[GNC] Deferred Income

[R Losey]

Last year, there was a discussion here about tracking taxable distributions
from IRAs which included a deferred income account. I had not been tracking
taxable income, and thought that this would be good, so I tried to do this
last year, but I think I did it incorrectly. I wanted to avail myself of
the knowledge and wisdom here.

I have "Deferred Income" as an "Income" account. When I take out, say,
$1000.00, I made the following split:

Assets: Investments: IRA                     credit $1000.00
Assets: Current Assets: Checking:       debit $1000.00
Income: Taxable: IRA Distribution         debit $1000.00
Income: Deferred Income                     credit $1000.00

I suspect that I have the last two entries reversed because the IRA
Distribution balance is negative, and all other income accounts are
positive.

I don't remember if I created the "Deferred Income" account; perhaps it
should not be under "Income"?

Many thanks!

-- 
_________________________________
Richard Losey
rlosey at gmail.com
Micah 6:8