[GNC] GNUCash beginner setup

Wed Apr 8 23:16:23 EDT 2020

Bottom line -- Enter them as you are paid.  The CSV import should "see"
the deposits and match them during the import.  If it doesn't, it is a
simple matter to remove that entry and keep the more detailed manually
entered transaction.

On 4/8/20 12:23 PM, jess wrote:
> Thanks for the patience and help, I appreciate it. If I may ask another
> account setup questions, how do you propose to handle income tax and other
> contributions from your salary slips? 
>
> I am a salaried individual with regular monthly income. The salary slips
> reflect the gross income which contains deductions to health insurance,
> social security contributions etc. The net income is finally credited to my
> bank account. In the end of the year, I have a yearly consolidated form
> which mentions my various contributions (social security, pension, health
> insurance, tax etc.) from my salary slips for that FY (Financial Year). For
> example, this tabular form would mention
>
> Income Tax Paid - 100€
> Health Insurance - 40€
> Pension - 30€
> Social Security - 20€
>
> Some other details - 
>
>  (i) My goal is to track yearly contributions, I do not quite need monthly
> details. 
>
>  (ii) I plan to import monthly bank transactions from my bank accounts in a
> CSV format 
>
>  (iii) Tax and other contributions may wary throughout the year due to bonus
> received

Once you have entered one of them, the next time the application should
bring that up as a template for entry.  If nothing changed then just hit
enter and you are done.  If changes, then make those changes by tabbing
to the fields that are different and enter the updated amounts.  Hit
enter when all updates are done.

>
>  (iv) I have a separate account for "Income : Tax Refund" to see income
OK.  Some just offset the Expense account.  Follow the desires of your CPA.
> earned back from taxes
>
>  (v) I want to track fine grained contributions viz. I have a separate
> account for every contribution "Income Tax", "Social Security", "Pension"
> etc.
>
>  (vi) Contributions could be split between me and employer. For example, 10%
> of income for total health insurance where I contribute 5% and employer
> contributes 5%. But, the entire 10% is counted towards the gross income
> statement. Income tax rates are based on gross incomes

If that is shown on the pay slips, then enter it as part of the transaction.

>
>
> I currently have two options which come to my mind.
>
> Option 1 - Monthly Salary Slip entries
>
> In this option, I will merely inflate the gross "Income" to "Net Income" (as
> reflected on my bank account) + Contributions. The gross salary will flow
> into the "Income" account and contributions will flow into the "Expense"
> accounts - one for each 
>
> Pros - I have monthly entries, up to date information at any given point of
> time
I prefer this route.
>
> Cons - Difficult to enter every month due to (iii), bank transaction CSV
> import only reflects net income and additional account entries required
The import should see the manually entered "deposits" and match to
those.  If it doesn't then you could deselect that row during import and
it won't come in.  Which is good because you already have entered that
deposit.
>
> Option 2 - Yearly Entries Based on Wage Tax Form as mentioned above
>
> Here, I will just enter the contributions yearly into a separate individual
> "Expense" accounts once a year. I am unsure on how to handle the "Income"
> accounts year. My immediate idea is to create "Income" accounts for every
> contribution. For example
>
> "Income : Social Security" , "Expense : Social Security"
>
> "Income : Health Insurance", "Expense : Health Insurance" and so on
>
> Pros - Easier to work with, transaction import CSV process does not
> interfere
>
> Cons - Difficult to handle contributions as some contributions are employers
> but part of the gross income (Refer (vi)
>
>
> Given these options, what do you recommend? I am particularly concerned and
> out of wits for point (vi). It seems complicated to handle. 
Once you have that figured out, the automatic "template" should bring
those lines up and you just update the values, if different.  That
"template" is based on the most recent previous transaction of the same
description.  So, if you have two variants (if paid twice a month or
bi-weekly and the amounts vary based on 1st pay of month versus 2nd,
etc) use slightly different descriptions.
>  
>
>
>
> --
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-- 
Stephen M Butler, PMP, PSM
Stephen.M.Butler51 at gmail.com
kg7je at arrl.net
253-350-0166
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