[GNC] Reporting transactions

D. sunfish62 at yahoo.com
Thu Apr 30 11:28:29 EDT 2020


Ah, then yes it's a terminology thing. In my own case, money from my income goes directly into the SIPP as a payroll deduction, so I just transfer from income into the SIPP. It can just as easily go from an asset to another asset. 


-------- Original Message --------
From: Ruaraidh Sackville Hamilton <ruaraidh.sh at gmail.com>
Sent: Thu Apr 30 19:42:46 GMT+05:30 2020
To: "D." <sunfish62 at yahoo.com>
Cc: "D. via gnucash-user" <gnucash-user at gnucash.org>
Subject: Re: [GNC] Reporting transactions

Sorry David, I didn't mean to imply I prefer the second to the first
option. I just thought it easier to show by editing one of your versions,
and happened to pick the second. I could as easily have picked the first.

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.

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.

Ruaraidh

On Thu, 30 Apr 2020 at 14:41, D. <sunfish62 at yahoo.com> wrote:

> ???
>
> Perhaps this is a terminology thing, but aren't you just re-presenting the
> second option I gave originally?
>
> Think of it another way: there are two sources for the funding of your
> SIPP: your contribution, and the government's. How you handle your own
> contribution depends on your workflow; the government is giving you money,
> so that's an income account. I offered two methods of recording that
> two-step; yours is a repetition of my second method.
>
> I personally use the first, since the two events are inextricably linked
> (the second never happens without the first).
>
> Or am I missing something?
>
> David
>
>
> -------- Original Message --------
> From: Ruaraidh Sackville Hamilton <ruaraidh.sh at gmail.com>
> Sent: Thu Apr 30 17:20:34 GMT+05:30 2020
> To: "D." <sunfish62 at yahoo.com>
> Cc: Gnucash Users <gnucash-user at gnucash.org>
> Subject: Re: [GNC] Reporting transactions
>
> That covers it if the SIPP is in a separate GC file of its own, where my
> contribution is an income (and an expense from my bank account in the main
> GC file, which I use to fund the contribution).
>
> But if it's all in one GC file we have
>
> 01-01-2020 SIPP Contribution   Assets:SIPP  £100
> My contribution          Assets:my bank account          £100
>
> 01-01-2020 SIPP Govt Contribution   Assets:SIPP  £25
> Government contribution Income:GovContrib £25
>
> Am I wrong?
>
> Ruaraidh
>
> On Thu, 30 Apr 2020 at 12:33, D. <sunfish62 at yahoo.com> wrote:
>
> > Set up an independent income account for the government contributions:
> >
> > Income:GovContrib
> >
> > Then add either a split to your contribution for the government,
> >
> > 01-01-2020 SIPP Contribution   Assets:SIPP  £125
> > My contribution          Income:Me          £100
> > Government contribution Income:GovContrib £25
> >
> > or a separate transaction,
> >
> > 01-01-2020 SIPP Contribution   Assets:SIPP  £100
> > My contribution          Income:Me          £100
> >
> > 01-01-2020 SIPP Govt Contribution   Assets:SIPP  £25
> > Government contribution Income:GovContrib £25
> >
> > That should cover it, yes?
> >
> >
> >
> >
> > -------- Original Message --------
> > From: Ruaraidh <ruaraidh.sh at gmail.com>
> > Sent: Thu Apr 30 15:17:04 GMT+05:30 2020
> > To: gnucash-user at gnucash.org
> > Subject: [GNC] Reporting transactions
> >
> > I have another question related to UK tax reporting obligations.
> >
> > In the UK we can have a type of asset called a SIPP (Self-invested
> Personal
> > Pension). You pay money into a SIPP with the idea of building up an
> income
> > for your retirement. The carrot is, you get a tax rebate. For example if
> > you
> > pay 100 GBP into the SIPP, the government pays in another 25 GBP.
> >
> > For our annual tax reports, we have to report the total added to the SIPP
> > during the tax year: the amount we pay in personally, plus the amount
> that
> > the government pays in, i.e. 125 GBP in the above example.
> >
> > This is easy to do if I keep the SIPP in a separate GC book. Then all
> > personal contributions and the Government's additional contributions can
> be
> > put into the same income account. Easy. What's not so good is that (a) I
> no
> > longer have an overview of all assets in one book and (b) to do my one
> tax
> > report I have to do two separate GC tax reports.
> >
> > Is there a better solution? Either something that allows me to keep
> > everything in one book, or a way that allows reports to query two books?
> >
> >
> >
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