Tax refunds
lmb
lars@marowsky-bree.de
Wed, 2 Oct 2002 10:55:01 +0200
On 2002-10-01T09:46:33,
plussier@mindspring.com said:
> I book it as a debit to the Expense:Taxes account and a credit to the
> Assets:Checking (or whatever). I wouldn't consider it income, since
> it's money you've already paid out as an expense coming back to you.
Ok, this seems most sensible all in all. I solved the issue of the refund
applying to last year, but being paid this year as follows:
I moved money from the Expense:Taxes account into an asset account at 1/12 of
the refund per month last year (so the expense account is accurate for the
last year), which equals an interest-free loan to the state (sigh), and then
move the cash from there to my checking account when it gets paid.
I hope this explanation makes sense to someone else, and it also seems to
yield correct numbers ;-)
Thanks,
Lars
--
"I'm extraordinarily patient provided I get my own way in the end."
-- Margeret Thatcher