2023-09-20 GnuCash IRC logs
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10:36:33 <Luk6655> chris, thanks for the link earlier
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10:48:48 <Luk6655> Regarding your Australian BAS, how do you record the fact you paid BAS to the tax office at the end of the quarter?
10:49:28 <Luk6655> If you record it that is
10:50:35 <chris> Luk6655: at each quarter, I will clear the GSTPaid and GSTCollected account balances to zero, the offseting account being GSTBAS
10:50:52 <chris> the GSTBAS contains the GST differential between collected and paid
10:51:09 <Luk6655> I see, thanks
10:51:22 <chris> the GSTBAS gets cleared when I pay the ATO tax
10:52:05 <chris> and because the GST cares only for dollars rather than cents, I will also send some cents to an Equity:Rounding every quarter ^_^
10:54:07 <Luk6655> What do you think about recording VAT payments(to the tax office) by debiting the Asset:BankAcct and crediting Liability:VAT Input, any potential issues with that?
10:55:01 <Luk6655> I'm doing monthly VAT reporting, using just 2 VAT accounts (without the extra balance account and zeroing) would be prefferable to me
10:55:24 <chris> uhhh that sounds like it's exactly the right approach
10:55:42 <Luk6655> ok :-)
10:55:58 <chris> from someone who pretends an accountant on internet
10:56:21 <Luk6655> of course...
10:59:11 <chris> of course ATO likes to make things easier for the taxpayer
10:59:26 <Luk6655> I wonder if it is possible to easily account for accrual of other taxes in gnucash. For example income tax.
10:59:27 <chris> i.e. my annual tax payments are divided by 4
10:59:49 <chris> and the income tax is combined with the GST tax and I submit 1 payment
11:00:52 <chris> I don't bother precalculating accrual taxes
11:00:56 <Luk6655> here these are quite diffrent (different dates to pay, different reporting etc)
11:00:59 <Luk6655> for me the income tax is just a percentage of net sales
11:01:22 <chris> I simply send amounts to ATO, and send the breakdown to my accountant, who then verifies
11:01:34 <chris> I've never had a "Dr != Cr" error
11:01:55 <chris> I simply send amounts to ATO, and send the breakdown to my accountant *in the annual meeting*, who then verifies
11:02:22 <chris> are you in UK? monthly VAT?
11:02:28 <Luk6655> in Poland
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11:02:43 <Luk6655> it is somewhat similar to UK
11:02:48 <chris> oh well. try the "Income and GST Statement"
11:03:45 <Luk6655> the report, yes that might be the way to go
11:05:47 <Luk6655> Normally I'm using an online accounting software, All I have to do is enter transactions and it calculates my VAT, income and other taxes. However, I'm not too happy it is online only, it has an API, but it lacks a lot of features. For example personal expenses, budgeting. So I'm trying to replicate it and extend in Gnucash
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11:06:53 <Luk6655> Ideally I'd continue to use it, but then have gnucash sync with it with the API. So far I'm still exploring if gnucash can do what I want
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11:12:21 <Luk6655> chris, when recording business purchases like in the example with the "Annual insurance premium" how do you enter this transaction? Using the invoice feature(if so, how do you set yourself as the customer and the other party as seller?) or some other feature?
11:13:02 <chris> It's a "Vendor" with "Bill" (cf "Customer" with "Invoices")
11:13:18 <Luk6655> ok
11:13:20 <chris> I don't bother creating Vendors for Bills, I pay without using A/P
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11:53:45 <Luk6655> I hope this makes sense. I'm not sure how to account for certain future taxes. We have a kind of national healthcare tax that lets say is $100 per month if your annual income is below a certain threshold, then it becomes $200 if your income crosses the treshold, but here's the catch. You're supposed to backpay at the end of the year so the total is $200 for every month of the year. So If I know my income will cross the treshold lets say I account for $100
11:53:46 <Luk6655> as an expense and I'd like to account for the other $100 as liability. Where do I put the "other side" of the liability transaction?
11:56:31 <chris> Expenses:HealthTaxes?
12:00:50 <Luk6655> I see it increases the Expense account, then when I finally pay it it will go from Asset:BankAcct to Liability:HealthTax and the Expense will stay the same. Is this the idea?
12:02:10 <Luk6655> There is something that doesn't "feel" right about it increasing the expenses before it is paid...
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12:03:44 <chris> when you pay you clear the liability
12:04:24 <chris> it's the same as "increasing my assets when I do work" but needing to chase money from clients to reflect it
12:05:45 <Luk6655> The liability bit I completely understand, I'm just not sure about it increasing the Expense account when the liability is recorded.
12:06:45 <chris> conversely why should I record income when I'm not paid yet?
12:09:10 <Luk6655> ok, if you put it that way I guess it does make sense
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