[GNC] Journaling taxable benefit
My employer gives employees $350 under a wellness spending account to spend on whatever we want. I claim it on public transit fares. This $350 is considered a taxable benefit and every bi-weekly paycheck, $13.46 gets added to gross income. What would be the credit side of transaction number 2 and the debit side of transaction number 3? 1. Spend $350 loading up my public transit fare card. Dr Prepaid Public Transit 350 Cr. Bank 350 2. Claim $350 on this account and then it directly deposits this into my bank account. Dr. Bank 350 * Cr. What is this account? 350* 3. Every paycheck, $13.46 is counted as income on my paystub Dr. Bank (Net Pay) 1300 Dr. Income Tax Withholding 700 *Dr. What is this account? 13.46* Cr. Gross Income 2000 Cr. Taxable Benefit Income 13.46 -- 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.
Re: [GNC] How to treat benefit payments from government?
Adrien Monteleone-2 wrote > Someone on the list from Canada (even better, a local CPA) should offer > better advice, but the first question you probably want answered is, “Is > this taxable next year?” > > That will likely influence how you record it now. > > Regards, > Adrien > >> On Apr 17, 2019, at 4:37 PM, gn00b > leo57yeung@ > wrote: >> >> When I file my 2019 personal income tax for income earned in 2018, the >> government will send me a monthly cheque based on my 2018 income. What >> should the credit side of the journal entry look like when I initially >> record this? Should I be treating this as income? I know I should Debit >> Benefit Receivable for the amount. When the government pays me, I know I >> would Debit Bank, Credit Benefit Receivable. >> >> If anyone is from Canada, this is referring to the Ontario Trillium >> Benefit >> and the GST/HST Credit. >> > > > ___ > gnucash-user mailing list > gnucash-user@ > 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. No, these payments are not taxable. -- 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.
[GNC] How to treat benefit payments from government?
When I file my 2019 personal income tax for income earned in 2018, the government will send me a monthly cheque based on my 2018 income. What should the credit side of the journal entry look like when I initially record this? Should I be treating this as income? I know I should Debit Benefit Receivable for the amount. When the government pays me, I know I would Debit Bank, Credit Benefit Receivable. If anyone is from Canada, this is referring to the Ontario Trillium Benefit and the GST/HST Credit. -- 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.
[GNC] How to journal this transaction?
Someone owes me $100 (Accounts Receivable). But instead of paying me $100, they pay for an expense of mine worth $100. How would I journal this transaction? -- 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.
Collecting payments from others then remitting to one vendor
So my roommates and I split utilities cost and every month they remit to me the required amount and I then remit all of those smaller payments to our utilities company. What's the best way to set up the accounts/transactions so I only have an expense of what I owe. Example: Utilities bill is $30 Roommate A: $10 Roommate B: $10 Me: $10 I collect $10 from A and B and remit $30 to the utilities company. -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
