[moneydance] Tax accounts

[Jill Lundquist]

Hello,

The usual way to approach net worth is to list assets and liabilities and
subtract the latter from the former to get net worth.  In your situation,
you have the money earmarked to pay taxes listed as an asset, which it is --
it's money in your account and under your control.  You're also right that
your net worth should not reflect that money.  To have your net worth come
out right you have to have a corresponding liability of the same amount.

I would try keeping your current asset accounts and in addition creating a
liability account to account for the amount that will be owed for taxes.

Best,

    Jill

On Sun, Aug 31, 2008 at 11:26 AM, Simon B <sbwien at gmail.com> wrote:

> Hello,
>
> I am newly self employed and have to put aside X% of my income every
> month to be collected by the tax office at the end of the year.
>
> To make this easier, I put the X% into a separate bank account so I
> don't spend it. I like to see which money is mine, and which isn't.
>
> In MoneyDance, the net worth feature is great  - it tells me how I am
> doing.
> Unfortunately the net worth feature includes my account with the tax
> in, making it unusuable now.
>
> How can I use MoneyDance to keep track of how much money I have in my
> accounts, but exclude this account used for tax? If it's not possible,
> what other Java based personal finance products does anyone recommend?
>
> Thanks in advance for your collective help.
> _______________________________________________
> moneydance-info mailing list
> moneydance-info at moneydance.com
> http://moneydance.com/mailman/listinfo/moneydance-info
>