Accounts Receivable and Reports

[leonatra]

>> 1. Here, in Chile/SouthAmerica, we pay 1x% of our salary for
retirement fund. I assume (not been an accountant), that it goes to my
Accounts Receivable. If it is that way, how is the best way to do it
considering that it cannot be received until 30 years more :) >>

  Hello Sebastian,
You could 'open a new account' under Fixed Assets and name it
'One Percent Retirement" or some such.

I am quite familiar with accounting and I would say unless you want to
get technical, I would NOT even record it. If you needed a figure - keep
your pay stubs and record the information once a year on a piece of
paper/computer and continue to so so until you retire and keep ALL
pay stubs in a safe place at home UNTIL THEN :-)  or until you get
statements in the mail from that office as to your
earnings/entitlements etc. 

 
Definitely do not put it under Accounts Receivable. 
After all, having it recorded even in a Fixed Asset Account
doesn't mean a darn thing when it comes to COLLECTING it or proving that
you had these deductions withheld from your pay, See!

Simple accounting would be recording your CASH/check take home pay (net
pay) which is actually available for you to spend. Again, keep your
stubs and it will show you the Social Security and Income Tax and any
other Withholdings.

Kate

I

_________________________________________________________
Do You Yahoo!?
Get your free @yahoo.com address at http://mail.yahoo.com