[GNC] Reporting transactions

Christopher Lam christopher.lck at gmail.com
Thu Apr 30 10:27:36 EDT 2020


On Thu, 30 Apr 2020 at 14:15, Ruaraidh Sackville Hamilton <
ruaraidh.sh at gmail.com> wrote:

> In my reply I replaced your "Income:Me" with "Assets:my bank account". The
> point is that, when the SIPP is in the same GC file as my other assets, the
> transaction is from one asset (the bank account I used to pay into the
> SIPP) to another asset (my SIPP). It's not from an income account to the
> SIPP, so it can't appear in a report of income.
>

It *can and should* appear in an Income report; you are enjoying a
government contribution and your net worth increases as a result. It should
be present in your main datafile. It's not taxable income, so, you are
allowed to ignore it in your annual returns.


> If I keep the SIPP in a separate dedicated GC file, then no problem: my
> contribution appears in the main GC file as an expense against my bank
> account and as an income in the SIPP GC file. I just wondered if there was
> a way of keeping all assets in one file.
>

Generally you wouldn't use two files for this case.


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