On 3/16/2022 10:48 AM, David G. Pickett via gnucash-user wrote:
OK, not anything like an accountant, so my books have just asset, liability, income, expense. Equity might be a better place for the IRA/401K, since it is an asset with a varying value and an attached tax liability TBD. So, how should I have set up such 100% pretax deferred income accounts to capture the income when money is transferred out, preferably without two transactions (talk about your double entry!)?
I was NOT describing "two transactions" although until you have gotten comfortable with "split" transactions (more than just two accounts involved) you could do it with two instead of a split. And it would be a "two way split" which is ordinarily a little harder than a one sided split but this is a special case where all amounts the same so not hard.
The point is that this transaction (taking a distribution) is affecting more than two accounts. It is reducing the asset 401k and increasing the asset cash but ALSO moving that amount of deferred income to (current) income.
And sorry -- I think you misunderstand "equity" as the term is sued in double entry bookkeeping. Review the introduction/basics.
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 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.
