On 02/01/18 06:52 PM, DaveC49 wrote:
Larry
If your withdrawals from the RRSP are taxable on withdrawal then I think
your approach of using two files recording transfers to your bank account
from the RRSP as Expenses in the RRSP account and Income in your main
accounts should work fine as it will satisfy the accounting equation in both
files without any conflicts and will keep Gnucash happy.
With both the RRSP and your bank accounts in a single file, the decrease of
an asset (RRSP) is a credit to that account and an increase in Income (which
it would have to be to record it as income for taxation) is also a credit to
the income account in that same file, which would not be a balanced
transaction in which the sum of debits and credits is zero.
For me, the RRSPs have been converted to Income Funds, but the principle
and procedure are still the same. Contribution is straightforward: from
a Current Asset account to the RRSP, like this:
Assets:Current Assets:Chequing Account $5,000
Assets:Investments:RRSP $5,000
Withdrawal is more complex, because you have to show Income, Withholding
Tax, the receiving Account, and the RRSP account, so using an Equity
account for RSP/RIF withdrawals is needed to balance, like this:
Assets:Investments:RRSP $5,000
Assets:Current Assets:Chequing $3,500
Expenses:Taxes:Income Tax $1,500
Income:RRSP $5,000
Equity:RSP/RIF $5,000
At any rate, that's how I do it. YMMV.
Cheers
Cam
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