Hi Stan,
How is the weather in Spain?
I have relatives in the Denia area and they tell me something about 26C
Okay lets go back to work.
I am using iCash for business.
Therefor categories, accounts and taxes are very important to get all the results at the end of each month, quater and year correctly presented.
I have a bank account which is my business account, a category insurances and some insurance accounts.
While most of the insurance accounts are business wise deductable some are not.
The ones that are not deductable and not tax relevant (i.e. sport insurance) are therefore private spendings but are still paid from my business account.
Transaction looks like this for all insurance payments:
Origin Account........Target Account...............Payee
Bank Account..........Building Insurance..........Insurance Company
Bank Account..........Pension Insurance..........Insurance Company
Bank Account..........SPORT INSURANCE..........Insurance Company
So my thought about the non deductable private spending for the sport insurance would be:
Origin Account........Target Account...............Payee
Bank Account..........PRIVATE..........................Insurance Company
That means I would create a category and call it PRIVATE and then create different accounts within the category PRIVATE, i.e. insurance, food, etc. for all the spendings which are not deductable.
To avoid the included taxes which are also not deductable I just mark the tax field in the account settings for each account with NO.
Is that the correct way so iCash can handle my problem?
Sorry for the long post, but I just wanna make sure that I get things right from the beginning, because I learned the hard way that later it gets a pain in the a..... :wink:
Cheers
Tom
How is the weather in Spain?
I have relatives in the Denia area and they tell me something about 26C
Okay lets go back to work.
I am using iCash for business.
Therefor categories, accounts and taxes are very important to get all the results at the end of each month, quater and year correctly presented.
I have a bank account which is my business account, a category insurances and some insurance accounts.
While most of the insurance accounts are business wise deductable some are not.
The ones that are not deductable and not tax relevant (i.e. sport insurance) are therefore private spendings but are still paid from my business account.
Transaction looks like this for all insurance payments:
Origin Account........Target Account...............Payee
Bank Account..........Building Insurance..........Insurance Company
Bank Account..........Pension Insurance..........Insurance Company
Bank Account..........SPORT INSURANCE..........Insurance Company
So my thought about the non deductable private spending for the sport insurance would be:
Origin Account........Target Account...............Payee
Bank Account..........PRIVATE..........................Insurance Company
That means I would create a category and call it PRIVATE and then create different accounts within the category PRIVATE, i.e. insurance, food, etc. for all the spendings which are not deductable.
To avoid the included taxes which are also not deductable I just mark the tax field in the account settings for each account with NO.
Is that the correct way so iCash can handle my problem?
Sorry for the long post, but I just wanna make sure that I get things right from the beginning, because I learned the hard way that later it gets a pain in the a..... :wink:
Cheers
Tom
