As the others have noted, it may or may be not worth your time to track
this - but it is your decision.
The "Rounding" (better called "Paycheck Rounding") could probably be a
liability or an asset... possibly a sub-category of "Gross Pay" (I call
mine "Salary"). You should record both changes in
Yep, this is the 'principle of materiality' in accounting.
The precision as to what is considered 'material' or not varies by
entity, thus, some corporations don't even blink until a number gets
into the $10k or even higher range.
My personal rule is that if the amount is worth less than how
Patrick,
I agree completely but some of us are unfortunately pedantic.
David Cousens
On Sat, 2024-01-27 at 15:31 -0800, Patrick James wrote:
> In my view it's going to be very difficult to justify spending any time
> tracking a whole bunch of zeroes with a contra
> equity account. I would
In my view it's going to be very difficult to justify spending any time
tracking a whole bunch of zeroes with a contra equity account. I would not even
want to see that on the books, much less spend time every pay period adjusting
the contra account balance to some new amount less than 1.
At
If you really want to track this you could setup a contra account to your
Income acct which sums into the Income account e.g.
first month:
Income Credit 1800.50
Asset:Taxes withheld Debit 300.00
Income::Pay rounding Credit0.50
Asset:Bank Debit
You are over complicating matters.
You are trying to record (account for) an UNKNOWN situation. At least I
think unknown. Are they telling you "we rounded this up by y amount and
will later round down to make up for it". Or, as I rather suspect, it is
just happening.
How about each month
Hi,
suppose that today I received my first paycheck from my new company, I add this
entries:
First Paycheck
Income:Gross Pay €-1799.50
Expenses:Taxes €300
Liabilities:Rounding €-0.50
Assets:Bank:Checking €1500 ;; net pay
€0.50 is just lent to me, the next month this amount will be charged
This rounding is not material to your financial condition.
Tracking the rounding is not worth the time and effort necessary, so you could
adjust your gross pay for the rounding.
First month would be an increase (in pay/earnings) of €0.50, and the second
month would be a decrease by €0.30. Over
I don't have this sort of rounding arrangement on my paychecks, but I do have
similar with one shareholding I have.
I suggest you use GC to model reality, as far as possible..
Each paycheck gives you pennies of a liability (loan) from your employer.
So use a liability account in your GC
Hello everyone,
how do you record the rounding of your netpay?
After subtracting taxes from my gross pay, if the result of my net pay is a
floating point number, my company rounds this number up to the next integer
then credits the amount to my bank account. But the rounding is just a loan,
That sounds like an accrual situation.
If they are consistently owing you, then use an asset account.
If you are consistently owing them, use a liability account.
You could name it 'Payroll Rounding Accrual' or something similar.
If the rounding bounces back and forth between asset and
On Mon, Jan 15, 2024 at 3:07 AM Oleander via gnucash-user <
gnucash-user@gnucash.org> wrote:
> Hello everyone,
>
> my netpay each month is rounded up to the next integer. This
> rounding in my paycheck is indicated under the voice "Actual rounding"
> then it is
> charged in the paycheck of the
Hello everyone,
my netpay each month is rounded up to the next integer. This
rounding in my paycheck is indicated under the voice "Actual rounding" then it
is
charged in the paycheck of the following month under the voice "Previous
rounding" and the netpay, in turn, rounded up to the next
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