On 5/8/2023 7:17 PM, Karl May wrote:
Hi.
Thanks a lot for the response.
My misconception comes probably from looking at book keeping and GnuCash
through continental European eyes.
There may, of course be differences, how I keep books and what I need to
report vs somebody in continental
Hi.
Thanks a lot for the response.
My misconception comes probably from looking at book keeping and GnuCash
through continental European eyes.
That is, putting corporate profit tax through an expense account, as suggested
by John and Jim, while working out in terms transactions if the expense
Now . I understand that gnucash has no separate Equity account, at
least as long as the books are not closed. So how to book step 1)?
Before dealing with the question itself. let's get THIS misconception
out of the way. I believe the source of the misconception is that
gnucash
Karl,
Jim is right, you're mistaken or confused. You can create and edit Equity
accounts just like Asset and Liability ones.
Closing the books simply transfers the balances of all Income and Expense
accounts to some other Equity account that you designate when you run it. For
most
Hello Jim,
Thank you for your response.
What I would do on paper I already lined out in my first email: equity-
liability swap. For this to happen there must be a an "approachable" equity
account in gnucash, which from my understanding will only show a value if the
"books are closed".
I.E.
Hello, Karl:
This sounds like an accounting question to me, not a GnuCash question?
How would your account advise you to track these transactions if you
were using a pen and paper accounting book? You can do it the same way
in GnuCash.
I am a bit surprised by your statement, "that gnucash
Hi,
I am wondering where to put the tax on corporate profit.
My understanding from accounting training is:
1) As long as not paid it would swap between Equity and Liability, i.e. the
equity shrinks by the tax amount and the liabilities increase by the tax
amount.
2) At pay date it would be
