How about adding an Income leg for the BIK amount + an equity posting which absorbs it? That will make the transaction balance.
On Fri, Feb 26, 2021, 10:02 Pedro F <pe...@notself.org> wrote: > Hi everyone, I've been lurking here for a while as I migrated my 10 years > worth of transactions into beancount (from a bespoke solution involving > excel and python). I'm now fine tuning things and starting to extract nice > report and I'm really pleased with beancount/fava and what it can do, > including how easy it is to intergrate with Jupyter. Thanks for all the > effort put into this great tool :) > > I'm struggling to represent how benefits in kind (BIK) are handled in my > payslip. This is likely to be very UK specific but I was hoping someone > could share some ideas. An example of a BIK is health insurance where the > employer pays for the benefit but the employee still has to pay tax on it > (basically increasing the taxable income). > > Here's a made up example of how this shows up in a payslip: > --------------------------- > Gross Pay: > - Salary: £2000 > - Pension Contribution: -£500 > - BIK: Health Insurance: £50 > Total Pay: £1500 > > Deductions: > - Income Tax: -£250 > - National Insurance: -£50 > Total Deductions: -£300 > > Net Pay: £1200 > --------------------------- > > Noteworthy points: > > - Total Pay = Salary + Pension Contribution (or, more generically, > SUM(Gross Pay items) excluding BIK entries). Pension contributions are > taken from the gross salary, decreasing the taxable income. > - Total Deductions = SUM(Deductions) > - Net Pay = Total Pay + Total Deductions > > The taxable income, that is not reported in the payslip but it's what is > reported to the tax man and what's used to decide how much tax we pay, does > include the BIK entries. If I check the details on HMRC (IRS in the US I > guess), the taxable income for this month would be £1550. > > When it comes to beancount, I could just ignore the BIK entries and log it > as: > > 2000-01-31 * "Salary" > Income:Hooli:Salary -2000 GBP > Assets:Pension 500 GBP > Expenses:Taxes:Income 250 GBP > Expenses:Taxes:NI 50 GBP > Assets:BankAccount 1200 GBP > > But this doesn't make it possible to calculate the taxable income and If I > add postings with the BIK entries the transaction doesn't balance. > > My goal is to be able to extract a report of my actual taxable income, > which means that I need to somehow add the BIK postings to the transaction. > > Does anyone have a sensible way to represent this? I feel like I may be > missing something very obvious :) > > Thanks > > Pedro > > > -- > You received this message because you are subscribed to the Google Groups > "Beancount" group. > To unsubscribe from this group and stop receiving emails from it, send an > email to beancount+unsubscr...@googlegroups.com. > To view this discussion on the web visit > https://groups.google.com/d/msgid/beancount/5cf5bddb-3945-48df-85a6-566df31f652bn%40googlegroups.com > <https://groups.google.com/d/msgid/beancount/5cf5bddb-3945-48df-85a6-566df31f652bn%40googlegroups.com?utm_medium=email&utm_source=footer> > . > -- You received this message because you are subscribed to the Google Groups "Beancount" group. To unsubscribe from this group and stop receiving emails from it, send an email to beancount+unsubscr...@googlegroups.com. To view this discussion on the web visit https://groups.google.com/d/msgid/beancount/CACGEkZuPh76NjDg6AT7pAebTW5c0R2s2DO3n1thRRDPtG80U1Q%40mail.gmail.com.
