I'm using GnuCash, and trying to figure out how to structure a couple of accounts to track contributions to accounts like Roth IRAs and HSAs that have an annual contribution limit that I need to track.
Take the HSA for example: I have accounts at two banks, and I'd like a bookkeeping account to track the overall contributions for the year so that I don't accidentally over-contribute.
Is this the right approach?
How do I classify these bookkeeping accounts?
What entries will I make when I transfer money from my regular personal checking account to make a contribution to the account at Bank X?
Would the entries be different if my employer makes a direct contribution to the account?
What are the year-end closing entries?
What if there are contributions in year N+1 that apply to tax-year N? (E.g. I make a contribution on 2011-02-27 for tax year 2010?)