I am very new to the whole concept of book-keeping (Read GnuCash help - that's it) at the moment and was wondering if I could get some pointers in here.
I am running a micro limited company (One director, no employees). It is pretty straight forward how to create a customer and an invoice using GnuCash, I also figured out how to use tax tables, so my liability account got updated automatically.
Last missing piece are taxable expenses. Example:
Income:Sales £800 Assets:Checking £1000 Assets:Equipment £0 Liability:CorporateTax £200
Let's say I want to buy a printer for £200. It means I need to transfer £200 from
Assets:Equipment, however this should also lower my
Liability:CorporateTax by £40 - I have absolutely no idea how to balance this. Should I include income account in this transaction?