Two separate entries. In my mind, this would best be put in one transaction, to make the association obvious.
CR - Assets: IRA $1000 DB - Assets: Checking $1000 DB - Income: Deferred Income $1000 CR - Income: IRA Distribution $1000 * * Income: IRA Distribution is used to document the distribution for tax purposes. David T. On Jan 13, 2023, 7:21 AM, at 7:21 AM, R Losey <rlo...@gmail.com> wrote: >Thanks for all of the information... however, getting back to the >original >question, I'm not sure how to record IRA taxable distributions. I >thought I >was doing it, but I am apparently not. > >Let me write through a couple of cases. In the first one, I'm selling >$1000 worth (10 shares) of security A and having it go directly to my >checking account with no income tax withholding. (some of these may be >USA-centric terms; I apologize for that). > >If I can create a "Sell" transaction that sells 10 shares at $1000; the >other entry would be to increase my taxable distribution category by >$1000. >But what next? My checking account doesn't have the $1000 increase, but >then what is the "other" category to use for that transaction?? > >I looked at my data, and what I've been doing is that the other side of >the >Sell transaction is a deposit to my bank account, but this fails >because >there is no record of a taxable distribution. > > >On Thu, Jan 12, 2023 at 2:42 PM Michael or Penny Novack < >stepbystepf...@comcast.net> wrote: > >> On 1/12/2023 12:41 PM, R Losey wrote: >> > Thanks; I know the information is out there, but intuitively, it >doesn't >> > make sense to me that depositing funds to my bank account is a >"debit" >> > transaction to the bank. It comes from the concept of credit being >"added >> > to" and debit being "substracted from", I suppose. >> > >> > Is the "Debit on the left" and "Credit on the right" true in >general >> > accounting, or just GnuCash? >> >> a) Double entry bookkeeping goes back a long way, long enough that >Latin >> still in use for communications among the educated in Europe. Think >of >> "debit" and "credit" not in terms of plus and minus (before European >> math had negative numbers) but as "he owes"(me) and "he trusts" (me). >In >> other words he owes me that amount and he trusts me for that amount >(I >> owe him) >> >> Now look again at the bank account.In YOUR books a debit (the >bank >> owes you this money) and in the bank's book a credit (the bank owes >you >> this money) >> >> b) Debit on the left and credit on the right. In the old days ledger >> pages had two sides, one side for the debits and the other for the >> credits (and no balance column). Perhaps within my lifetime it became >> more common to use three column paper with debit and credit >transactions >> with one date, check number, description, and journal reference >column >> then a left for debit, a right (middle) for credit, and a balance. o >a >> running balance was kept << finding the balance was a process in the >old >> days before that >> >> >> NOTICE -- so far pen and ink on paper, and gnucash is simply >modelling that >> >> Michael D Novack >> >> _______________________________________________ >> gnucash-user mailing list >> gnucash-user@gnucash.org >> To update your subscription preferences or to unsubscribe: >> 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. >> > > >-- >_________________________________ >Richard Losey >rlo...@gmail.com >Micah 6:8 >_______________________________________________ >gnucash-user mailing list >gnucash-user@gnucash.org >To update your subscription preferences or to unsubscribe: >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. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: 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.