[GNC] Net Worth Barchart

Liz edodd at billiau.net
Tue Dec 6 01:01:16 EST 2022


On Tue, 6 Dec 2022 15:40:06 +1100
Chris Grinton <cgrinton at gmail.com> wrote:

> The charts suggest that you have *negative* liabilities. That is,
> while the underlying accounts may have a type of "Liability", the net
> balance of these accounts is negative, so are effectively an asset.
> 
> For "normal" positive liabilities, the red bars in the chart would be
> above the $0 line as per the attached screenshot.
> 
> Chris


I accept that there is likely a logical fault in my account setup.

I'm not sure how or where, certainly when I pay my tax out of the bank
account my liability for paying tax goes down.


So at the end of the month I enter a transaction by scheduled
transaction to list my wages, tax and super payments. That transaction
results in an increase in my Tax liability account, which when I pay up
a few weeks later, the liability decreases.

But what I have done, which I'm sure is my problem, is I haven't got
the tax payments going to the correct logical place but recursively I
have hurriedly filed them under tax liabilities.
So my liabilities in my books are increasing regularly instead of being
zeroed.
This payment is the amount which the tax people tell me I'm going to
pay to account for my company tax. They ask for 4 payments each year,
and then the accountant sorts out annually what else I have to pay.

So I think it comes to....
What are appropriate splits for the prepayment of my company tax? One
side is tax liabilities, and the other I can't work out.
No use Michael telling me that I need to decide what I would do on
paper, I'm lost.

Liz


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