[GNC] [newbie] how to treat a gift?

[R Losey]

Ken, this is a great answer, but I would make one point...

You  said:
"If your use of GnuCash is only to track your personal expenses, there is
no need to track gross pay and all of the deductions"

But if part of the deductions are medical/dental insurance, those ARE
legitimate expenses that ought to be tracked. I don't know if his employer
provides any kind of insurance or not.



On Wed, Sep 4, 2024 at 9:15 AM Ken Pyzik <pyz01 at outlook.com> wrote:

> Sorry, I have to comment on this.  There really is no hard and fast rule
> here. The real answer is - it depends.
>
> If you think about your old manual checkbook – did you place your gross
> earnings in your checkbook and account for all the taxes?  Of course not –
> your bank only sees the net pay and that is probably all you accounted for
> when you received your paycheck.
>
> The analogy here is the same – if you use of GnuCash is to only track you
> personal expenses, there is no need to track gross pay and all the
> deductions.
>
> On the other hand, if you are using GnuCash as you business book of record
> - then you absolutely would need to track all those deductions.
>
> Finally, if you are someone who wants to use GnuCash as a backup to make
> sure your employer is keeping track of your deductions, then yes, keeping
> track of those additional items would be beneficial.
>
> Alas, I could be wrong – but for most people who just want to track their
> own personal expenses or use GnuCash as a an old fashioned checkbook –
> tracking this would be extremely superfluous unless you really just want to
> make additional work for yourself.
>
> Of course, all of this is just my opinion – and P.S. – I am retired, so it
> does not even effect me anymore!  LOL!
>
> Ken
> ________________________________
> From: gnucash-user <gnucash-user-bounces+pyz01=outlook.com at gnucash.org>
> on behalf of Maf. King <maf at chilwell.net>
> Sent: Wednesday, September 4, 2024 12:38 AM
> To: gnucash-user at gnucash.org <gnucash-user at gnucash.org>
> Subject: Re: [GNC] [newbie] how to treat a gift?
>
> On Tuesday, 3 September 2024 22:54:42 BST Kalpesh Patel wrote:
> > Couldn't one can elect to track paycheck by net rather than gross?
> >
>
> One could. but one probably shouldn't.
>
> Extending the thought exercise, one could elect to  just record all income
> /
> expenses to the singular top-level accounts, wih no sub-division or
> granularity.
>
> Would it be a good idea?   probably not.
> Would GC allow it?  of course.
>
> Would one be able to answer common questions later on? (eg. how much did I
> spend on widgets this year against last year?   How much tax did employer Y
> deduct from my pay so far this year?) - Not without a lot of pain!
>
> 0.02
> Maf
>
>
>
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-- 
_________________________________
Richard Losey
rlosey at gmail.com
Micah 6:8