Thank you; I'm pretty sure that I have the Deferred Income incorrectly under "Income"; it's not marked taxable - it's just an account.
On Mon, Jan 15, 2024 at 1:08 PM Adrien Monteleone < adrien.montele...@lusfiber.net> wrote: > I'm not familiar with the use case, but if you want income to 'go up' > that is, show you received it, then it should be a credit. > > I'll hazard a guess that since you have a 'Taxable' account, which you > are supposed to show receipt of income, then that one should be a credit. > > If the Deferred Income account is truly the other side of that income > recognition, then it should be a debit. (and shouldn't be marked taxable > as it is for tracking what you deferred, and is no longer deferred - > you've moved it from deferred to realized.) > > Note, that's just basic accounting with respect to Income type accounts. > Get official advice though. > > Regards, > Adrien > > On 1/15/24 10:52 AM, R Losey wrote: > > Last year, there was a discussion here about tracking taxable > distributions > > from IRAs which included a deferred income account. I had not been > tracking > > taxable income, and thought that this would be good, so I tried to do > this > > last year, but I think I did it incorrectly. I wanted to avail myself of > > the knowledge and wisdom here. > > > > I have "Deferred Income" as an "Income" account. When I take out, say, > > $1000.00, I made the following split: > > > > Assets: Investments: IRA credit $1000.00 > > Assets: Current Assets: Checking: debit $1000.00 > > Income: Taxable: IRA Distribution debit $1000.00 > > Income: Deferred Income credit $1000.00 > > > > I suspect that I have the last two entries reversed because the IRA > > Distribution balance is negative, and all other income accounts are > > positive. > > > > I don't remember if I created the "Deferred Income" account; perhaps it > > should not be under "Income"? > > > > Many thanks! > > > > _______________________________________________ > 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. > -- _________________________________ Richard Losey rlo...@gmail.com Micah 6:8 _______________________________________________ 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.
