Some newbie questions

[Gerald Lopez]

Thanks for your informative replies, Tommy and Derek.

On 2/27/07, Derek Atkins <warlord at mit.edu> wrote:
>
> "Gerald Lopez" <peninjau at gmail.com> writes:
>
> >    2. Is GST and Income Tax an expense, as assumed by gnucash wizard -
> or
> >    is it a drawing, as assumed by a local proprietory software (Cashbook
> >    Complete)? If I continue with it being an expense, it looks like I
> will need
> >    to deduct the taxes from the totals when I create reports.
>
> It depends on whether it's tax you've actually paid or if it's
> a witholding.  It could be a Liability.


I think I will try the 3-account naming scheme as outlined in the wiki.
Without getting bogged down into a deep accounting discussion - why is tax a
liability even after its been paid? I thought liabilities refer to what the
business owes... As you can see I'm still getting to grips with
accounting...

>    3. How do I changed my Invoice heading to the legally required "Tax
> >    Invoice", and how do I change "Tax" to "GST" in the table?
>
> Edit invoice.scm.  That string isn't designed to be user-changable.
> (For the record, I think that requirement is absolutely insane,
> but then again there are many many stupid laws on the books in many
> places around the world).
>
>
Tell me about it!!! I did a law degree!

Cheers,
Gerald