Re: Split Transaction To Personal And Business
Well within the regular register there's no mechanism for inputting, e.g. $40 electricity paid and have the system allocate among splits according to a formula. There's however a mechanism for inputting in a Scheduled Transaction (known as SX), e.g. let's say 50% use is personal and 50% is business, the SX template will be: - Assets:Bank (Credit Formula) -billamount - Expense:Personal:Electricity (Debit Formula) (billamount/2) - Expense:Business:Electricity (Debit Formula) (billamount/2) or more complex business splits ... which can pop up a periodic query for the billamount, and is then apportioned appropriately. But as a new user it's usually best to avoid these formula-type shortcuts. On 2 January 2018 at 17:20, James Meade wrote: > I have one electrical meter on the house and the farm shop. I need to > allocate a percentage of the monthly (variable) check to each account > because they have a different tax structure. Any hints or references > appreciated on how to set up the accounts is appreciated. I'm new to > gnucash and ignorant of accounting. I've been using Quicken for many years > and identify the separate lines by using categories, which I think is wrong > but works for me. > Jim > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > 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 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.
Re: Security Editor
Carlos, If you have a lot of securities in your file it might be easier to create a new test file with just one security present. It would not even need to be one you own. :-) David C On Jan 1, 2018 10:26 PM, "John Ralls" wrote: > Try disabling price retrieval on all but one stock, one that you know is > still trading. If price retrieval still fails with just the one then check > that you set up your Alphavantage key correctly and that there’s only one > instance of F::Q on your system and it’s 1.47. > > Once you have price retrieval working with one then you can re-enable the > other commodities, perhaps one at a time, to find any that cause a problem. > > Regards, > John Ralls > > > On Jan 1, 2018, at 1:29 PM, Carlos A. Garcia gmail.com> wrote: > > > > Dear John, > > > > first of all, have a good 2018. > > I installed the same version 2.6.19 in Windows, and as you said, is > automatic. And works perfect. > > My problem still in my version 2.6.19 in Linux Mint 18.3 + Cinnamon (and > 2.6.12, pre compiled and others versions aI checked) > > There are some problem in the interface under Linux. > > I don't know if the language problem or other problem. > > The versions of the CPAN and F::Q are updated. > > > > I really I don't know how more check and test. > > > > Best Regards > > > > > > > > El 23/12/17 a las 18:28, John Ralls escribió: > >> > >>> On Dec 23, 2017, at 11:35 AM, Carlos A. Garcia < > carlos.alberto.garcia...@gmail.com> wrote: > >>> > >>> Dears, > >>> > >>> i tried to change to "APHAVANTAGE" in security editor as was indicate: > >>> > >>> Using the Security Editor in GnuCash edit every security with Get > Online Quotes enabled that uses a Yahoo! source and either disable Get > Online Quotes or change the the type of quote source to "Unkown" and the > source to "alphavantage" > >>> > >>> > >>> After change and accept, the Security Editor return to "Currency" > >>> > >>> I tried open GNC with sudo and was the same. > >>> > >>> Any idea? > >> The currency backend has already been changed from Yahoo! to > Alphavantage so you don't need to change any currencies. You do need to > change any non-currency commodities that use any of the Yahoo! variants > except Yahoo-JSON. > >> > >> Regards, > >> John Ralls > >> > >> > > > > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > 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 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.
Re: hidden
click on the 'Accounts' tab, click on 'View' in the menu bar, select 'Filter By' from the drop down menu, on the popup menu, click on the 'Other' tab, select 'Show hidden accounts' and click 'Ok" and you're done! On 1/1/2018 9:33 AM, tom9...@earthlink.net wrote: Last year I edited an account to mark it as hidden. Now I want to see it again. How do I un-hide it? Thomas Marks Thomas Marks ___ gnucash-user mailing list gnucash-user@gnucash.org 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 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.
Re: Security Editor
David / John, I have just one saving account in U$S. There are not others securities/commodities. The same file opened in Windows works perfect (with just one currency to check/update USD to ARS). I checked that Alphavantage key is correct in Linux (in Windows too). The F::Q version is updated to 1.47. I'm not sure if there are one or more instance of F::Q (in fact, I don't know how to check). Regards Carlos El 02/01/18 a las 10:40, David Carlson escribió: Carlos, If you have a lot of securities in your file it might be easier to create a new test file with just one security present. It would not even need to be one you own. :-) David C On Jan 1, 2018 10:26 PM, "John Ralls" <[1]jra...@ceridwen.us> wrote: Try disabling price retrieval on all but one stock, one that you know is still trading. If price retrieval still fails with just the one then check that you set up your Alphavantage key correctly and that there’s only one instance of F::Q on your system and it’s 1.47. Once you have price retrieval working with one then you can re-enable the other commodities, perhaps one at a time, to find any that cause a problem. Regards, John Ralls > On Jan 1, 2018, at 1:29 PM, Carlos A. Garcia <[2]carlos.alberto.garcia...@gmail.com> wrote: > > Dear John, > > first of all, have a good 2018. > I installed the same version 2.6.19 in Windows, and as you said, is automatic. And works perfect. > My problem still in my version 2.6.19 in Linux Mint 18.3 + Cinnamon (and 2.6.12, pre compiled and others versions aI checked) > There are some problem in the interface under Linux. > I don't know if the language problem or other problem. > The versions of the CPAN and F::Q are updated. > > I really I don't know how more check and test. > > Best Regards > > > > El 23/12/17 a las 18:28, John Ralls escribió: >> >>> On Dec 23, 2017, at 11:35 AM, Carlos A. Garcia <[3]carlos.alberto.garcia...@gmail.com> wrote: >>> >>> Dears, >>> >>> i tried to change to "APHAVANTAGE" in security editor as was indicate: >>> >>> Using the Security Editor in GnuCash edit every security with Get Online Quotes enabled that uses a Yahoo! source and either disable Get Online Quotes or change the the type of quote source to "Unkown" and the source to "alphavantage" >>> >>> >>> After change and accept, the Security Editor return to "Currency" >>> >>> I tried open GNC with sudo and was the same. >>> >>> Any idea? >> The currency backend has already been changed from Yahoo! to Alphavantage so you don't need to change any currencies. You do need to change any non-currency commodities that use any of the Yahoo! variants except Yahoo-JSON. >> >> Regards, >> John Ralls >> >> > ___ gnucash-user mailing list [4]gnucash-user@gnucash.org [5]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. References 1. mailto:jra...@ceridwen.us 2. mailto:carlos.alberto.garcia...@gmail.com 3. mailto:carlos.alberto.garcia...@gmail.com 4. mailto:gnucash-user@gnucash.org 5. https://lists.gnucash.org/mailman/listinfo/gnucash-user ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
Re: How to deal with RRSP's (Canada)
Larry, I'm not familiar with the details of RRSP accounts in Canada so any comments here are general in nature and not taken as accounting advice per se. If it is a retirement savings account you would treat it as an Asset. Depending upon the conditions associated with withdrawal of funds from the RRSP you would most likely classify it as either a long term fixed asset or a current asset. For personal accounting this distinction is not as important as in business accounting, but can be still useful. (You could simply record eveything just under Assets if you wished and this met your requirements). If you can withdraw funds at any time at your discretion, then you would normally classify it as a current asset otherwise as a fixed asset. If there are rules about how much you can withdraw and how often in the future, you could continue to classify it as a fixed asset when you gain ready access to the funds at some future time. If the funds become freely available (on retirement for example), you could reclassify it as a current asset at this point in time. This simply requires having placeholder subaccounts for Fixed Assets and Current Assets under your Assets top level account and changing the parent account for your RRSP from Fixed Assets to Current Assets for example. It will just change what heading it appears under on the Balance Sheet If you are paying into the RRSP yourself, you are not creating an expense when you transfer the money even though it may actually go to whoever holds and maintains the RRSP account (it may be your bank for example) as you still retain ownership and the right to access the funds in the future. You are in this case exchanging one asset (cash in your bank account) for another asset (the increase in the balance of the RRSP), so there is no expense component of the transaction. The basic transaction will be: Debit Credit Asset:Bank:CheckAccount Asset:RRSP If you select double line mode (Menu->View->Double Line) when you click on a transactionof this type in an account register e.g. your RRSP account Register you should lines corresponding to both of the above components. Interest should be recorded as: Debit Credit Asset:RRSP yyy Income:InterestRRSP yyy Whether that interest is taxable or not under your local legislation will determine whether you classify it under TaxableIncome or NonTaxableIncome. When you withdraw funds from the RRSP to your bank account, the transaction will be the same as the deposit above with a reversal of the debit and credit entries,i.e.: Debit Credit Asset:Bank:CheckAccount Asset:RRSP Hope this helps with the recording of your RRSP. If your records are in anyway critical (e.g. tax and legal implications) it would be advisable to seek professional advice locally. David Cousens - David Cousens -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
Re: How to deal with RRSP's (Canada)
The remaining unanswered question, which I think is part of the original question, is what to do about withdrawals being treated as taxable income? For those in the US, an RRSP is roughly equivalent to an (non-Roth) IRA. Contributions are tax deductible, earnings are tax-deferred; withdrawals are taxable. So I think the question is, how to account for contributions to a tax-deferred account - not really expenses, but they do change current taxes owed - and distributions: while it is truly a transfer from one asset account to another, the distribution is treated as income by the taxing authorities. > On Jan 2, 2018, at 6:36 PM, DaveC49 wrote: > > Larry, > > I'm not familiar with the details of RRSP accounts in Canada so any comments > here are general in nature and not taken as accounting advice per se. > > If it is a retirement savings account you would treat it as an Asset. > Depending upon the conditions associated with withdrawal of funds from the > RRSP you would most likely classify it as either a long term fixed asset or > a current asset. For personal accounting this distinction is not as > important as in business accounting, but can be still useful. (You could > simply record eveything just under Assets if you wished and this met your > requirements). > > If you can withdraw funds at any time at your discretion, then you would > normally classify it as a current asset otherwise as a fixed asset. If there > are rules about how much you can withdraw and how often in the future, you > could continue to classify it as a fixed asset when you gain ready access to > the funds at some future time. If the funds become freely available (on > retirement for example), you could reclassify it as a current asset at this > point in time. This simply requires having placeholder subaccounts for > Fixed Assets and Current Assets under your Assets top level account and > changing the parent account for your RRSP from Fixed Assets to Current > Assets for example. It will just change what heading it appears under on the > Balance Sheet > > If you are paying into the RRSP yourself, you are not creating an expense > when you transfer the money even though it may actually go to whoever holds > and maintains the RRSP account (it may be your bank for example) as you > still retain ownership and the right to access the funds in the future. > > You are in this case exchanging one asset (cash in your bank account) for > another asset (the increase in the balance of the RRSP), so there is no > expense component of the transaction. The basic transaction will be: > > Debit > > Credit > Asset:Bank:CheckAccount > > > Asset:RRSP > > > > If you select double line mode (Menu->View->Double Line) when you click on a > transactionof this type in an account register e.g. your RRSP account > Register you should lines corresponding to both of the above components. > > Interest should be recorded as: >Debit > > Credit > Asset:RRSP yyy > Income:InterestRRSP > > yyy > > Whether that interest is taxable or not under your local legislation will > determine whether you classify it under TaxableIncome or NonTaxableIncome. > > When you withdraw funds from the RRSP to your bank account, the transaction > will be the same as the deposit above with a reversal of the debit and > credit entries,i.e.: > > Debit > > Credit > Asset:Bank:CheckAccount > Asset:RRSP > > > > Hope this helps with the recording of your RRSP. If your records are in > anyway critical (e.g. tax and legal implications) it would be advisable to > seek professional advice locally. > > David Cousens > > > > - > David Cousens > -- > Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html > ___ > gnucash-user mailing list > gnucash-user@gnucash.org > 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 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.
Re: How to deal with RRSP's (Canada)
Hi, Last year I treated the RRSP as an asset and contributions as transfers from a Savings Account to the RRSP account. I think this is in line with what Dave is saying. Although as you say contributions are tax deductible, earnings are tax-deferred; withdrawals are taxable I am not especially concerned about tracking that (my finances are fairly simple and I am not in any danger of exceeding any limits). My main concern is related to my budgeting especially when I start to draw down on the RRSP. If I merely transfer money from my RRSP to my checking account then I don't see how it becomes available in my Budget. That is why I was thinking it would be advantageous to treat contributions as an expense, similar to a pension contribution and to track it in a separate GNUCash file and then when I draw it down it would be an expense in the RRSP file and Income in my Main file. That seems simpler to me but I wanted to make sure I was not making creating other problems. Thanks for any further insights. Larry On 01/02/18 05:08 PM, "R. Victor Klassen" wrote: > > The remaining unanswered question, which I think is part of the original > question, is what to do about withdrawals being treated as taxable income? > For those in the US, an RRSP is roughly equivalent to an (non-Roth) IRA. > Contributions are tax deductible, earnings are tax-deferred; withdrawals are > taxable. > > So I think the question is, how to account for contributions to a > tax-deferred account - not really expenses, but they do change current taxes > owed - and distributions: while it is truly a transfer from one asset account > to another, the distribution is treated as income by the taxing authorities. > > > On Jan 2, 2018, at 6:36 PM, DaveC49 wrote: > > > > Larry, > > > > I'm not familiar with the details of RRSP accounts in Canada so any comments > > here are general in nature and not taken as accounting advice per se. > > > > If it is a retirement savings account you would treat it as an Asset. > > Depending upon the conditions associated with withdrawal of funds from the > > RRSP you would most likely classify it as either a long term fixed asset or > > a current asset. For personal accounting this distinction is not as > > important as in business accounting, but can be still useful. (You could > > simply record eveything just under Assets if you wished and this met your > > requirements). > > > > If you can withdraw funds at any time at your discretion, then you would > > normally classify it as a current asset otherwise as a fixed asset. If there > > are rules about how much you can withdraw and how often in the future, you > > could continue to classify it as a fixed asset when you gain ready access to > > the funds at some future time. If the funds become freely available (on > > retirement for example), you could reclassify it as a current asset at this > > point in time. This simply requires having placeholder subaccounts for > > Fixed Assets and Current Assets under your Assets top level account and > > changing the parent account for your RRSP from Fixed Assets to Current > > Assets for example. It will just change what heading it appears under on the > > Balance Sheet > > > > If you are paying into the RRSP yourself, you are not creating an expense > > when you transfer the money even though it may actually go to whoever holds > > and maintains the RRSP account (it may be your bank for example) as you > > still retain ownership and the right to access the funds in the future. > > > > You are in this case exchanging one asset (cash in your bank account) for > > another asset (the increase in the balance of the RRSP), so there is no > > expense component of the transaction. The basic transaction will be: > > > > Debit > > Credit > > Asset:Bank:CheckAccount > > > > Asset:RRSP > > > > > > > > If you select double line mode (Menu->View->Double Line) when you click on a > > transactionof this type in an account register e.g. your RRSP account > > Register you should lines corresponding to both of the above components. > > > > Interest should be recorded as: > > Debit > > Credit > > Asset:RRSP yyy > > Income:InterestRRSP > > yyy > > > > Whether that interest is taxable or not under your local legislation will > > determine whether you classify it under TaxableIncome or NonTaxableIncome. > > > > When you withdraw funds from the RRSP to your bank account, the transaction > > will be the same as the deposit above with a reversal of the debit and > > credit entries,i.e.: > > > > Debit > > Credit > > Asset:Bank:CheckAccount > > Asset:RRSP > > > > > > Hope this helps with the recording of your RRSP. If your records are in > > anyway critical (e.g. tax and legal implications) it would be advisable to > > seek professional advice locally. > > > > David Cousens > > > > > > > > - > > David Cousens > > -- > > Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User
Re: How to deal with RRSP's (Canada)
I kind of like your approach - thus far I’ve tracked my retirement accounts outside of GnuCash, which is similar. The only pitfall I can see is if your gnucash file gets at all large, the time it takes to open a file gets long. And having multiple files means the file-open delay whenever you switch. You don’t get a true calculation of Net Worth - but you can take the result of Net Worth as calculated in each of the two files and sum them (by hand if need be). > On Jan 2, 2018, at 8:49 PM, lejohnston wrote: > > Hi, > > Last year I treated the RRSP as an asset and contributions as transfers from > a Savings Account to the RRSP account. I think this is in line with what Dave > is saying. > > Although as you say contributions are tax deductible, earnings are > tax-deferred; withdrawals are taxable I am not especially concerned about > tracking that (my finances are fairly simple and I am not in any danger of > exceeding any limits). My main concern is related to my budgeting especially > when I start to draw down on the RRSP. If I merely transfer money from my > RRSP to my checking account then I don't see how it becomes available in my > Budget. That is why I was thinking it would be advantageous to treat > contributions as an expense, similar to a pension contribution and to track > it in a separate GNUCash file and then when I draw it down it would be an > expense in the RRSP file and Income in my Main file. That seems simpler to me > but I wanted to make sure I was not making creating other problems. > > Thanks for any further insights. > > Larry > > On 01/02/18 05:08 PM, "R. Victor Klassen" wrote: >> >> The remaining unanswered question, which I think is part of the original >> question, is what to do about withdrawals being treated as taxable income? >> For those in the US, an RRSP is roughly equivalent to an (non-Roth) IRA. >> Contributions are tax deductible, earnings are tax-deferred; withdrawals are >> taxable. >> >> So I think the question is, how to account for contributions to a >> tax-deferred account - not really expenses, but they do change current taxes >> owed - and distributions: while it is truly a transfer from one asset >> account to another, the distribution is treated as income by the taxing >> authorities. >> >> > On Jan 2, 2018, at 6:36 PM, DaveC49 wrote: >> > >> > Larry, >> > >> > I'm not familiar with the details of RRSP accounts in Canada so any >> > comments >> > here are general in nature and not taken as accounting advice per se. >> > >> > If it is a retirement savings account you would treat it as an Asset. >> > Depending upon the conditions associated with withdrawal of funds from the >> > RRSP you would most likely classify it as either a long term fixed asset or >> > a current asset. For personal accounting this distinction is not as >> > important as in business accounting, but can be still useful. (You could >> > simply record eveything just under Assets if you wished and this met your >> > requirements). >> > >> > If you can withdraw funds at any time at your discretion, then you would >> > normally classify it as a current asset otherwise as a fixed asset. If >> > there >> > are rules about how much you can withdraw and how often in the future, you >> > could continue to classify it as a fixed asset when you gain ready access >> > to >> > the funds at some future time. If the funds become freely available (on >> > retirement for example), you could reclassify it as a current asset at this >> > point in time. This simply requires having placeholder subaccounts for >> > Fixed Assets and Current Assets under your Assets top level account and >> > changing the parent account for your RRSP from Fixed Assets to Current >> > Assets for example. It will just change what heading it appears under on >> > the >> > Balance Sheet >> > >> > If you are paying into the RRSP yourself, you are not creating an expense >> > when you transfer the money even though it may actually go to whoever >> > holds >> > and maintains the RRSP account (it may be your bank for example) as you >> > still retain ownership and the right to access the funds in the future. >> > >> > You are in this case exchanging one asset (cash in your bank account) for >> > another asset (the increase in the balance of the RRSP), so there is no >> > expense component of the transaction. The basic transaction will be: >> > >> > Debit >> > >> > Credit >> > Asset:Bank:CheckAccount >> > >> > >> > Asset:RRSP >> > >> > >> > >> > If you select double line mode (Menu->View->Double Line) when you click on >> > a >> > transactionof this type in an account register e.g. your RRSP account >> > Register you should lines corresponding to both of the above components. >> > >>
Re: How to deal with RRSP's (Canada)
Larry If your withdrawals from the RRSP are taxable on withdrawal then I think your approach of using two files recording transfers to your bank account from the RRSP as Expenses in the RRSP account and Income in your main accounts should work fine as it will satisfy the accounting equation in both files without any conflicts and will keep Gnucash happy. With both the RRSP and your bank accounts in a single file, the decrease of an asset (RRSP) is a credit to that account and an increase in Income (which it would have to be to record it as income for taxation) is also a credit to the income account in that same file, which would not be a balanced transaction in which the sum of debits and credits is zero. David - David Cousens -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
Re: How to deal with RRSP's (Canada)
Victor, Dave, Thanks for your help. At this point my file is not very large and my new RRSP file will be quite small, so I think I will give this approach a try. Larry On 01/02/18 06:08 PM, "R. Victor Klassen" wrote: > > > > > > I kind of like your approach - thus far I’ve tracked my retirement accounts > outside of GnuCash, which is similar. The only pitfall I can see is if your > gnucash file gets at all large, the time it takes to open a file gets long. > And having multiple files means the file-open delay whenever you switch. > > > > > You don’t get a true calculation of Net Worth - but you can take the result > of Net Worth as calculated in each of the two files and sum them (by hand if > need be). > > > > > > > > > On Jan 2, 2018, at 8:49 PM, lejohnston wrote: > > > > > > Hi, > > > > > > > > Last year I treated the RRSP as an asset and contributions as transfers > > from a Savings Account to the RRSP account. I think this is in line with > > what Dave is saying. > > > > > > > > > > Although as you say contributions are tax deductible, earnings are > > tax-deferred; withdrawals are taxable I am not especially concerned about > > tracking that (my finances are fairly simple and I am not in any danger of > > exceeding any limits). My main concern is related to my budgeting > > especially when I start to draw down on the RRSP. If I merely transfer > > money from my RRSP to my checking account then I don't see how it becomes > > available in my Budget. That is why I was thinking it would be advantageous > > to treat contributions as an expense, similar to a pension contribution and > > to track it in a separate GNUCash file and then when I draw it down it > > would be an expense in the RRSP file and Income in my Main file. That seems > > simpler to me but I wanted to make sure I was not making creating other > > problems. > > > > > > > > > > Thanks for any further insights. > > > > > > > > > > Larry > > > > > > On 01/02/18 05:08 PM, "R. Victor Klassen" wrote: > > > > > > The remaining unanswered question, which I think is part of the original > > > question, is what to do about withdrawals being treated as taxable income? > > > For those in the US, an RRSP is roughly equivalent to an (non-Roth) IRA. > > > Contributions are tax deductible, earnings are tax-deferred; withdrawals > > > are taxable. > > > > > > So I think the question is, how to account for contributions to a > > > tax-deferred account - not really expenses, but they do change current > > > taxes owed - and distributions: while it is truly a transfer from one > > > asset account to another, the distribution is treated as income by the > > > taxing authorities. > > > > > > > On Jan 2, 2018, at 6:36 PM, DaveC49 wrote: > > > > > > > > Larry, > > > > > > > > I'm not familiar with the details of RRSP accounts in Canada so any > > > > comments > > > > here are general in nature and not taken as accounting advice per se. > > > > > > > > If it is a retirement savings account you would treat it as an Asset. > > > > Depending upon the conditions associated with withdrawal of funds from > > > > the > > > > RRSP you would most likely classify it as either a long term fixed > > > > asset or > > > > a current asset. For personal accounting this distinction is not as > > > > important as in business accounting, but can be still useful. (You could > > > > simply record eveything just under Assets if you wished and this met > > > > your > > > > requirements). > > > > > > > > If you can withdraw funds at any time at your discretion, then you would > > > > normally classify it as a current asset otherwise as a fixed asset. If > > > > there > > > > are rules about how much you can withdraw and how often in the future, > > > > you > > > > could continue to classify it as a fixed asset when you gain ready > > > > access to > > > > the funds at some future time. If the funds become freely available (on > > > > retirement for example), you could reclassify it as a current asset at > > > > this > > > > point in time. This simply requires having placeholder subaccounts for > > > > Fixed Assets and Current Assets under your Assets top level account and > > > > changing the parent account for your RRSP from Fixed Assets to Current > > > > Assets for example. It will just change what heading it appears under > > > > on the > > > > Balance Sheet > > > > > > > > If you are paying into the RRSP yourself, you are not creating an > > > > expense > > > > when you transfer the money even though it may actually go to whoever > > > > holds > > > > and maintains the RRSP account (it may be your bank for example) as you > > > > still retain ownership and the right to access the funds in the future. > > > > > > > > You are in this case exchanging one asset (cash in your bank account) > > > > for > > > > another asset (the increase in the balance of the RRSP), so there is no > > > > expense
Re: How to deal with RRSP's (Canada)
On 02/01/18 06:52 PM, DaveC49 wrote: Larry If your withdrawals from the RRSP are taxable on withdrawal then I think your approach of using two files recording transfers to your bank account from the RRSP as Expenses in the RRSP account and Income in your main accounts should work fine as it will satisfy the accounting equation in both files without any conflicts and will keep Gnucash happy. With both the RRSP and your bank accounts in a single file, the decrease of an asset (RRSP) is a credit to that account and an increase in Income (which it would have to be to record it as income for taxation) is also a credit to the income account in that same file, which would not be a balanced transaction in which the sum of debits and credits is zero. For me, the RRSPs have been converted to Income Funds, but the principle and procedure are still the same. Contribution is straightforward: from a Current Asset account to the RRSP, like this: Assets:Current Assets:Chequing Account $5,000 Assets:Investments:RRSP $5,000 Withdrawal is more complex, because you have to show Income, Withholding Tax, the receiving Account, and the RRSP account, so using an Equity account for RSP/RIF withdrawals is needed to balance, like this: Assets:Investments:RRSP $5,000 Assets:Current Assets:Chequing $3,500 Expenses:Taxes:Income Tax $1,500 Income:RRSP $5,000 Equity:RSP/RIF $5,000 At any rate, that's how I do it. YMMV. Cheers Cam ___ gnucash-user mailing list gnucash-user@gnucash.org 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.
