Franking Credits

[Mike or Penny Novack]

Colin Law wrote:

>2009/7/7 Graeme Nichols <gnichols at tpg.com.au>:
>  
>
>>Hi,
>>
>>I am wondering how to keep track of Franking Credits. It is easy enough to
>>split dividends to Unfranked and Franked components but a Franking Credit is
>>the tax paid, by the Company, on the dividend at the Company rate of 30% and
>>offsets the individual's tax liability on the dividend.
>>
>>It doesn't actually come FROM anywhere.
>>
>>How do you account for it here on GnuCash?
>>
>>    
>>
One of the things you might use a set of subsidiary books for. I am 
assuming that you have to be able to report to each stockholder how much 
of the dividend is taxable and how much not. It is not at all unusual 
for an enterprise to have secondary books. Even a very small business 
probably has a "petty cash" book. In my case, accounting for a 
non-profit, I need to account for the difference between "qualified" and 
"non-qualified" donations*. While we don't use GnuCash for that, we could.

Michael

* Every five years need to show that at least 33% of donations were 
"qualified". I don't use GnuCash for that because the national org 
supplies most of the data we need for that as a spreadsheet and it's 
easier for me to add to that the comparatively few donations which never 
passed through national's system.

-- 
There is no possibility of social justice on a dead planet except the equality of the grave.