[GNC] Entering paycheck details of Employer sponsored deductions

[D]

I track various such items on my own books. 

I probably wouldn't have separate accounts for the mandatory and the voluntary contributions; they are calculated as one. I would enter each contribution type as a separate split, though. That's how I've done it myself.

For what it's worth, I enter employer contributions as separate income transactions; that way, I end up with a clear sense of the overall activity. I have an income account for employer contributions to keep them isolated.

In my accounts, I have all of this in one asset account. As I see it, the interest on your P+Q, when added to the interest on your R, is the same as the interest on P+Q+R, unless the rates are different.

Interest is income; you might as well get used to it. Interest accrued will be entered as income, going into the asset account. 

David

On April 20, 2019, at 3:37 PM, Umakanth V S <sheruvs at gmail.com> wrote:

Hi All,

I have recently started using GnuCash to keep track of my personal
expenses. I find it to be a great software and am still learning its
features.  This is my first post and it pertains to entering details of
employer sponsored deductions from paycheck in GnuCash. I have read other
posts related to the subject of paycheck, but could not find any that
clarifies my doubts.

We have a scheme called PF (Provident Fund), in which some amount is
(mandatorily) deducted from the paycheck and credited to the PF. I can also
make an additional (voluntary) contribution. The employer contributes an
amount which also goes into this Fund. These contributions generate a
compounded interest. Details as follows:

Employee contrib (mandatory) = P
Employee contrib (voluntary) = Q
P+Q generates compound interest A
P+Q+A = balance of employee contribution

Employer contrib = R
R generates compound interest B
R+B = balance of employer contrib

All taken together (P+Q+A+R+B) gives the total balance outstanding in the
PF account.
I have created the account structure as follows:


Assets:PF
Assets:PF:Employee_contrib:Employee_contrib-mandatory
Assets:PF:Employee_contrib:Employee_contrib-voluntary
Assets:PF:Employer_contrib:Employer_contrib

I have created all above accounts as 'Bank' Account Type, because, if
required, I can take a loan from this PF account.

I have two issues:

1.  I want to create seperate accounts for Interest earned for my
contribution and employer contrib. I tried to do that as
Income:Interest-Employee_contrib and tried to place it under the
Assets:PF:Employee_contrib: location in the account tree. I am not able to
assign it as an Income type. The available types are Bank,Cash,Asset etc .
How do I do this or what category do I assign it?
I would like both the Interest accounts to be under Assets:PF (and not
under Income: )so that I can get a consolidated view of the complete PF
account.

2. How do I set up auto calculation of the compound interest A & B for both
the employee and employer contribution accounts?

Thanks in advance,
Umakanth
_______________________________________________
gnucash-user mailing list
gnucash-user at gnucash.org
To update your subscription preferences or to unsubscribe:
https://lists.gnucash.org/mailman/listinfo/gnucash-user
If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.