Quick question regarding Salary (income)

[Paul Lussier]

In a message dated: Wed, 14 Nov 2001 22:28:00 PST
Jason Wieland said:

>What is the transfer account of my actual paycheck entry?  
>
>Since,  it is money coming from an acount that is not in your control, 
>is it the 'equity' account?

I have an 'income' account which contains salary sub-accounts for both my 
wife and me. Additionally, I also have a couple other sub-accounts 
set up within 'income' like bank account interest and consulting
(which I occasionally do), etc.

When I get paid, I make an entry in the income:salary:paul account 
which is always a split transaction.  Each line of the split is a 
line from my paycheck which accounts for things like federal and 
state income taxes, SS deductions, 401(k) contributions, etc.

This allows me to look at the 'salary:paul' sub-account and make sure 
my YTD total is the same as what the company says it is, but also, I 
can track each category.  In the future, I can easily see what my 
take home pay was from previous years, I can see what my total income 
before taxes was, etc., all with a glance at the GnuCash register.

I tend to break things down so finely that I have yet to bother 
to learn how to use the tax classifications for reports :)

I hope that helps!
-- 

Seeya,
Paul
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