Splitting account into 2 new accounts

[Tom Kink]

Dear Alice,

thanks for your help. It is actually only one type of tax, I just got confused when reading on the wiki page on the 3/4-accounts setup and thought I should change to that system as well (obviously I am no accountant). I am currently using GnuCash the way you suggested. So as long as this is acceptable to standard accounting rules, I am happy. Mind you, I would only have a handful of invoices/bills to recreate …


Best wishes
Tom

> On 20-05-2015, at 12:54 , Alice Lee <alee212007 at satx.rr.com> wrote:
> 
> Are you dealing with two types of tax.  If it is only one type of tax, you
> would record the collections and the payments from the same account.  When
> you create your invoice, the full amount goes into accounts receivable and
> the product sales would be credited to an income account and the tax or
> taxes would go to an appropriate liability account, probably taxes payable.
> When the taxes are paid, you credit the bank account and debit the taxes
> payable account.  If you have taxes paid to more than one entity, you would
> create more than one liability account payable when the invoice is created.
> 
> -----Original Message-----
> From: gnucash-user
> [mailto:gnucash-user-bounces+alee212007=satx.rr.com at gnucash.org] On Behalf
> Of Tom Kink
> Sent: Tuesday, May 19, 2015 2:45 PM
> To: gnucash-user at gnucash.org
> Subject: Splitting account into 2 new accounts
> 
> Dear All,
> 
> so far I have recorded all taxes (paid & collected) into one account, which
> I understand is not good practice. How can I split those into two
> appropriate accounts (paid & collected) for all the invoices/bill I had
> already processed? Is there an easier way than unposting, editing, and
> re-processing?
> 
> 
> Many thanks
> Tom
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