Re: [GNC] Report - Income Statement - Layout problem
On 3/17/2022 5:49 PM, Carl-Kensaku HERBORT wrote:
Dear everyone,
Thank you all for being here to help new users like me.
I am having problems with the "income statement" report ("compte de
resultat" in french).
The columns of the revenue part and the columns of the expense part
are not aligned. In fact, the entire layout of these two parts
(including the width) seem to be independently managed from each other
(contrary to what happens with the parts making up the "balance
sheet"/"bilan" report, perfectly aligned and with an identical width).
The result is quite ugly. Changing the stylesheet or making accounts
name shorter or longer doesn't solve the problem. Could you please
help me out ?
An other problem is that there is an untranslated string in the middle
of the title of the income statement report: "For Period Covering". As
I am creating the report in french, it is a bit of a problem. Is there
a way to replace this string by a translation or get rid of this
string completely (whatever is easiest) ?
The second question helps with the first because it makes me think that
you have not yet investigated all the report options available to you.
The process is, run the report (open it) and then use edit=>report
options to change various things about the report. Though how you could
be running an income statement without setting the effective date range
is beyond me.
Report title is one of the things you can make whatever your heart
desires. I had been keeping books for non-profits so "Statement of
Revenues and Expenses"
HOWEVER -- if your "not lining up" is a matter of different levels of
nesting in your CoA << income accounts vs expense accounts >> the report
might need prettying up. It is a waste of time to try to do pretty
printing INSIDE the accounting package. You want a full service editor
for that. Run the report, export the raw report, and then edit THAT with
your favorite editor.
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
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.
Re: [GNC] IRA/401K income detection
On 3/17/2022 4:41 PM, David G. Pickett via gnucash-user wrote: Lots of fun interest here! Not exactly looking for accounting advice, except how to properly encode this well understood activity so it generates a tax report item. Can we devise a GNUCash programatic enhancement of the double entry bookkeeping system that sees such transfers from a deferred tax account to a not deferred tax account also as taxable income (and the reverse as tax sheltered, negative income), or automatically move the money via an appropriate 4-split? Can we lock the automatic 4-split so it cannot be mangled out of balance? a) The "general" transaction does not only involve two accounts. Gnucash doesn't need an enhancement for this. Perhaps part of the problem is the terminology "split". Another part of the problem is that many of us never learned the old fashioned way, enter into the JOURNAL and then post to the LEDGER. The reality is that because MOST transactions are "special case -- only two accounts involved" gnucash is giving us a shortcut, enter directly in the ledger account of one of those accounts. We can SKIP the "journal step". Perhaps the description could have been better and the "split" button labeled a more explicit "enter journal mode". Because THAT is what we are doing. If more than two accounts we enter the transaction into the journal and this gets posted when we complete with Again, this is obvious to those of us who learned bookkeeping in the old pen and ink on paper days. BUT --- the special case allowed shortcuts even then, aka "cashbook" accounting. It was observed that 90+% of transactions involved "cash" on one side and a small set of "popular" accounts. So a mini-ledger for JUST these, no journal, enter just like we do most of the time with gnucash. Then once a day, once a week, once a month, bottom of each page (depends on volume) the cashbook mini-ledger closed to the general ledger. Meanwhile transactions affecting other accounts entered into the journal and posted individually. to the general ledger. b) No, could not automate because a special case (of the general "more than two accounts" case). It just happens that in THIS case the amounts are all the same. But gnucash can't assume that. For example, your organization sells tee shirts. The transaction of a sale is debit cash and "cost of goods sold" and credit "sales" and "tee shirt inventory". << if those amounts were the same your organization makes no profit --- and you really did need to track this way because SOMETIMES your organization might give tee shirts to volunteers and then it is debit "volunteer recognition" expense and credit "tee shirt inventory". BTW -- you really do need "sales" and "cost of goods sold" as those are line items on the 990/990EZ c) Receiving taxable income has an (as yet( unknown affect on your "tax liability":. You won't know THAT until doing your taxes because might be conditional on other income and/or non-refundable credits. Items of taxable income will be components of figuring "taxable income". Look, this began with talk of IRA/410k distributions which implies of age to be getting Social Security. Are people not doing their own taxes so miss the nitty gritty? Social Security income starts out not being taxed BUT if "other taxable income" plus 1/2 social security > $32,000* then social security begins to be taxed (moves to taxable income) up to a maximum of 85%. In other words, taxable income doesn't just have its own tax liability but can make you liable for tax on otherwise untaxed income. Michael D Novack * If married, filing jointly << I don't know for other filing status off the top of my head >> ___ 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.
[GNC] Question Re: Transaction Report on Expenses, All Children, for 2021
Situation: We posted a bill in 2020 but paid it in 2021. I need to create an Expense report for all expenses paid in 2021... regardless of when the bill was posted... My attempted solution:I created a Transaction Report on "Expenses" with "All Children" selected...And with a date range of 1/1/2021 to 12/31/2021 The Problem:The payment for the 2020 bill does not show in the report...Even though the expense was paid in paid in 2021. How can I create a report that will show all expenses paid in 2021 regardless of when the bill was posted? Thanks for any help. ___ 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.
[GNC] Report - Income Statement - Layout problem
Dear everyone,
Thank you all for being here to help new users like me.
I am having problems with the "income statement" report ("compte de
resultat" in french).
The columns of the revenue part and the columns of the expense part are
not aligned. In fact, the entire layout of these two parts (including
the width) seem to be independently managed from each other (contrary to
what happens with the parts making up the "balance sheet"/"bilan"
report, perfectly aligned and with an identical width).
The result is quite ugly. Changing the stylesheet or making accounts
name shorter or longer doesn't solve the problem. Could you please help
me out ?
An other problem is that there is an untranslated string in the middle
of the title of the income statement report: "For Period Covering". As I
am creating the report in french, it is a bit of a problem. Is there a
way to replace this string by a translation or get rid of this string
completely (whatever is easiest) ?
Thanks a lot for your help
Best regards
--
Carl-Kensaku HERBORT
DIGIENE
Case postale
CH-1002 Lausanne
Suisse
+41 (0) 21 320 22 66
___
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.
Re: [GNC] gnucash-user Digest, Vol 228, Issue 33
Thanks for the information and suggestion David. Not on any kind of a significant scale, just a one person operation making a modest living. I own and am using an old version of Sage 50 currently (and happy with it!), but they want $600 annually for the “subscription” service now offered. My version is having problems getting “authorized” by Sage when i open the program and it will not work when i switch to Windows 11. I do not make enough to justify $600 for accounting software, but i may be my only option. I am looking for a free or at least reasonably priced alternative. take care, fred > On Mar 17, 2022, at 5:26 PM, davidcousen...@gmail.com wrote: > > Frederick > > GnuCash also does not have support for full cost management accounting as well > as not having inventory accounting which is just one component of cost > management accounting. It requires a different form of jobs from that > implemented in the business features. It can be done manually with the kludges > others have mentioned. If your manufacturing is on any significant scale you > may > be better served getting a commercial accounting package which has that > support. > It will cost but it will likely save you money and time in the long run. > > David Cousens > > > > On Thu, 2022-03-17 at 16:50 +, davidvernonl...@gmail.com wrote: >> 2. Question about Assemblies (Frederick) >> There is no inventory accounting in GnuCash, so if you need to hold parts in >> inventory in numbers of units together with their cost per until, whether on >> average cost or on FIFO basis, which then build assemblies, I cannot see how >> this would be possible. >> David >> >> -Original Message- >> From: gnucash-user >> On Behalf Of >> gnucash-user-requ...@gnucash.org >> Sent: Thursday, 17 March, 2022 4:00 PM >> To: gnucash-user@gnucash.org >> Subject: gnucash-user Digest, Vol 228, Issue 33 >> >> Send gnucash-user mailing list submissions to >> gnucash-user@gnucash.org >> >> To subscribe or unsubscribe via the World Wide Web, visit >> https://lists.gnucash.org/mailman/listinfo/gnucash-user >> or, via email, send a message with subject or body 'help' to >> gnucash-user-requ...@gnucash.org >> >> You can reach the person managing the list at >> gnucash-user-ow...@gnucash.org >> >> When replying, please edit your Subject line so it is more specific than >> "Re: Contents of gnucash-user digest..." >> >> >> Today's Topics: >> >> 1. Re: IRA/401K income detection (Michael or Penny Novack) >> >> >> -- >> >> Message: 1 >> Date: Thu, 17 Mar 2022 10:29:14 -0400 >> From: Michael or Penny Novack >> To: "D." >> Cc: Gnucash Users >> Subject: Re: [GNC] IRA/401K income detection >> Message-ID: >> Content-Type: text/plain; charset=UTF-8; format=flowed >> >> On 3/16/2022 8:49 PM, D. wrote: >>> Michael, >>> >>> I think I get what you're saying. In my own case, I've taken to >>> separating the pretax streams into their own income accounts, which >>> seemingly addresses some of your points. >>> >>> But one of the big selling points of IRA/401Ks is that they earn money >>> tax deferred (which I've also isolated into their own income >>> accounts). How does Joe allocate the distributions-- or does it even >>> matter? Each distribution is going to include a portion of deferred >>> income and a portion of untaxed dividends (at least how I've captured >>> the txns thus far). Is there a different way to manage those dividends? >> >> If the contributions are all "pre-tax" then they are "deferred income" . >> The "deferred income" account would have been used when you entered the >> transaction for a contribution. >> >> What the account has earned is also all "deferred income". If you were >> entering transactions to record the increase in value of your 401K, that >> would have been the other side of the transaction. Note that it is "deferred >> ordinary income? and not "deferred capital gains" >> >> If the 401k existed before you began with gnucash, the probable cause was >> entering the starting balance using the "tool" (so other side "starting >> equity"). It should have been "deferred income" << you could still use the >> tool -- when you created "deferred income" (probably under >> equity) with the same starting value that would have taken it out of >> "starting equity". Understand? Yes "deferred income" is part of your equity >> but it is different than your other equity because it has an attached tax >> liability. >> >> Michael D Novack >> >> PS? --- Bears repeating, but a "manual" is not a "user guide". We really >> should not be advising users about things like this. In other words, the >> question isn't "how do I enter transactions related to a 401k" but "what >> accounts, what transactions, would I be using when accounting for a 401k". >> That's for a tax accountant to tell you, or you look it up. I am not legally >> quali
[GNC] Printing checks
Just set up GNUcash. Print Check window shows a list of options, but only the default, Quicken/QuickBooks(tm) US-Letter is available. I need to use Quicken(tm) Wallet Checks w/side stub, as that is the paper I have on hand, having migrated from QuickBooks. When I choose this option, I am unable to type in a name or address-box is gray. I welcome any suggestions as to how to access the needed option. Thanks!! Jamie Miller ___ 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.
Re: [GNC] gnucash-user Digest, Vol 228, Issue 33
Frederick GnuCash also does not have support for full cost management accounting as well as not having inventory accounting which is just one component of cost management accounting. It requires a different form of jobs from that implemented in the business features. It can be done manually with the kludges others have mentioned. If your manufacturing is on any significant scale you may be better served getting a commercial accounting package which has that support. It will cost but it will likely save you money and time in the long run. David Cousens On Thu, 2022-03-17 at 16:50 +, davidvernonl...@gmail.com wrote: >2. Question about Assemblies (Frederick) > There is no inventory accounting in GnuCash, so if you need to hold parts in > inventory in numbers of units together with their cost per until, whether on > average cost or on FIFO basis, which then build assemblies, I cannot see how > this would be possible. > David > > -Original Message- > From: gnucash-user > On Behalf Of > gnucash-user-requ...@gnucash.org > Sent: Thursday, 17 March, 2022 4:00 PM > To: gnucash-user@gnucash.org > Subject: gnucash-user Digest, Vol 228, Issue 33 > > Send gnucash-user mailing list submissions to > gnucash-user@gnucash.org > > To subscribe or unsubscribe via the World Wide Web, visit > https://lists.gnucash.org/mailman/listinfo/gnucash-user > or, via email, send a message with subject or body 'help' to > gnucash-user-requ...@gnucash.org > > You can reach the person managing the list at > gnucash-user-ow...@gnucash.org > > When replying, please edit your Subject line so it is more specific than > "Re: Contents of gnucash-user digest..." > > > Today's Topics: > >1. Re: IRA/401K income detection (Michael or Penny Novack) > > > -- > > Message: 1 > Date: Thu, 17 Mar 2022 10:29:14 -0400 > From: Michael or Penny Novack > To: "D." > Cc: Gnucash Users > Subject: Re: [GNC] IRA/401K income detection > Message-ID: > Content-Type: text/plain; charset=UTF-8; format=flowed > > On 3/16/2022 8:49 PM, D. wrote: > > Michael, > > > > I think I get what you're saying. In my own case, I've taken to > > separating the pretax streams into their own income accounts, which > > seemingly addresses some of your points. > > > > But one of the big selling points of IRA/401Ks is that they earn money > > tax deferred (which I've also isolated into their own income > > accounts). How does Joe allocate the distributions-- or does it even > > matter? Each distribution is going to include a portion of deferred > > income and a portion of untaxed dividends (at least how I've captured > > the txns thus far). Is there a different way to manage those dividends? > > If the contributions are all "pre-tax" then they are "deferred income" . > The "deferred income" account would have been used when you entered the > transaction for a contribution. > > What the account has earned is also all "deferred income". If you were > entering transactions to record the increase in value of your 401K, that > would have been the other side of the transaction. Note that it is "deferred > ordinary income? and not "deferred capital gains" > > If the 401k existed before you began with gnucash, the probable cause was > entering the starting balance using the "tool" (so other side "starting > equity"). It should have been "deferred income" << you could still use the > tool -- when you created "deferred income" (probably under > equity) with the same starting value that would have taken it out of > "starting equity". Understand? Yes "deferred income" is part of your equity > but it is different than your other equity because it has an attached tax > liability. > > Michael D Novack > > PS? --- Bears repeating, but a "manual" is not a "user guide". We really > should not be advising users about things like this. In other words, the > question isn't "how do I enter transactions related to a 401k" but "what > accounts, what transactions, would I be using when accounting for a 401k". > That's for a tax accountant to tell you, or you look it up. I am not legally > qualified to answer "tax accountant" sorts of questions. > > > > -- > > Subject: Digest Footer > > ___ > > 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. > > > -- > > End of gnucash-user Digest, Vol 228, Issue 33 > * > > ___ > gnucash-us
Re: [GNC] IRA/401K income detection
Lots of fun interest here! Not exactly looking for accounting advice, except how to properly encode this well understood activity so it generates a tax report item. Michael D Novack seems to be hinting how to do this, creating the 100% pretax IRA/401K account in equity and, assuming it is already in existence when you start GNUCash, using deferred income not opening balance to load it with money and stocks. Can you add stocks as deferred income? I guess, just a different currency! As dividends arrive, they need to be characterized as deferred income, too, even though they get used to buy more shares. So we are chugging along, but now I get to distributions. When I move money from the IRA to the bank account, if I do it without a 4-split, it is just a transfer and of no interest to the tax report, never mind being characterized as income. I am actually happy if it just hits the tax report, as transfers as a 2-split are just between 2 net worth accounts. Will that happen, or would that be some kind of enhancement: a band aid over the limits of the double entry bookkeeping system? The 4-split seems a pretty crude thing, and especially ugly if it gets mangled out of balance in some update! Can we devise a GNUCash programatic enhancement of the double entry bookkeeping system that sees such transfers from a deferred tax account to a not deferred tax account also as taxable income (and the reverse as tax sheltered, negative income), or automatically move the money via an appropriate 4-split? Can we lock the automatic 4-split so it cannot be mangled out of balance? ___ 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.
Re: [GNC] IRA/401K income detection
Thanks for the detailed reply. I apologize to you and everyone else for the tone of my reply; I didn't intend to insult anyone or malign accountants in particular. Sometimes my frustrations get the better of me, and I see note that this occurred in this situation. Sorry. Original Message From: Stan Brown Sent: Thu Mar 17 09:48:26 EDT 2022 To: gnucash-user@gnucash.org Subject: Re: [GNC] IRA/401K income detection On 2022-03-16 17:49, D. via gnucash-user wrote: > But one of the big selling points of IRA/401Ks is that they earn > money tax deferred (which I've also isolated into their own income > accounts). How does Joe allocate the distributions-- or does it > even matter? Each distribution is going to include a portion of > deferred income and a portion of untaxed dividends (at least how ? I've captured the txns thus far). Is there a different way to > manage those dividends? Were _all_ of your IRA or 401(k) contributions pretax money, or did you pay income tax on any of them when you made the contributions? I'm going to assume it's the former, which is the most common situation. In that case, there is no need to keep separate track of dividends and gain in asset value. As far as the tax code is concerned, it's all ordinary income when you withdraw it, and there's no allocation of how much is gains, how much is dividends, and how much is your original contribution. If you made any contributions that were _not_ deducted at the time, then only a portion of your withdrawal is taxable. The basic idea is to divide your original contributions by the current total value, then multiply by the amount of the withdrawal, and that amount is non-taxable. But it's more complicated than that: you have to keep track of your "basis" from year to year, and file form 8606 each year you make a non-deductible contribution or take any withdrawal. But still there's no distinction between dividends and asset value gains. Since you don't have to account for dividends for tax purposes in either case, you're free to allocate the withdrawal any way you please. Or you could drop the dividend account entirely, which is what I do. > Yeah, I get that an accountant doesn't call this income, but frankly, > I don't really care about the esoterica of accounting in this case. I > care about what the government says is income. Accountants can yap all > day long about how the IRA payouts aren't income; the IRS is still > going to fine me if I don't pay up. If you call a withdrawal income, then you're going to make a credit entry to some income account. You will also make a credit entry to the asset account for the amount of the withdrawal. There will be a corresponding debit entry to Cash/Banks for the withdrawal. What will be your corresponding debit entry to the credit entry for income? -- Stan Brown Tehachapi, CA, USA https://BrownMath.com ___ 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. ___ 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.
Re: [GNC] gnucash-user Digest, Vol 228, Issue 33
Hi, On Thu, March 17, 2022 12:57 pm, Frederick wrote: > good to know and very unfortunate. > > thanks for your help. > > take care, fred > > Just Soap > The Pedal Powered Natural Soap > And Now Solar Powered Too!! > www.justsoap.com > >> On Mar 17, 2022, at 12:50 PM, >> wrote: >> >> 2. Question about Assemblies (Frederick) >> There is no inventory accounting in GnuCash, so if you need to hold >> parts in >> inventory in numbers of units together with their cost per until, >> whether on >> average cost or on FIFO basis, which then build assemblies, I cannot see >> how >> this would be possible. >> David Well, if you don't have a LOT of items, you could leverage the Stock or Mutual Fund account types to manage your inventory assets. Basically you would treat each assembly as a unique commodity and create a Stock/MF account for each one. Then you can track how much you "buy" each one for, and then how much you "sell" each one for.. > 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 de...@ihtfp.com www.ihtfp.com Computer and Internet Security Consultant ___ 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.
Re: [GNC] gnucash-user Digest, Vol 228, Issue 33
good to know and very unfortunate. thanks for your help. take care, fred Just Soap The Pedal Powered Natural Soap And Now Solar Powered Too!! www.justsoap.com > On Mar 17, 2022, at 12:50 PM, > wrote: > > 2. Question about Assemblies (Frederick) > There is no inventory accounting in GnuCash, so if you need to hold parts in > inventory in numbers of units together with their cost per until, whether on > average cost or on FIFO basis, which then build assemblies, I cannot see how > this would be possible. > David > > -Original Message- > From: gnucash-user > On Behalf Of > gnucash-user-requ...@gnucash.org > Sent: Thursday, 17 March, 2022 4:00 PM > To: gnucash-user@gnucash.org > Subject: gnucash-user Digest, Vol 228, Issue 33 > > Send gnucash-user mailing list submissions to > gnucash-user@gnucash.org > > To subscribe or unsubscribe via the World Wide Web, visit > https://lists.gnucash.org/mailman/listinfo/gnucash-user > or, via email, send a message with subject or body 'help' to > gnucash-user-requ...@gnucash.org > > You can reach the person managing the list at > gnucash-user-ow...@gnucash.org > > When replying, please edit your Subject line so it is more specific than > "Re: Contents of gnucash-user digest..." > > > Today's Topics: > > 1. Re: IRA/401K income detection (Michael or Penny Novack) > > > -- > > Message: 1 > Date: Thu, 17 Mar 2022 10:29:14 -0400 > From: Michael or Penny Novack > To: "D." > Cc: Gnucash Users > Subject: Re: [GNC] IRA/401K income detection > Message-ID: > Content-Type: text/plain; charset=UTF-8; format=flowed > > On 3/16/2022 8:49 PM, D. wrote: >> Michael, >> >> I think I get what you're saying. In my own case, I've taken to >> separating the pretax streams into their own income accounts, which >> seemingly addresses some of your points. >> >> But one of the big selling points of IRA/401Ks is that they earn money >> tax deferred (which I've also isolated into their own income >> accounts). How does Joe allocate the distributions-- or does it even >> matter? Each distribution is going to include a portion of deferred >> income and a portion of untaxed dividends (at least how I've captured >> the txns thus far). Is there a different way to manage those dividends? > > > If the contributions are all "pre-tax" then they are "deferred income" . > The "deferred income" account would have been used when you entered the > transaction for a contribution. > > What the account has earned is also all "deferred income". If you were > entering transactions to record the increase in value of your 401K, that > would have been the other side of the transaction. Note that it is "deferred > ordinary income? and not "deferred capital gains" > > If the 401k existed before you began with gnucash, the probable cause was > entering the starting balance using the "tool" (so other side "starting > equity"). It should have been "deferred income" << you could still use the > tool -- when you created "deferred income" (probably under > equity) with the same starting value that would have taken it out of > "starting equity". Understand? Yes "deferred income" is part of your equity > but it is different than your other equity because it has an attached tax > liability. > > Michael D Novack > > PS? --- Bears repeating, but a "manual" is not a "user guide". We really > should not be advising users about things like this. In other words, the > question isn't "how do I enter transactions related to a 401k" but "what > accounts, what transactions, would I be using when accounting for a 401k". > That's for a tax accountant to tell you, or you look it up. I am not legally > qualified to answer "tax accountant" sorts of questions. > > > > -- > > Subject: Digest Footer > > ___ > > 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. > > > -- > > End of gnucash-user Digest, Vol 228, Issue 33 > * > > ___ > 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. __
Re: [GNC] gnucash-user Digest, Vol 228, Issue 33
2. Question about Assemblies (Frederick) There is no inventory accounting in GnuCash, so if you need to hold parts in inventory in numbers of units together with their cost per until, whether on average cost or on FIFO basis, which then build assemblies, I cannot see how this would be possible. David -Original Message- From: gnucash-user On Behalf Of gnucash-user-requ...@gnucash.org Sent: Thursday, 17 March, 2022 4:00 PM To: gnucash-user@gnucash.org Subject: gnucash-user Digest, Vol 228, Issue 33 Send gnucash-user mailing list submissions to gnucash-user@gnucash.org To subscribe or unsubscribe via the World Wide Web, visit https://lists.gnucash.org/mailman/listinfo/gnucash-user or, via email, send a message with subject or body 'help' to gnucash-user-requ...@gnucash.org You can reach the person managing the list at gnucash-user-ow...@gnucash.org When replying, please edit your Subject line so it is more specific than "Re: Contents of gnucash-user digest..." Today's Topics: 1. Re: IRA/401K income detection (Michael or Penny Novack) -- Message: 1 Date: Thu, 17 Mar 2022 10:29:14 -0400 From: Michael or Penny Novack To: "D." Cc: Gnucash Users Subject: Re: [GNC] IRA/401K income detection Message-ID: Content-Type: text/plain; charset=UTF-8; format=flowed On 3/16/2022 8:49 PM, D. wrote: > Michael, > > I think I get what you're saying. In my own case, I've taken to > separating the pretax streams into their own income accounts, which > seemingly addresses some of your points. > > But one of the big selling points of IRA/401Ks is that they earn money > tax deferred (which I've also isolated into their own income > accounts). How does Joe allocate the distributions-- or does it even > matter? Each distribution is going to include a portion of deferred > income and a portion of untaxed dividends (at least how I've captured > the txns thus far). Is there a different way to manage those dividends? If the contributions are all "pre-tax" then they are "deferred income" . The "deferred income" account would have been used when you entered the transaction for a contribution. What the account has earned is also all "deferred income". If you were entering transactions to record the increase in value of your 401K, that would have been the other side of the transaction. Note that it is "deferred ordinary income? and not "deferred capital gains" If the 401k existed before you began with gnucash, the probable cause was entering the starting balance using the "tool" (so other side "starting equity"). It should have been "deferred income" << you could still use the tool -- when you created "deferred income" (probably under equity) with the same starting value that would have taken it out of "starting equity". Understand? Yes "deferred income" is part of your equity but it is different than your other equity because it has an attached tax liability. Michael D Novack PS? --- Bears repeating, but a "manual" is not a "user guide". We really should not be advising users about things like this. In other words, the question isn't "how do I enter transactions related to a 401k" but "what accounts, what transactions, would I be using when accounting for a 401k". That's for a tax accountant to tell you, or you look it up. I am not legally qualified to answer "tax accountant" sorts of questions. -- Subject: Digest Footer ___ 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. -- End of gnucash-user Digest, Vol 228, Issue 33 * ___ 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.
Re: [GNC] IRA/401K income detection
On 3/16/2022 8:49 PM, D. wrote: Michael, I think I get what you're saying. In my own case, I've taken to separating the pretax streams into their own income accounts, which seemingly addresses some of your points. But one of the big selling points of IRA/401Ks is that they earn money tax deferred (which I've also isolated into their own income accounts). How does Joe allocate the distributions-- or does it even matter? Each distribution is going to include a portion of deferred income and a portion of untaxed dividends (at least how I've captured the txns thus far). Is there a different way to manage those dividends? If the contributions are all "pre-tax" then they are "deferred income" . The "deferred income" account would have been used when you entered the transaction for a contribution. What the account has earned is also all "deferred income". If you were entering transactions to record the increase in value of your 401K, that would have been the other side of the transaction. Note that it is "deferred ordinary income and not "deferred capital gains" If the 401k existed before you began with gnucash, the probable cause was entering the starting balance using the "tool" (so other side "starting equity"). It should have been "deferred income" << you could still use the tool -- when you created "deferred income" (probably under equity) with the same starting value that would have taken it out of "starting equity". Understand? Yes "deferred income" is part of your equity but it is different than your other equity because it has an attached tax liability. Michael D Novack PS --- Bears repeating, but a "manual" is not a "user guide". We really should not be advising users about things like this. In other words, the question isn't "how do I enter transactions related to a 401k" but "what accounts, what transactions, would I be using when accounting for a 401k". That's for a tax accountant to tell you, or you look it up. I am not legally qualified to answer "tax accountant" sorts of questions. ___ 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.
Re: [GNC] IRA/401K income detection
On 2022-03-16 17:49, D. via gnucash-user wrote: > But one of the big selling points of IRA/401Ks is that they earn > money tax deferred (which I've also isolated into their own income > accounts). How does Joe allocate the distributions-- or does it > even matter? Each distribution is going to include a portion of > deferred income and a portion of untaxed dividends (at least how ? I've captured the txns thus far). Is there a different way to > manage those dividends? Were _all_ of your IRA or 401(k) contributions pretax money, or did you pay income tax on any of them when you made the contributions? I'm going to assume it's the former, which is the most common situation. In that case, there is no need to keep separate track of dividends and gain in asset value. As far as the tax code is concerned, it's all ordinary income when you withdraw it, and there's no allocation of how much is gains, how much is dividends, and how much is your original contribution. If you made any contributions that were _not_ deducted at the time, then only a portion of your withdrawal is taxable. The basic idea is to divide your original contributions by the current total value, then multiply by the amount of the withdrawal, and that amount is non-taxable. But it's more complicated than that: you have to keep track of your "basis" from year to year, and file form 8606 each year you make a non-deductible contribution or take any withdrawal. But still there's no distinction between dividends and asset value gains. Since you don't have to account for dividends for tax purposes in either case, you're free to allocate the withdrawal any way you please. Or you could drop the dividend account entirely, which is what I do. > Yeah, I get that an accountant doesn't call this income, but frankly, > I don't really care about the esoterica of accounting in this case. I > care about what the government says is income. Accountants can yap all > day long about how the IRA payouts aren't income; the IRS is still > going to fine me if I don't pay up. If you call a withdrawal income, then you're going to make a credit entry to some income account. You will also make a credit entry to the asset account for the amount of the withdrawal. There will be a corresponding debit entry to Cash/Banks for the withdrawal. What will be your corresponding debit entry to the credit entry for income? -- Stan Brown Tehachapi, CA, USA https://BrownMath.com ___ 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.
