Income Report

[Vikas Damodar Garud]

On Tuesday 22 Jul 2014 11:13:20 AM Narendra Shah wrote:
> Dear Vikas,
> 
> I do not know much about GnuCash, but your question seems to be purely
> accounting related and not software related.

SNIP, 

Thank you Narendra Shah, Maf. King and Mike or Penny Novack.  Not being an 
accountant, I missed out on clearing that my accounting is cash basis - That 
is allowed in India and my business is small and simple - One man professional 
consultancy.  Cash accounting is sufficient for my needs, I will continue to 
use this.

As Maf. King has suggested, I had run the transaction report on Bank and Tax, 
filtered by the dates for the accounting period.  However, it does not tell me 
the amounts actually credited by customer to my account (as sum of amount 
credited to my bank account and that credited to my tax account).  I need to 
calculate the amounts actually credited for compiling the tax return.

>From whatever I read in the tutorial and concepts guide and elsewhere, it 
seems this is not possible in current set-up.  

What I plan to do is:
1.  Create an account for each of the customer under current assets,
2.  Prepare invoices as usual,
3.  Process the payment by selecting the customer asset account as the 
transfer account,
4.  Transfer the appropriate amounts from the customer account to bank and tax 
account,
5.	Run the account transaction report for each of the customer accounts, 
filtered by accounts receivable for the time period.

This should give me the total of all the amounts actually credited to my 
account by each of the customers.

I think this should fulfil my requirements.  Am I missing something?

However, when somebody is following accrual accounting, don't they need to 
know actual amounts credited by customers - sum of the splits into bank and 
tax accounts?  Is my need so unique? :-(

Thanks and regards
Vikas Garud


> 
> When you receive a payment from buyer for particular bill (after deduction
> of TDS), you credit buyers account and debit bank account. At the same
> time, you have to pass JV for the amount of TDS: credit buyers account and
> debit Tax at Source (or whatever account name you have given).
> 
> Your reports should now show the amount received from buyer as well as Tax
> Deducted at Source by them.
> 
> HTH.
> 
> Narendra Shah
> 
> 
> -----Original Message-----
> From: gnucash-user
> [mailto:gnucash-user-bounces+ndssubscriber=gmail.com at gnucash.org] On Behalf
> Of Vikas Damodar Garud
> Sent: 21 July 2014 20:57
> To: gnucash-user at gnucash.org
> Subject: Income Report
> 
> Hi,
> 
> The situation:
> I raise invoice on my customer on some date, Customer pays the due on some
> other date.
> The payment is is two parts:  Some amount credited to my bank account and
> some part (Typically 10%) deducted as tax (TDS - Tax Deducted at Source)
> and paid to my account with Income Tax Department.
> The payment typically happens couple of months after the invoice is raised.
> 
> I am looking for a report which tells me the invoices actually paid - not
> the posted ones in a particular period.
> 
> For example, I've raised, say 3, invoice, in one accounting period (1 April
> to
> 31 March, in India).  Two of the invoices are actually paid (Amount
> credited to my bank account plus the amount credited to my Income Tax
> Account) in the same accounting period.  The balance one is paid in
> subsequent accounting period.
> 
> I am looking for a report to tell me the amount credited in both my
> accounts - Bank and Tax.  If I run a transaction report for particular
> period on the bank or tax account I get the information about the amounts
> credited in these accounts.  I am looking for report telling me the the
> amounts credited by customer in both the accounts, in a particular
> accounting period.
> 
> I may probably be missing something obvious - but I AM missing it!
> 
> Any help is appreciated.
> 
> Thanks,
> Vikas Garud.
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