> The other downside is that you always need to introduce 2 > transactions, one when you invoice and another one when you get > paid, but I don't see a way around that...
When using the accrual basis for accounting, that is desirable. I have to report & pay taxes for my business activity quarterly, so for accrual, it is the date of invoice that determines which quarter the taxes are due. The date you (ever) get paid is sometime in the future :) And for that window of time between invoicing & payment, the amount will sit in an accounts receivable account for you to report and track money owing to you. For annual taxes owing, I use a virtual account and approximate figures, since tax in my country is bracketed so it is tricky to know exactly how much tax is owing until you file the return. When the tax debt is realised as a result of the return, a transaction occurs like what Nathan described of Liability -> Expense, and when you pay it out of an asset account, it's Asset -> Liability. Regards, Chris -- --- You received this message because you are subscribed to the Google Groups "Ledger" group. To unsubscribe from this group and stop receiving emails from it, send an email to ledger-cli+unsubscr...@googlegroups.com. For more options, visit https://groups.google.com/d/optout.
