[GNC] Non monetary transactions?

[David Cousens]

Rod,
I would be keeping these as a diary entry if there is no monetary component
involved. I have an electronic diary/calendar/task list/memos open on my
desktop at all time synced with my smart phone and a cloud server and I can
record entries from both. You can usually setup separate personal/business
files in most software of this type. Optimum products will depend upon OS
etc.

Filing taxes though may create a future liability to pay the tax which, if
you estimate the tax you will pay when you file, you could post as a
liability and then correct and pay when the tax is assessed and billed. In
Australia our tax submission forms and software have always had a section
for estimating the tax we will have to pay. It is generally at least ball
park and usually pretty good if you have a simple return - less so if you
have significant investment income or complex business affairs.

David Cousens



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David Cousens
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