Sorry, I have to comment on this. There really is no hard and fast rule here. The real answer is - it depends.
If you think about your old manual checkbook – did you place your gross earnings in your checkbook and account for all the taxes? Of course not – your bank only sees the net pay and that is probably all you accounted for when you received your paycheck. The analogy here is the same – if you use of GnuCash is to only track you personal expenses, there is no need to track gross pay and all the deductions. On the other hand, if you are using GnuCash as you business book of record - then you absolutely would need to track all those deductions. Finally, if you are someone who wants to use GnuCash as a backup to make sure your employer is keeping track of your deductions, then yes, keeping track of those additional items would be beneficial. Alas, I could be wrong – but for most people who just want to track their own personal expenses or use GnuCash as a an old fashioned checkbook – tracking this would be extremely superfluous unless you really just want to make additional work for yourself. Of course, all of this is just my opinion – and P.S. – I am retired, so it does not even effect me anymore! LOL! Ken ________________________________ From: gnucash-user <gnucash-user-bounces+pyz01=outlook....@gnucash.org> on behalf of Maf. King <m...@chilwell.net> Sent: Wednesday, September 4, 2024 12:38 AM To: gnucash-user@gnucash.org <gnucash-user@gnucash.org> Subject: Re: [GNC] [newbie] how to treat a gift? On Tuesday, 3 September 2024 22:54:42 BST Kalpesh Patel wrote: > Couldn't one can elect to track paycheck by net rather than gross? > One could. but one probably shouldn't. Extending the thought exercise, one could elect to just record all income / expenses to the singular top-level accounts, wih no sub-division or granularity. Would it be a good idea? probably not. Would GC allow it? of course. Would one be able to answer common questions later on? (eg. how much did I spend on widgets this year against last year? How much tax did employer Y deduct from my pay so far this year?) - Not without a lot of pain! 0.02 Maf _______________________________________________ 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.
