[GNC] Adding Interest to Liability

[Louise]

Thank you both so much!


Louise.

On 2025-01-05 10:14 a.m., Murugan Mariappan wrote:
> When you register the tax payment you have to split it into two
>
> Cr: Asset: Checking account: Tax+Interest
> Dr: Liability: Tax payable: Tax
> Dr: Expenses: Interest expenses: Interest
>
>
>
> Saludos Cordiales
>
>
> Murugan
>
> ------------------------------------------------------------------------
> *From:* gnucash-user 
> <gnucash-user-bounces+m.muruganandam=hotmail.com at gnucash.org> on 
> behalf of Louise <louise at bernevyl.com>
> *Sent:* 04 January 2025 16:44
> *To:* gnucash-user at gnucash.org <gnucash-user at gnucash.org>
> *Subject:* [GNC] Adding Interest to Liability
> I'm not an accountant, so be gentle with me!
>
> I have an account set up for the money I owe the tax man. As I owe it.
> I've created it as a liability.
>
> When I pay it from my chequing account I Withdraw from the chequing
> account, and transfer to the liability account. That reduces the total
> amount owed, which seems to be correct.
>
> However, I have to pay interest on the amount I owe, which the tax man
> takes from my chequing account. So when I create the same transaction
> for the interest, i.e. withdraw from chequing and transfer to tax, the
> amount is reduced not increased.
>
> How do I add interest to the liability account by withdrawing money from
> the chequing account?
>
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