question about transaction and taxes

[Maf. King]

On Wednesday 25 February 2009 12:08:52 danilo lujambio wrote:
> Hi,
>
> here in Argentina we have a tax named IVA (21 %) which when it is paid  you
> have a fiscal credit  equal to  21 percent  of  the amount the transaction.
>
> For example if you bought something at $ 121 , the real cost is $ 100 and
> you have  $ 21 of a fiscal credit.
>
> Now we are using gnucash to follow this , making two transactions
>
> we bought something at $ 121 , we put in the account (equipment to sell) $
> 100 from our cash box and put in fiscal credit acount $ 21 from our cash
> box
>
> we are needing to concentrate this in one transaction . Is there any way to
> put $ 121 in some account and automatically gnucash put $ 100 as a real
> value and $ 21 in our credit fiscal account , and take $ 121 from our cash
> box ?
>
> thanks ! and sorry by my english :-)

Hi,

I think you need to use a split transaction:

EG.
Cash Box         -121
Expense:foo	          100
Asset:fiscal_credit            21

Most places have this sort of tax.  USA/Canada call it GST, and the UK calls 
it VAT - exact legal details vary by country (or state!), but the principles 
to use in gnucash are mostly the same.

you'll find more help in the list archives if you search for VAT / GST

HTH,
Maf.