On Tue, Aug 22, 2017 at 5:06 AM, Mike or Penny Novack <stepbystepf...@dialup4less.com> wrote: > >> ... >> The accountant said I can amortize the loss until future years and >> claim it as an expense on a future year's tax return. >> >> How do I account this in GnuCash? > > I will give the same answer to this as I give to similar questions. Your real > problem is NOT about how to account for this using gnucash but in not knowing > how to account for this in ANY method of doing double entry bookkeeping. In > other words, if you knew what transactions you would be entering were you > keeping your books the old fashioned way, pen and ink on paper, you would > probably see how to enter those transactions using gnucash. Gnucash > partially automates the process, keep the books in balance (avoids > transcription errors),and produces report, but it can't tell you what > transactions you should be entering. > > Either have your accountant show/tell you, or get a text "accounting for the > S corporation" and look up amortized losses. I'm not doing accounting for any > for profit corporations and so would have to look it up myself. And even if I > knew off the top of my hat, am not qualified to give that sort of advice. > Knowledge of tax law with regard to S corporations is necessary to know how, > and to what extent, you can defer passing through gains and losses << S > corporations are taxed more like partnerships are taxed than how regular > corporations are taxed >> > > Michael D Novack
Of course, you are right. I will consult a CPA. Thanks. Mark _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
