[GNC] Recording Deposits in Checking

[Michael or Penny Novack]

On 5/15/2019 4:16 PM, Jimmy R via gnucash-user wrote:
> I just curious if this is the way to record a deposit for a restaurant using
> GNC
> and later the tax payment. Seem like this is the way to go since you can see
> what funds are available for expenses - tax liabilities
>
> <http://gnucash.1415818.n4.nabble.com/file/t378619/1.jpg>
>
>
> <http://gnucash.1415818.n4.nabble.com/file/t378619/2.jpg>
The first one (the deposit) is mostly correct. You would do this if you 
deposit daily. Otherwise you would be debiting "undeposited cash" 
(that's where you would do the split) and then a later transaction for 
when you make the deposit.

The second (how you have the liability set up) is possibly not what you 
want. But possibly is what you want. I do NOT know the line items you 
need for your business tax reporting. Perhaps you DO need to be able to 
report "total sakes tax paid". If you do not need this, if you just need 
to track whether you have paid the state the "meals tax" you have 
collected << in most states can be different from "sales tax" >> I would 
just have a single "sales tax" account, credited for collections and 
debited for payments made to the state. But I repeat, it is MANY decades 
since I did tax filing for a business.

Michael D Novack