Paycheck with Roth 401K; was:Gnu Cash Question

[David T.]

Steve,

Welcome to GnuCash.

Dale is right, but I think his answer is not entirely blatant: the 401k Account is not an income account; it is an asset account. Set up that way, it should balance correctly.

David

> On Apr 21, 2017, at 7:00 PM, Dale Alspach <alspachde at gmail.com> wrote:
> 
> If I understand your question, you do not want to use the 401k/Roth income
> account for splitting your pay from your employer. The income is from your
> employer so one side should be a credit to your employer income account.
> The other side should be split debits to checking, Roth asset, etc.
> 
> More complicated splits on the income side may be necessary if you receive
> both after tax and pre-tax income from your employer.
> 
> Dale
> 
> On Apr 21, 2017 8:42 AM, "Frank H. Ellenberger" <
> frank.h.ellenberger at gmail.com> wrote:
> 
>> Hi Steve,
>> 
>> Because I am living in a country where Roth 401K is unknown, I forward
>> your question to the gnucash user mailing list.
>> 
>> You should probably subscribe at
>> https://lists.gnucash.org/mailman/listinfo/gnucash-user to get all
>> answers.
>> 
>> Regards
>> Frank
>> 
>> Am 21.04.2017 um 13:24 schrieb Steven Purdy:
>>> Mr. Ellenberger,
>>> 
>>> I am a Gnucash newbee with no formal education on accounting
>>> principles.  I'm hoping you can give me some guidence:
>>> 
>>> I am presently creating transactions in the checking account file going
>>> back to the first of the year.  In creating a split transaction for my
>>> weekly paycheck, I followed the example provided in your Help/Getting
>>> Started documentation.  But I am hung up on how to split my Roth 401K
>>> contribution.  I created an account called income:Roth 401K, and I
>>> created a split in the proper amount and listed it in the deposit column
>>> immediately below all of the tax and insurance deductions. With this
>>> method, the split transaction balances to the gross paycheck amount. but
>>> my  total gross income is under reported by the amount of the Roth
>>> 401K.  If I move the Roth 401K amount to the withdrawal column, I create
>>> an unbalanced condition against the gross paycheck amount.
>>> 
>>> What do I need to do to correct this?  Thanks in advance for your
>> support.
>>> 
>>> Regards,
>>> 
>>> Steve Purdy
>> 
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