money.
You're missing the 4th split, the split into the Bank or Credit Card
account where this puchase is coming from.
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.
-derek
--
Derek Atkins 617-623-3745
[email protected] www.ihtfp.com
Computer and Internet Security Consultant
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