[GNC] How to record Personal income tax ?

[Michael or Penny Novack]

On 3/20/2020 3:27 AM, Long wrote:
> Hello,
>
> Thank you so much for helping me, guys.
> I knew that, it's depend on my local. I just want to know cash flow for that
> problems in GnuCash.
> I had read some post after read your comment, and i see that, maybe i will
> not follow what you told me.
> You guys doing the same ways. Create the Liability, and Transfer that amount
> to Expense each month for taxable income. I think it's wrong, For example :
>
Stop ...... it is important to understand that "cash flow" and 
"income/expense" are different.

Yes, like in your parking lot example, if you didn't pay the attendant, 
you OWE (that's what a liability is). What is your goal? To KNOW what 
you owe the IRS (and will be paying in June or whenever) or to know you 
will have the cash on hand to make that payment.

And remember, we here are to explain HOW to enter in gnucash, not what 
accounts you should have and what to enter in each of them. It is not 
that some of us don't know the answers to that but we lack 
"qualifications" << I am not an accountant; I am a retired senior 
systems analyst, three decades doing software for one of the world's 
largest "financials", and treasurer of some 501(c)3's. So I may know the 
answers but not legal for me to do "accounting advice".

Michael D Novack