2016-07-29 GnuCash IRC logs
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14:17:42 <modem_down> I'm new to GnuCash. I have pension contributions deducted from my gross pay at source. The remainder is "taxable pay". From that, my income tax and National Insurance contributions are also deducted. How can I report my taxable pay?
14:18:10 <modem_down> s/also/further
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14:21:17 <modem_down> I'm new to GnuCash. I have pension contributions deducted from my gross pay at source. The remainder is "taxable pay". From that, my income tax and National Insurance contributions are also deducted. How can I report my taxable pay? N.B. This is in the United Kingdom, for personal accounts (not business).
14:25:54 <jralls> modem_down: You could either book the gross as income, the pension contribution as Expense:Deductable and the other expenses as Expense:Ordinary, then at reporting time subtract Expenses:Deductable from Income;
14:28:09 <jralls> modem_down: I was going to say "Or book salary - pension as Income and pension as a separate asset, then the regular expenses as usual", but that won't balance so never mind.
14:29:57 <jralls> modem_down: That's an accounting question, not really a GnuCash question. HMRC might have different ideas about it, so you should consult a chartered accountant for advice.
14:34:02 <modem_down> jralls: Thanks :) An accounant could tell me what should be taxed, etc, but not necessarily how to represent that in GnuCash :)
14:35:07 <modem_down> jralls: I figure that a pension is an asset, rather than an expense.
14:35:52 <jralls> modem_down: On the contrary, an accountant can tell you exactly how to represent the transaction in your books and GnuCash will easily reflect that.
14:37:44 <jralls> GnuCash is just a software implementation of what accountants call "T accounts".
14:43:07 <modem_down> jralls: The problem I am having, though, is how to tell GnuCash that when I create split such that some amount of Income:Salary goes to Assets:Pension, that amount should be deducted from the Income Statement or similar. I hoped that might be possible through Tax Report Options, but Tax Report Options only offers 4 US-specific "Types", or "None - No Income Tax Options Provided". If I use the latter, it doesn't seem
14:43:23 <modem_down> s/split/a split
14:44:23 <modem_down> jralls: And when I say, "doesn't seem to have any effect", I mean that I can't see any way to mark transactions or accounts as tax-related :(
14:46:19 <jralls> modem_down: You're right about the tax report, it's to create a TXF file for input to Turbo Tax, a Quicken product. I believe some other tax software also inhales it, but the codes are very much tied to US tax forms.
14:47:31 <jralls> The income statement is for business, but if you include only the "deductible" expenses in the accounts list (in report options) then the "profit" will be your taxable income.
14:53:48 <modem_down> jralls: Can I achieve the same effect, while nevertheless treating my pension as an asset rather than an expense?
14:54:46 <jralls> modem_down: Hmm, maybe. Let me try...
14:56:35 <modem_down> jralls: Thanks! My reason for asking is that otherwise I'd probably have to keep a separate GnuCash file to track my pension, which seems like it shouldn't be necessary?
14:58:32 <jralls> modem_down: I don't think so, at least not with the Profit & Loss report. It uses the account type to know what goes in each category. Hmmm....
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15:03:38 <jralls> modem_down: I think you'll need to do two transactions for each paycheck: One with the pension contribution as non-taxable income->assets:pension and the other with taxable income->other payroll deductions and checking.
15:04:10 <modem_down> jralls: I was afraid you'd say that :(
15:04:11 <jralls> With the "other payroll deductions" going to Expenses:whatever as you like.
15:05:50 <jralls> modem_down: The good news is that you can set that up as a scheduled transaction so you need set it up only once and then adjust it when the amounts change, usually only once a year.
15:07:24 <modem_down> jralls: Thanks. It is still a bit messy - I really wanted to have each payslip represented as a single transaction with splits for each appropriate deduction, and reports to let me view my gross, taxable, and net income figures respectively. Nevertheless, I do appreciate your help. At least it's not the case that I missed an obvious way to correctly express one payslip in one transaction.
15:10:08 <jralls> modem_down: You could do it in one transaction, just with separate "income" splits on the debit side for pension and net of the pay. Short of a custom-coded report I don't think that you can get everything you want in one report, though.
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16:20:26 <gaccounts> any way to convert ledger to gnucash?
16:20:44 <gaccounts> wiki only seems to mention the opposite.
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16:30:21 <jralls> gaccounts: I think there's someone on the user list who knows about that. Ask there.
16:34:38 <gaccounts> jralls, you mean the mailing list for gnucash?
16:37:09 <jralls> gaccounts: Yes, gnucash-user@gnucash.org. On Nabble if you prefer that.
16:37:19 <gaccounts> thanks
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16:49:33 <goodvibes> Hi People, Is there a problem with the mail server? I haven't received any user or dev mail this morning.
16:57:42 <warlord> goodvibes: what's your email address?
17:02:51 <goodvibes> warlord: chris.good@ozemail.com.au
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17:03:51 <goodvibes> I get the daily digests
17:06:52 <warlord> Looks like one went out at 3am this morning.
17:08:50 <goodvibes> Ok, Thanks, I'll check my ISP
17:09:33 <warlord> Let me send a test message...
17:11:09 <warlord> Ah, I think I see part of the problem. Give me a minute..
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17:16:42 <warlord> sat?
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17:17:33 <jralls> Satisfactory, of course.
17:18:35 <warlord> I was in the process of bringing up IPv6 but apparently I need to wait until it's fully up before I actually turn it up. Too many things need to be in place simultaneously, I guess.
17:18:48 <warlord> Anyways, mail is clearly flowing..
17:18:58 <warlord> Hopefully none was lost in the past 24 hours.
17:19:23 <warlord> anyways, gotta run..
17:23:21 <goodvibes> I haven't received any mail yet. Should I resend my dev question about investment sales transaction that looks like a duplicate in guide?
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17:28:55 <jralls> goodvibes: Give the queue a couple of hours to clear and for the mail to propogate before you do anything.
17:32:15 <goodvibes> OK Thanks.
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18:25:03 <modem_down> jralls: Thanks, I'll think about doing it that way :)
18:25:38 <jralls> modem_down: OK. Good luck.
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20:31:49 <warlord> Apparently the IPv6 provider I was trying to use blocks port 25..
20:32:00 <warlord> That was the email issue with code for the past day.
20:32:10 <warlord> I've turned off v6 until I can get this cleared up. :(
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20:43:03 <warlord> goodvibes, jralls: that's why there was an email issue.
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