[GNC] automatically account for gst on random purchases
Hi all, For my business setup I am wondering whether there is a way to automatically account for gst on small random purchases (e.g. hotel, restaurant etc.). My current setup is roughly Assets:financial_assets:bank_account Assets:financial_assets:gst Expense:travel So far I haven't setup Accounts/payable and Accounts/receivable. The current process is: A) import bank account transactions via OFX into "bank_account" and "imbalanced" B) manually go through all transaction, use "split transaction", manually calculate the gst and assign amounts to Expense:travel and Assets:financial_assets:gst. Any suggestions how this can be automated such that the default is a transaction split and application of a default GST rate? Thanks ___ 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.
Re: [GNC] corporate profit tax ........... where to put
Hi. Thanks a lot for the response. My misconception comes probably from looking at book keeping and GnuCash through continental European eyes. That is, putting corporate profit tax through an expense account, as suggested by John and Jim, while working out in terms transactions if the expense account is omitted from profit and loss, is an absolute no-no. Further, since the company has an initial equity of $1, and equity is reported only by closing the books or running a report, having a total negative number in equity (in the account frame, not the report) due to a liability:equity swap just "hurts the eye". Cheers On Tuesday, 9 May 2023 06:20:33 AEST Michael or Penny Novack wrote: > > Now . I understand that gnucash has no separate Equity account, at > > least as long as the books are not closed. So how to book step 1)? > > Before dealing with the question itself. let's get THIS misconception > out of the way. I believe the source of the misconception is that > gnucash provides example "skeleton" books with typical accounts in the > CoA under asset. liability, equity, income, expense, etc. Except these > examples don't happen to have sub accounts under equity and that might > be the source of the misconception that you couldn't have such accounts > > For example, suppose the entity is a partnership with three partners, A, > B, and C. A contributed $10,000 of the capital, B $5000, and C $5000 of > "goodwill". > > Then under equity you would have accounts for partner A, Partner B, and > partner C. Best done not using the initial value wizard but an explicit > transaction debiting bank $15,000 and goodwill %5000 (goodwill is > considered an asset of the intangible sort) and crediting partnerA > $10,000 partnerB $5000 and partnerC %$5000. After this transaction, > total assets would be $20,000, total liabilities 0, and total equity $20,000 > > > In other words, gnucash has in your CoA the accounts that YOU choose to > put there according to your needs. Gnucash doesn't have or not have > particular accounts except in the sense that example skeletons are > provided for the use of beginners. > > 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. ___ 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.
Re: [GNC] corporate profit tax ........... where to put
Hello Jim, Thank you for your response. What I would do on paper I already lined out in my first email: equity- liability swap. For this to happen there must be a an "approachable" equity account in gnucash, which from my understanding will only show a value if the "books are closed". I.E. closing Income & Expense for the financial year, calculate profit and tax, book profit after tax into Equity, book tax on profit into liabilities, pay tax by reducing financial assets and liabilities. However, "closing books" is discouraged as it interferes with the reporting features. Further, IMHO one cannot put the profit tax under "Expenses" as they would turn up as cost in the P & L . catch 22 (except I deliberately de-select that account, which appears to be a crutch) Due the gnucash discouraging "closing books" the accounting questions is a GnuCash questions. Best On Monday, 8 May 2023 17:06:47 AEST Jim DeLaHunt wrote: > Hello, Karl: > > This sounds like an accounting question to me, not a GnuCash question? > How would your account advise you to track these transactions if you > were using a pen and paper accounting book? You can do it the same way > in GnuCash. > > I am a bit surprised by your statement, "that gnucash has no separate > Equity account". I see a top-level account "Equity" in my Chart of > Accounts, and a whole tree of other accounts below it. Also, when I pay > tax, I involve an account of type Expense for the transaction, e.g. an > account like > Expense:My Business:Tax:Income Tax > > I understand that accounts of Expense and Income are special cases of > Equity accounts. But that too is an accounting question, not a GnuCash > question. > > I hope this helps, > —Jim DeLaHunt > > On 2023-05-07 23:37, Karl May wrote: > > Hi, > > > > I am wondering where to put the tax on corporate profit. > > > > My understanding from accounting training is: > > > > 1) As long as not paid it would swap between Equity and Liability, i.e. the > > equity shrinks by the tax amount and the liabilities increase by the tax > > amount. > > > > 2) At pay date it would be an asset-liability decrease, i.e. financial assets > > and liabilities shrink by the tax amount. > > > > Now . I understand that gnucash has no separate Equity account, at > > least as long as the books are not closed. So how to book step 1)? > > > > Thanks and best regards > > > > Karl > > > > > > ___ > > 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. ___ 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.
[GNC] corporate profit tax ........... where to put
Hi, I am wondering where to put the tax on corporate profit. My understanding from accounting training is: 1) As long as not paid it would swap between Equity and Liability, i.e. the equity shrinks by the tax amount and the liabilities increase by the tax amount. 2) At pay date it would be an asset-liability decrease, i.e. financial assets and liabilities shrink by the tax amount. Now . I understand that gnucash has no separate Equity account, at least as long as the books are not closed. So how to book step 1)? Thanks and best regards Karl ___ 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.
Re: [GNC] column summary in transaction reports
Hi,
@Adrien: that was good . thanks a lot.
On Wednesday, 23 February 2022 9:33:42 PM AEDT Adrien Monteleone wrote:
> Karl, before running your Account Report, do View > Filter by... and set
> your date range.
>
> Just don't forget you filtered the register view! (there is a 'Filtered'
> identifier in the upper-right of the register, but it is easy to miss)
>
> Regards,
> Adrien
>
> On 2/23/22 3:17 AM, Karl May wrote:
> > Hi,
> >
> > I am wondering whether it is possible to get a transaction report which
list
> > for an account the sum of each column (debit:credit, increase:decrease,
etc)
> > for a specific time period.
> >
> > Google pointed to a few similar questions in this email list and in
reddit,
> > but the suggestions don't work:
> >
> > -a report started from an account tab("Account report") is doing the right
> > thing, but it doesn't seem possible to limit the time period for which the
> > report is generated.
> >
> > -using the "find" facility to create a new tab and subsequently generate an
> > account report from that tab doesn't show the correct sums as it contains
all
> > the split transactions as well
> >
> > -the transaction report can specify the time period for the transactions
but
> > doesn't seem to have an option to sum the columns. Same seems to hold for
the
> > options under "Reports>Assets & Liabilities>General Ledger"
> >
> > Any advise is much appreciated.
>
> ___
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[GNC] column summary in transaction reports
Hi,
I am wondering whether it is possible to get a transaction report which list
for an account the sum of each column (debit:credit, increase:decrease, etc)
for a specific time period.
Google pointed to a few similar questions in this email list and in reddit,
but the suggestions don't work:
-a report started from an account tab("Account report") is doing the right
thing, but it doesn't seem possible to limit the time period for which the
report is generated.
-using the "find" facility to create a new tab and subsequently generate an
account report from that tab doesn't show the correct sums as it contains all
the split transactions as well
-the transaction report can specify the time period for the transactions but
doesn't seem to have an option to sum the columns. Same seems to hold for the
options under "Reports>Assets & Liabilities>General Ledger"
Any advise is much appreciated.
___
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
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