[GNC] Deferred Income

[R Losey]

Thank you; I'm pretty sure that I have the Deferred Income incorrectly
under "Income"; it's not marked taxable - it's just an account.

On Mon, Jan 15, 2024 at 1:08 PM Adrien Monteleone <
adrien.monteleone at lusfiber.net> wrote:

> I'm not familiar with the use case, but if you want income to 'go up'
> that is, show you received it, then it should be a credit.
>
> I'll hazard a guess that since you have a 'Taxable' account, which you
> are supposed to show receipt of income, then that one should be a credit.
>
> If the Deferred Income account is truly the other side of that income
> recognition, then it should be a debit. (and shouldn't be marked taxable
> as it is for tracking what you deferred, and is no longer deferred -
> you've moved it from deferred to realized.)
>
> Note, that's just basic accounting with respect to Income type accounts.
> Get official advice though.
>
> Regards,
> Adrien
>
> On 1/15/24 10:52 AM, R Losey wrote:
> > Last year, there was a discussion here about tracking taxable
> distributions
> > from IRAs which included a deferred income account. I had not been
> tracking
> > taxable income, and thought that this would be good, so I tried to do
> this
> > last year, but I think I did it incorrectly. I wanted to avail myself of
> > the knowledge and wisdom here.
> >
> > I have "Deferred Income" as an "Income" account. When I take out, say,
> > $1000.00, I made the following split:
> >
> > Assets: Investments: IRA                     credit $1000.00
> > Assets: Current Assets: Checking:       debit $1000.00
> > Income: Taxable: IRA Distribution         debit $1000.00
> > Income: Deferred Income                     credit $1000.00
> >
> > I suspect that I have the last two entries reversed because the IRA
> > Distribution balance is negative, and all other income accounts are
> > positive.
> >
> > I don't remember if I created the "Deferred Income" account; perhaps it
> > should not be under "Income"?
> >
> > Many thanks!
> >
>
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-- 
_________________________________
Richard Losey
rlosey at gmail.com
Micah 6:8