Thank you both so much!
Louise.
On 2025-01-05 10:14 a.m., Murugan Mariappan wrote:
When you register the tax payment you have to split it into two
Cr: Asset: Checking account: Tax+Interest
Dr: Liability: Tax payable: Tax
Dr: Expenses: Interest expenses: Interest
Saludos Cordiales
Murugan
------------------------------------------------------------------------
*From:* gnucash-user
<gnucash-user-bounces+m.muruganandam=hotmail....@gnucash.org> on
behalf of Louise <lou...@bernevyl.com>
*Sent:* 04 January 2025 16:44
*To:* gnucash-user@gnucash.org <gnucash-user@gnucash.org>
*Subject:* [GNC] Adding Interest to Liability
I'm not an accountant, so be gentle with me!
I have an account set up for the money I owe the tax man. As I owe it.
I've created it as a liability.
When I pay it from my chequing account I Withdraw from the chequing
account, and transfer to the liability account. That reduces the total
amount owed, which seems to be correct.
However, I have to pay interest on the amount I owe, which the tax man
takes from my chequing account. So when I create the same transaction
for the interest, i.e. withdraw from chequing and transfer to tax, the
amount is reduced not increased.
How do I add interest to the liability account by withdrawing money from
the chequing account?
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