Time for action - entering a split transaction in the account register
Let's say that MACS sold a custom-built PC. In addition to the base price of the PC, MACS is required to collect five percent sales tax and pay it to the state. You can immediately recognize that it is not a simple 2-account transaction. How will we enter this check for $840, consisting of $800 towards sale price, and $40 towards state sales tax, in GnuCash?
- Preparatory Exercise: Now that you know how to create accounts, go ahead and create a new account VA Sales Tax of type Liability with Liabilities as the parent account. You can refer to Chapter 1, Getting started with GnuCash for the specific steps to create a new account.
- Open the Checking account register. GnuCash will ...