Hello, Karl:
This sounds like an accounting question to me, not a GnuCash question?
How would your account advise you to track these transactions if you
were using a pen and paper accounting book? You can do it the same way
in GnuCash.
I am a bit surprised by your statement, "that gnucash has no separate
Equity account". I see a top-level account "Equity" in my Chart of
Accounts, and a whole tree of other accounts below it. Also, when I pay
tax, I involve an account of type Expense for the transaction, e.g. an
account like
Expense:My Business:Tax:Income Tax
I understand that accounts of Expense and Income are special cases of
Equity accounts. But that too is an accounting question, not a GnuCash
question.
I hope this helps,
—Jim DeLaHunt
On 2023-05-07 23:37, Karl May wrote:
Hi,
I am wondering where to put the tax on corporate profit.
My understanding from accounting training is:
1) As long as not paid it would swap between Equity and Liability, i.e. the
equity shrinks by the tax amount and the liabilities increase by the tax
amount.
2) At pay date it would be an asset-liability decrease, i.e. financial assets
and liabilities shrink by the tax amount.
Now ......... I understand that gnucash has no separate Equity account, at
least as long as the books are not closed. So how to book step 1)?
Thanks and best regards
Karl
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