Absolutely, you can do anything. But to correctly track the cost basis of
stock when you have multiple purchases and sales you have to keep track of
what you paid for each share, when you bought it, when you sold it, and how
much were the fees and commission costs. Then, when selling fractional
That's a reason for using the Equity:TaxProvision account for recording the
liability rather than directly to an Expense:Tax account when you accumulate
the Liability as per the alternative approach outlined in an earlier post.
Then you can adjust it in Equity before paying the tax and
Hello David Cousens,
Thank you for your help, I knew what i need to do if i choose "Accrual
Accounting".
What i'm asking you is : If the end of the year, I credit my Expense:Tax and
debit Liability:Tax 2000$, at this time, on DECEMBER in my "Income Statement
(multicolumn)" (It's a Report option
You first have to adjust the amount of the Liability and the Expense :Tax
accounts so their balances are each 1. To do this you credit the
Expense:tax and debit the Liability:Tax account each by 2000. After this the
liability and Expense accounts match what you will actually have to pay.
then
On 3/27/2020 2:33 PM, David Carlson wrote:
Ken,
One issue that may be of concern to you is the way Gnucash tracks capital
gains. It cannot follow tax law definitions exactly by default as that
requires tracking expenses such as fees in a very complex way to apply
partial fees to the cost basis
Ken,
One issue that may be of concern to you is the way Gnucash tracks capital
gains. It cannot follow tax law definitions exactly by default as that
requires tracking expenses such as fees in a very complex way to apply
partial fees to the cost basis when partial closing transactions occur.
I was in the same boat, and made the conversion, and would never go back.
There are a few steps to take to accomplish the migration, and to understand
the conceptual differences between the two programs.
However, it’s worth it once you get the process working for you.
If you have any questions,
I have used Quicken for well over 15 years but continue to have problems with
the software. I am looking for a replacement that can download transactions
from my bank and Schwab brokerage and maintain detail security information
including lots purchased and cost basis. Is gnucash a program that
