TIA For a franked dividend where the net dividend amount is $x and the franking credit is $y, the transaction recording it will be generally of the form
Asset:Bank account Dr $x Asset:Franking Credits Dr $y Income:Acme:Dividends Cr $x+$y https://www.ato.gov.au/individuals/investments-and-assets/in-detail/investing-in-shares/refunding-franking-credits---individuals/ For a dividend reinvestment the ATO advises that the dividend is treated first as income as above and then the net dividend $x is used to purchase n new shares at a price $x/n. https://www.ato.gov.au/Individuals/Capital-gains-tax/Shares-and-similar-investments/Dividend-reinvestment-plans/ The Franking credits are a rebate against tax payable on your income and an individual is generally entitled to a refund of the difference if their franking credit amount exceeds their tax payable and that is normally done in your individual tax return. At that point you need a credit to the Franking Credit account to zero it out with corresponding entries reducing the tax paid and tor the tax refund. Companies can turn excess franking credits into a loss carried forward in most cases (there are rules applying to this). David Cousens On Sat, 2023-01-21 at 23:06 +1030, xboxboy.mageia+GnuCash wrote: > Thanks: That changes the column names when I attempt to enter > information by the looks, but I am going in circles here: Stuck in MYOB > mode I suspect. > > I'm going to need my hand held I think. > > My income tree looks like this > > Income--->Dividends--->Specific Company Name Dividends----->Franked > Dividend (ie 30% tax paid) > > ------>Input credit (ie. the 30% tax paid above) > > So I'm having trouble even just entering that :( What complicates it is > that it is reinvested, so I don't receive a cash payment as such. > > > That said, years ago I seem to have had my head wrapped around at least > the dividend payment, looking at some old transactions, what I see is a > split transaction that looks like this: (for example) > > Acme Dividend $127.31 (Tot income) > Franked income (Assets:current assets: Bank CD: Smart > Access) $89.12 (charge) > Input Credit (expenses: Taxes: Franking Credits) $38.19 > (charge) > Acme Dividend (Income: Dividend Income: Acme Dividend > Income) $127.31 (income) > > Does that appear correct? > > I've spent weeks trying things, and I am wild with myself that I just > can't drop back into it. > > TIA > > On 21/1/23 19:38, David T. wrote: > > Try using Transaction Journal view mode. > > > > Use separate income accounts for Taxed and Untaxed dividends. > > > > > > David T. > > On Jan 21, 2023, at 11:15, Gnucash Xboxboy Mageia > > <xboxboy.mageia+gnuc...@gmail.com> wrote: > > > > Hi all, > > > > I'm trying to enter dividends, I'm following this video > > https://www.youtube.com/watch?v=WRNoabz1WSo but his page shows columns > > with shares/price/debt/credit, but mine has just buy/sell any ideas? How > > do > > I get those columns? > > > > I'm in Australia, so I wanted to enter dividend payments as 3 types: > > Taxed (franked), Untaxed (unfranked) and the Tax credit (input credit), > > and I reinvest the dividends typically. > > > > Thanks: All advice welcomed. > > ------------------------------------------------------------------------ > > > > gnucash-user mailing list > > gnucash-user@gnucash.org > > To update your subscription preferences or to unsubscribe: > > https://lists.gnucash.org/mailman/listinfo/gnucash-user > > ----- > > Please remember to CC this list on all your replies. > > You can do this by using Reply-To-List or Reply-All. > > > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > ----- > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
