Re: Sales Tax refund to customer after it has been filed
A refund from checking? Why? I’d issue a credit memo for the tax then apply the memo as a payment to the original invoice. This will balance out the invoice and reduce your tax liability account. I don’t see why the checking account should enter into the picture. The entry as a result of the original invoice should have been: Dr. Accounts Receivable Cr. Income (whatever account for sales you use here) Cr. Sales Tax Liability On payment received the entry should have been: Dr. Cash Cr. Accounts Receivable Because they didn’t pay the full invoice, there should be a balance still owing on it and A/R should reflect this. Create the credit memo and the entry should be: Dr. Sales Tax Liability Cr. Accounts Receivable To apply the credit memo to the invoice, choose to ‘Process a Payment’, bring up the customer, you’ll see the invoice for a positive amount and the credit memo for an equal but negative amount. Select both (as if you are paying both) use the appropriate date, but the payment amount should be zero. (since the two amounts net to zero) You shouldn’t need to select an account to debit, but if you must, I suppose AR or Cash will do. (the entry will be zero in any case) Now your Sales Tax Liability account shows the proper amount and you can make your payment. *note, double check the laws of your jurisdiction. Most that I am familiar with require you to report taxable sales, then figure the tax owed on that, and remit that amount. How much you collected doesn’t enter the picture unless you collected MORE than you were supposed to, in which case you remit what you actually collected. Most jurisdictions work this way so that you pay the proper tax even if you didn’t calculate and collect it properly. Tracking what you collected or are supposed to collect into a Sales Tax Liability account is mostly for informational purposes to give you an indication of what the liability might be. The actual liability is usually determined by filing out the form. Regards, Adrien > On Jan 5, 2018, at 11:37 AM, Donna Pfeifer via gnucash-user > wrote: > > I’ve been looking for the proper way to handle this situation. > In November, I invoiced a customer for a job that included sales tax. At the > end of the month, I paid it to the state as required.In mid December, they > payed sans sales tax and sent an exemption certificate. > I showed the balance as paid with cash and then entered a refund for it from > checking. > But now, when I need to pay sales tax, my sales tax account is off. > I have not reconciled December yet. > How should this be entered? > Thanks in advance > Donna Pfeifer > ___ > 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. ___ 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.
Re: Retrieving quotes problems
Thanks Dave, but I didnt find a solution for this particular problem in the wiki. It is strange that I only get quote updates when i start Gnucash in the terminal. In debug mode nothing special : gnucash --debug shows only : Found Finance::Quote version 1.47 On Fri, Jan 5, 2018 at 2:47 AM, Dave H wrote: > Check out https://wiki.gnucash.org/wiki/FAQ#Q:_Why_doesn.27t_ > online_quoting_work.3F and see if that helps... > > Cheers Dave H. > > On 4 January 2018 at 20:49, rob wrote: > >> After a harddisk crash I try to restore everything on my computer. I >> installed Gnucash back and my gnucash data. Program starts up but have >> problems with quotes >> >> Only when i start gnucash in the *terminal* i can get quotes for EUREX . >> >> For currencies CURRENCY:USD CURRENCY:EUR no quotes at all >> >> I use Yahoo as JASON as quote source >> >> Configuration >> Linux mint 18.3 XFCE >> Perl 5.22 >> finance quote 1.47 >> libfinance-quote-perl 1.38-1 >> ___ >> 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. >> > > ___ 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.
Re: How to deal with RRSP's (Canada)
Hi David The main reason for my suggested approach is that the relevant income is still earned at the time the contributions are initially made and at the time the fund earnings are credited to the account. It is only that the tax on these earnings is deferred until the RRSP is converted to an RRIF and funds are withdrawn from the RRIF and it is taxed at a current marginal rate not the original rate. We have similar but not exactly the same tax deferred retirement savings schemes in Australia, hence my interest. I am fortunately past the accumulation phase and in the retirement phase. I track the fund separately from my daily accounts and simply treat the payments from the fund as income in my personal accounts and an expense in my accounting of the fund which is in reality done by my bank which administers it for me. We have schemes in Australia which have different tax statuses depending on whether tax was fully deferred on input so I have income streams which are taxed on withdrawal and others which are not, to complicate the accounting. This approach has always been vaguely dissatisfying for me though as the fund is an asset and will form part of my estate when i drop off the perch and I feel it should be able to be incorporated in my personal accounts if only to simplify things for my executor (the likely executor is fortunately an accountant). Mike Novak makes a lot of valid points about the vesting of and accounting for employer contributions which may apply to retirement fund accounting generally, but not specifically to the RRSP-RRIF system in Canada which is largely designed for self employed people to set up retirement funding and to similar self managed and commercial funds in Australia. The accounting also has to reflect the legislative framework which supports and establishes a particular type of fund and its terms and conditions. That said as long as you have captured the essentail data at any point in time, you can always adjust the approach in the future if necessary. Nevertheless it should be possible to extract some broad general principle accounting methodology from which to develop specific adaptions to individual circumstances. That was my purpose in trying to identify the 5 essential assumptions/features behind the RRSP-RRIF system in Canada in looking at this. I had considered setting up of a long term Liability account for the deferred tax. The only problem with this is while in the contribution phase any tax liability calculations will be estimates only as you will likely not know precisely the marginal tax rate which may apply when you are in the retirement phase. This would then introduce the complication of having to make adjustments to these estimates once in the retirement phase and withdrawing funds and paying tax on the withdrawals. My financial advisor and I did some estimates of the future tax liabilities under various scenarios for example when setting up my finances for retirement mainly for comparison of the advantages of using different fund structures but these were only ever estimates. However incorporating this into your accounts may serve some purpose if you specifically want to monitor the ultimate actual performance of your retirement strategy vs your expectation of that performance. I personally did not see any particular advantage in this level (deferred tax liability) of recording of my finances as individual calculations for possible strategies at the planning phase are much more useful to me and once I have committed to a strategy I will follow it unless circumstances change sufficiently that there is a benefit in adopting an alternative strategy and the possibility of changing strategy exists in any case. I prefer a looser form of monitoring with occasional spot checks. I also have performance reports from my financial institution which partly serve this function. I understand Cam's objective of trying to get the fund withdrawals to appear in a standard income report and if his approach works for him and provides the necessary information he needs, then that is fine provided he is aware of the possibility of he may introduce a distortion elsewhere in his accounts, which he may purposefully ignore. The only concern is someone else adopting a procedure without being aware of the possible distortion it may produce. An accountant may have a fit but as long as the taxman and the user are happy - no problem. This is however more likely to be true, if the accountant is also happy. I am going to continue to see if I can find an approach which is more intellectually satisfying and rigorous in accounting terms. The problem is really how to account for the conversion of an asset to an income stream in the same set of books. Concepts associated with the recording and sale of long term assets are one possibility to have a close look at. Cheers David Cousens - David Cousens -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f141
Sales Tax refund to customer after it has been filed
I’ve been looking for the proper way to handle this situation. In November, I invoiced a customer for a job that included sales tax. At the end of the month, I paid it to the state as required.In mid December, they payed sans sales tax and sent an exemption certificate. I showed the balance as paid with cash and then entered a refund for it from checking. But now, when I need to pay sales tax, my sales tax account is off. I have not reconciled December yet. How should this be entered? Thanks in advance Donna Pfeifer ___ 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.
Re: How to deal with RRSP's (Canada)
Michael, Because of your experience and knowledge, I was really hoping you’d weigh in with insight on the question of how to report a disbursement from one of these common retirement vehicles as income, rather than a transfer between assets. How would you recommend tracking money that is earned in 2017, but which is counted as taxable income only in 2035? Cheers, David > On Jan 5, 2018, at 7:42 PM, Mike or Penny Novack > wrote: > > On 1/5/2018 1:05 AM, David T. via gnucash-user wrote: >> David— >> >> I see where you are coming from on this. >> >> For reference, I accept your 5 assumptions; I believe they are accurate for >> many US retirement accounts as well. >> >> . >> I guess, from a philosophical perspective, the question really is: when do >> these funds become income? Is it when you get paid, or is it when the money >> actually gets disbursed? It seems to me that most of us are looking at it >> from the first perspective, but that the taxing agencies are looking at it >> from the second. So, for example, I have paycheck transactions that document >> my retirement contributions, transferring to the retirement asset accounts >> from a special (retirement) income account >> David > There are ADDITIONAL questions if a US 401k. For example, are company > contributions vested immediately or only over time? Here is a typical case > (yours might be different) > 1) Company contributions are vested 10% per year. > 2) Any still unvested contributions become fully vested upon retirement at > normal age (possibly also separation earlier but after age 55) or upon death > if earlier. > > In other words, the company contributions are conditional on staying with the > company. They are in the account and earning but there is a diminishing > liability (you have to pay back the unvested portion if you leave) > > The 401k account MAY also have after tax contributions made to it, but that > only affects how distributions will be taxed. > > Another benefit that some companies offer is "split dollar" insurance. Very > complicated to figure its affect on net worth. With split dollar, the company > still owns the policy but you get to select the beneficiary << the rights > associated with ownership of an insurance policy can be separated >> Called > "split" because the employee is taxed for the premium of the same amount term > policy. Often to prevent that complication, the employee is billed that > amount. At termination the employee has the right to: > 1) Surrender the policy paying the company back for the premiums from the > accumulated policy values keeping the remainder. > 2) Pay the company that amount and keep the policy. > Note that there is a hard to calculate value associated with that choice << > what is your health status at this time in the future when you have to make > that decision. > > Note that this is simply a special case of things that might affect > "effective" net worth or income but are difficult to carry on the (main) > books. For example, a job might provide in addition to salary, housing, use > of a vehicle, etc. << and this could even be tax free "income" depending on > the circumstances >> > > Michael D Novack > ___ > 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. ___ 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.
Re: How to deal with RRSP's (Canada)
On 1/5/2018 1:05 AM, David T. via gnucash-user wrote: David— I see where you are coming from on this. For reference, I accept your 5 assumptions; I believe they are accurate for many US retirement accounts as well. . I guess, from a philosophical perspective, the question really is: when do these funds become income? Is it when you get paid, or is it when the money actually gets disbursed? It seems to me that most of us are looking at it from the first perspective, but that the taxing agencies are looking at it from the second. So, for example, I have paycheck transactions that document my retirement contributions, transferring to the retirement asset accounts from a special (retirement) income account David There are ADDITIONAL questions if a US 401k. For example, are company contributions vested immediately or only over time? Here is a typical case (yours might be different) 1) Company contributions are vested 10% per year. 2) Any still unvested contributions become fully vested upon retirement at normal age (possibly also separation earlier but after age 55) or upon death if earlier. In other words, the company contributions are conditional on staying with the company. They are in the account and earning but there is a diminishing liability (you have to pay back the unvested portion if you leave) The 401k account MAY also have after tax contributions made to it, but that only affects how distributions will be taxed. Another benefit that some companies offer is "split dollar" insurance. Very complicated to figure its affect on net worth. With split dollar, the company still owns the policy but you get to select the beneficiary << the rights associated with ownership of an insurance policy can be separated >> Called "split" because the employee is taxed for the premium of the same amount term policy. Often to prevent that complication, the employee is billed that amount. At termination the employee has the right to: 1) Surrender the policy paying the company back for the premiums from the accumulated policy values keeping the remainder. 2) Pay the company that amount and keep the policy. Note that there is a hard to calculate value associated with that choice << what is your health status at this time in the future when you have to make that decision. Note that this is simply a special case of things that might affect "effective" net worth or income but are difficult to carry on the (main) books. For example, a job might provide in addition to salary, housing, use of a vehicle, etc. << and this could even be tax free "income" depending on the circumstances >> Michael D Novack ___ 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.
Re: Finance-Quote 1.45 released!
Hi Erik
It's been a few days now that data coming from Alphavantage related to
London listed shares in USD (.IL) are already divided by 100. So they now
look wrong.
I removed the change that we had recently made only for (.IL) and for me the
problem is solved.
# divide USD quotes by 100 if suffix is '.IL'
if ( ($suffix eq '.IL') && ($info{$stock,'currency'} eq
'USD') ) {
foreach my $field ( $quoter->default_currency_fields ) {
next unless ( $info{ $stock, $field } );
$info{ $stock, $field } =
$quoter->scale_field( $info{ $stock, $field },
* 1 ); # It was 0.01*
Best regards
Adriano Baldi
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Re: Latest version update
Jack Slater wrote > I have downloaded 2.6.19 but just wanted to make sure as to install/update > process. I'm assuming I can just install over the top of 2.6.18 but I'd > like to confirm that assumption first! I did this last week on Windows system. First I backed up the data. Then ran installer update, it all took care of itself with no problems. Keith - GnuCash 2.6.18 - Windows 10 -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ 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.
