I'm not familiar with the use case, but if you want income to 'go up'
that is, show you received it, then it should be a credit.
I'll hazard a guess that since you have a 'Taxable' account, which you
are supposed to show receipt of income, then that one should be a credit.
If the Deferred Income account is truly the other side of that income
recognition, then it should be a debit. (and shouldn't be marked taxable
as it is for tracking what you deferred, and is no longer deferred -
you've moved it from deferred to realized.)
Note, that's just basic accounting with respect to Income type accounts.
Get official advice though.
Regards,
Adrien
On 1/15/24 10:52 AM, R Losey wrote:
Last year, there was a discussion here about tracking taxable distributions
from IRAs which included a deferred income account. I had not been tracking
taxable income, and thought that this would be good, so I tried to do this
last year, but I think I did it incorrectly. I wanted to avail myself of
the knowledge and wisdom here.
I have "Deferred Income" as an "Income" account. When I take out, say,
$1000.00, I made the following split:
Assets: Investments: IRA credit $1000.00
Assets: Current Assets: Checking: debit $1000.00
Income: Taxable: IRA Distribution debit $1000.00
Income: Deferred Income credit $1000.00
I suspect that I have the last two entries reversed because the IRA
Distribution balance is negative, and all other income accounts are
positive.
I don't remember if I created the "Deferred Income" account; perhaps it
should not be under "Income"?
Many thanks!
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