Confusion over Salary and Savings account usage

[Maf. King]

On Wed 3 July 13 19:36:31 maveri wrote:
> Thank you Peter, how you suggested it should be done, worked perfectly
> 
> I was making the mistake of thinking of salary as being on the income side
> of my accounts only and was thinking how I was supposed to show the debit
> side against my employer!
> 
> To recap (for others)
> 
> I entered $1000 as Salary
> Split the transaction into
> 1 x $500 to Cash in wallet
> 1 x $500 to Savings
> 
> Everything balances as it should
> 
> Thanks for your help - much appreciated
> 
> Status: Solved
> 

Hi,

just an observation, based on years of using GC... don't want to confuse you 
as a new user though, but it might help later on.

is that split what really happened? I'd probably think of it as two 
transactions, which might make it easier to reconcile later on.

I have various deductions from my salary, that I like to track.  My salary is 
paid to my bank account, then later on I take some cash out for my wallet 
account.

Deduction tax1:	200
Decuction tax 2:	300
Assets:Bank	1000
Income Salary: 			1500

later on
Cash in wallet:  150
Assets:Bank			150

Asset:savings  300
Assets:Bank			300

When you come to reconcile against your bank statement, you'll see the same 3 
transactions that the bank actually has on the statement.

HTH,
Maf.


Were you given a pay check, or was it cash.