Understanding the 'transfer' list of options...

[Colin Law]

On 27 August 2012 13:59, Expert_wannabe <GnuCash at pubmenu.com> wrote:
> Firstly, I'm from the UK and using this for my fairly new small business (VAT
> registered)
>
> I'm new to GnuCash and I'm far from being an accountant....
> I've been using it for a couple of weeks now but I want to start using it
> more!
> I've set up my current account on it and it basically reflects my bank
> account at the moment.
> The issue I currently have is that I never know what to put in the
> 'transfer' column.
> I know that this will reflect reports and such like, therefore I'd like to
> get it right.
>
> Here's some examples:
>
> I but £10 worth of credit for my giffgaff mobile phone. /is that:
> Expenses:Utilities:Cell Phone?/

It is entirely up to you which expense account you assign it to, but
that sounds reasonable.

>
> I buy a hard disk from Amazon, and when I ask the seller for a VAT receipt,
> they say the can't provide one, so /is that: Expenses:Depreciation?/

Why depreciation?  I would have thought Expenses:Computing or
something along those lines.  Again though it is entirely up to you
what to call your expense accounts.

>
> I buy a domain name from an internet provider, with a VAT receipt./ is that:
> Expenses:Miscellaneous?/

Could be, again it is up to you how you do it.  It could be
Expenses:Computing again if that is what you want.

>
> I would like to be able to pull information on how much VAT I'm supposed to
> pay!
> I've trawled the net to try and find answers but sadly, I'm unable to find
> anything.
> I even done my best to find out how to modify the 'list' in GC but couldn't
> find out how to!

I will let someone else comment on the best way to track VAT as I have
not had to do it.  I am sure I remember discussions about that on this
list though, have you searched the archives?

Colin L