* On 2019 05 Nov 07:46 -0600, Michael or Penny Novack wrote: > On 11/4/2019 11:18 PM, John Ralls wrote: > > > > One thing I have done for years is enter into a deferred payment > > > contract with the cooperative that buys my grain. In general the grain > > > is sold as of a given date with payment at some future specified date. > > > > > As I see it, I have a > > > sort of promissory note that doesn't pay interest, if that makes any > > > sense, that in early January will be paid by the cooperative. It is > > > future income but I don't want it listed as such until next year. > > I think that is correct. You have traded an asset for an asset. But > unfortunately I am not up on the tax rules for farming << this land was last > commercially farmed circa 1930; Step by Step farm is wildlife habitat >> > You'll have to look up WHEN the gov't considers it to become income. Future > sales, deferred payment contracts, etc. are common in farming so there > should be definite guidelines how you should treat it. > > Anyone here with accounting for farming experience?
I'm already taking care of it per the advice of my tax preparer by taking the income in the year the cooperative pays me. In this case, the deferred sales will be considered in the 2020 tax year. On the 2019 return I will be including deferred sales from 2018 and so on. That is not the issue or the question I have. I was merely curious if there was a way to record this in GnuCash so that it doesn't show as income *yet*, nothing more. I'm happy to let it ride until January when the funds turn up in my bank account. If I eventually figure out a way, that will be fine, if not, fine as well. In the mean time, GnuCash is not my only set of records, I am using it as a way to break out all of my finances that I wasn't tracking otherwise. - Nate -- "The optimist proclaims that we live in the best of all possible worlds. The pessimist fears this is true." Web: https://www.n0nb.us Projects: https://github.com/N0NB GPG fingerprint: 82D6 4F6B 0E67 CD41 F689 BBA6 FB2C 5130 D55A 8819
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