Entering RRSP Transaction in GnuCash

[jfjunior]

Hi all,

Using Liability / Deferred Income account allows me, as Alice pointed out,
a way to track how much the employer has contributed to my RRSP and
consequently avoiding having these deposits showing up as my current
income, when I ran the Income Statement report at the end of the year.

When I was using Quicken I didn't had to worry about that at all, since
Quicken does not follow the Double Entry accounting system, using
categories instead. So my quicken income report always matched my T4s down
to the penny, which is no longer the case with GnuCash.

Mike: I think I can track the RRSP investment income the same way, perhaps
creating a Liability:Deferred Income:Dividend Employer and
Liability:Deferred Income:Dividend Employee, accounts for example?

One thing I can say for sure: I'm learning a great deal here!!! Thank you
all. :)

Jay






On 13 April 2015 at 17:22, Alice Lee <alee212007 at satx.rr.com> wrote:

> The investment income is not income until it is realized, which would be at
> the time it is received.  That would just be debit to the bank and a credit
> to income after the deferred income account is zeroed.  Establishing the
> deferred income account just lets one keep track of how much the employer
> has contributed during employment.
>
> -----Original Message-----
> From: gnucash-user
> [mailto:gnucash-user-bounces+alee212007=satx.rr.com at gnucash.org] On Behalf
> Of Mike or Penny Novack
> Sent: Monday, April 13, 2015 9:24 AM
> To: gnucash-user at gnucash.org
> Subject: Re: Entering RRSP Transaction in GnuCash
>
> On 4/13/2015 9:34 AM, jfjunior wrote:
> >
>
> > Hi Alice, Thanks for the suggestion. I will create an account
> > "deferred income" + move a few transactions and see how the reporting
> > will change. I think this will be the way to go. :) Thanks again
>
> Well you might as well look ahead
>
> As time goes by, the contributions, either by yourself or your employer,
> will be only a fraction of the total value of the fund. How do you plan to
> treat the investment income the fund earns? (it is also tax deferred).
>
> If the employer contributions are not immediately vested, how do you plan
> to
> account for that as more and more becomes vested over time?
>
> Michael
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-- 
Simplicity is the ultimate sophistication.