Split transaction and VAT

[Maf. King]

On Wed 21 October 15 23:09:46 John Whitmore wrote:
> I'll start by saying that I'm easily confused by how finnance is delt with
> so don't take it badly that I'm struggling with the GnuCash Tutorial
> document.
> 
> I've been practicing with GnuCash on my personal finances all year as a
> prelude to running my own small company. Now I'm at the point where I'm
> trying to add my first transaction to my company acconts. Now I have to use
> splits!
> 
> Say I've been paid 1,230 of which 230 is VAT (Value Added Tax) which at some
> point has to be paid to the government. All this is coming from Company_A.
> 

Hi John,

> I have an Income account for Company_A So I go to that account and start a
> new transaction by filling in a summary and clicking the "split
> transaction" as suggested in the tutorial. So now I add one split of 1,000
> into
> Assets:CurrentAccount and 230 into Liabilities:VAT hit return and everything
> disappears no transaction is recorded in the Income:Company_A Account.

Just before you hit enter to record the transaction, does the split show 2 or 
3 lines?  You should have a line for Income, A line for Bank, and a line for 
Output VAT (that's what it is called in the UK)

If you are in the income account, the splits should be 
Bank:    1230         ---
Income        ---           1000
OutputVAT	   ---                230   


As an aside, is CompanyA representing your company or a customer of your 
company?

HTH,
Maf.



> 
> I keep playing around in this area but never manage to get a transaction to
> stick. Then I go and look at the Current account and numerous transactions
> have been added. I've deleted them all and will keep playing.
> 
> Mucho confused all the money 1230 is coming from Company_A so why can't it
> go into that Income Account?
> 
> And just out of interest what totals would you expect in all three accounts?
> 
> Income:Company_A        Asset:CurrentAccount      Liability:VAT
> -1230                          +1000                   -230
> 
> 
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-- 
Maf. King
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