But what lies at the other end of mileage? eg drive 20km for visiting
client & back, claim $0.50/km, means you write $10 mileage claim for today
and deduct what account?
You can use gnucash for tracking other things just as if they were
money. In other words, you can have "virtual" sets of bo
Christopher,
When I used to have to do this, I created sub-accounts for expenses which
could be claimed against tax and expenses which were personal but not tax
deducible. My calculations were all external to my accounting using
spreadsheets.
E.g when a utility bill came in I would apportion i
To Adrien's point, there are many cases where the expenses are covered by
other accounts such as fuel and maintenance for vehicles, but I was
addressing the cases where certain expenses have a different tax bucket
than the norm or possibly even off-the-books such as personal car used for
business,
On Fri, 17 Apr 2020 at 15:53, Rich Shepard wrote:
> What I do for non-cash donations (to Goodwill, for example) is enter the
> value in an expense account called 'Donations - non-cash'. You could have
> expense accounts for milage and volunteer time if appropriate. (I have run
> my consultancy fr
I could be misunderstanding, but I think the question is about tracking
deductions for expenses that are already accounted for. I don’t see it as cash
vs. non-cash. (such as in-kind)
For example, you have personal auto expenses that may or may not be broken out
into R&M, Fuel, etc. Those are pa
On Fri, 17 Apr 2020, Christopher Lam wrote:
This question is for the resident accountants and bookkeeping.
Christopher,
Check with your accountant for their preferences and local requirements.
But there are numerous tax deductions allowed, that don't necessarily
belong in the book. For exam
This is definitely not " a method to record this data safely (i.e.
satisfies the
accounting equation...) in the datafile, suitable for audit?" but a trick
that I have used for years is to create special accounts under a
placeholder I call _Non-Cash Expenses for _Mileage-Medical and
_Mileage_Charity
