Does 1.7.7 have payroll tax withholding?

[Conrad Canterford]

On Sun, 2003-01-19 at 16:56, Matthew Vanecek wrote:
> On Sat, 2003-01-18 at 21:17, Michael D. Crawford wrote:
> > I desperately wish to stop using QuickBooks and start using GnuCash for my 
> > consulting business.
> > But to be able to do so, I need to be able to account for payroll tax withholding.
> Well, you can actually do all that in 1.6.8--it's just a bit manual. 
> You only need to set up the appropriate expense accounts.

Specifically, you'd probably want an expense account (or several,
depending on what you want to track specifically), and a liability
account (or several). At the end of the pay period you enter:
Expense 1   \
Expense 2    |--> Liabilities:Unpaid Payroll Taxes
Expense 3   /

Where Expense 1 ... Expense 3 are the different taxes you're wanting to
track. THe total amount goes inot the Liabilities: Unpaid Payroll Taxes
(or whatever else you choose to call it).
At the end of the accounting period when you need to pay the accumulated
withheld amounts to your tax agency, you pay the amount listed in the
Liabilities:Unpaid Payroll Taxes account, and enter a transaction
Asset:Bank --> Liabilities:UNpaid Payroll Taxes.

This is essentially the process I use for my (Australian) Payroll - I
have an external windows program that does the calculations for me, and
I then enter the right bits in gnucash.

> I'm not sure if 1.7.x has the capability of automatically creating the
> appropriate accounts, nor if it can do the payroll stuff automatically. 
> However, I track all that stuff in my paycheck (from the opposite side
> of course).  I still treat FICA, Medicare, etc., as expenses, and each
> paycheck just adds  to the expense accounts.

You can probably use a scheduled transaction to take much of ther
drudgery out of this. I haven't tried it yet, and I still haven't got to
the stage where I understand the full capabilities of the scheduled
transaction stuff yet.

Conrad.
-- 
Conrad Canterford  (conrad@mail.watersprite.com.au)
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