GnuCash Income - How to manage?

[John R. Sowden]

I see someone caught the DR CR reversal.  Debit (DR) an asset (Cash) to 
increase it, Credit (CR) an asset to decrease it.  Another point:  
Income tax withholding should be an asset of yours (and a liability to 
the government), after all that money is yours, not the government's, 
until the return is filed and to tax is paid.  This way you will have an 
entry of the actual income tax bill in your gc records.  You just deduct 
the withholding amount from the total tax and that is what you pay, or 
if the withholding is more, then that is what you expect back, otherwise 
all you records show is a series of payments (on your paycheck) and the 
balance at the end.

John


On 07/08/2015 10:33 AM, SamuelHolmes82 wrote:
> Hi there,
>
> I have been playing about with GnuCash.  I think it is an excellent program
> but I need a bit of advice on how to manage balances etc.
>
> I know that GnuCash uses "double entry" accounting.  I know what this means,
> and I understand that there have to be two entries for a single transaction.
> I get this.
>
> What I am finding difficult to figure out however, is how to manage Income
> in my accounts.  Managing expenses is simple enough - I just have an account
> called "expenses", which starts at £0.00 balance, and fills up with entries
> as I record transactions.  Income, however, will be a bit more complicated.
> Let's assume for the sake of argument that I will never know exactly how
> much my weekly income will be.  Therefore I cannot just create an account
> that has an amount X in it, which I use as my income.  My income account
> will need to be empty at the start of each month, and as I get paid, or
> other funds come in, then these will be noted in the "Income" account.
> However I am not sure how I should manage this - given the double entry
> nature of GnuCash I am always left with an "Imbalance-GBP" account that I
> can do nothing to get rid of.  As I am hopefully being clear about, I
> understand EXACTLY why this account exists, and I know that in order to get
> rid of it, the imbalances have to be removed.
>
> How then should I manage Income in GNUCash?
>
>
>
> --
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>
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