[GNC] Deferred Income

[Adrien Monteleone]

I'm not familiar with the use case, but if you want income to 'go up' 
that is, show you received it, then it should be a credit.

I'll hazard a guess that since you have a 'Taxable' account, which you 
are supposed to show receipt of income, then that one should be a credit.

If the Deferred Income account is truly the other side of that income 
recognition, then it should be a debit. (and shouldn't be marked taxable 
as it is for tracking what you deferred, and is no longer deferred - 
you've moved it from deferred to realized.)

Note, that's just basic accounting with respect to Income type accounts. 
Get official advice though.

Regards,
Adrien

On 1/15/24 10:52 AM, R Losey wrote:
> 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!
>