Murugan
*From:* gnucash-user
on
behalf of Louise
*Sent:* 04 January 2025 16:44
*To:* gnucash-user@gnucash.org
*Subject:* [GNC] Adding Interest to Liability
I'm not an accountant, so be gentle with me!
I have an account s
Louise,
Is this _one_ check (or electronic withdrawal) that has an interest
component and a non-interest component? I think that's what you're
saying, but I'm not altogether sure.
In that case, the most straightforward approach is a transaction with
three splits. (Note: every transaction in a r
January 2025 16:44
To: 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 Wit
You need to add an expense transaction for the interest.
If the interest is $100,
Credit the liability account $100 and debit an expense account such as IRS
penalties and interest for $100.
Dale
On Sat, Jan 4, 2025, 5:29 PM Louise wrote:
> I'm not an accountant, so be gentle with me!
>
> I have
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
amoun
