Tax reporting for 2 people

red's Avatar

red

26 Nov, 2018 01:43 PM

Is there a clever way I'm missing to record tax-related transactions for 2 people, yet be able to easily report separately?

What I do at the moment is have 2 x categories for the same thing. e.g. 'PAYE Tax - Fred' and 'PAYE Tax - Thelma'. Similarly 'Pension - Fred' and 'Pension - Thelma' for income. Then use the correct category for each of us.

Is this the best way? Is there something obvious and easier that I've missed?

Thanks in advance.

  1. 1 Posted by -Kevin N. on 26 Nov, 2018 02:38 PM

    -Kevin N.'s Avatar

    Hi red,

    I'm not sure that there's a right way or wrong way to manipulate the data, provided that the results are to your liking. Having said that, here is another option...

    As you're likely aware, each category has a 'Tax Related' checkbox that can be set for use in reporting.

    Furthermore, the use of a 'Fred' Tag and a 'Thelma' Tag could differentiate the 'Tax Related' categories in those reports.

    Either of the two 'Income & Expense' reports provides a 'Only Tax Related' parameter as well as a 'Filter by Tag' option.

    -Kevin N. (not a member of MD support)

  2. 2 Posted by red on 26 Nov, 2018 02:51 PM

    red's Avatar

    Hi Kevin - Tags sounds like a good idea. There's just something 'not right' about having two categories for what are effectively the same thing. I've never used tags in anger, so will have a play.

    Thanks

    Alasdair (aka red!)

  3. 3 Posted by mhoggie on 26 Nov, 2018 06:01 PM

    mhoggie's Avatar

    just a user,

    You could also just set up an additional set of categories for each person.

  4. 4 Posted by dwg on 26 Nov, 2018 08:27 PM

    dwg's Avatar

    I'm a fellow user.

    I assume that you just have joint bank accounts and the like hence the use of a single data set for both of you. What we tend to see here is people maintaining things independently and thus separately.

    As Kevin said there is no right or wrong way of doing this, it is what works best in your situation. I would suggest setting up a test data set enter a few test transactions then test the reporting and see which approach works the best for you. Its just the trial and error approach but for things like this it is still often the best way to go.

  5. 5 Posted by red on 06 Dec, 2018 09:46 PM

    red's Avatar

    Thanks for the suggestions. I've gone with using tags on relevant transactions. With clear marking as 'tax related' for categories I need. Individual versions of reports to pick each person's tags.

    HOWEVER - Investments (e.g. share dividends) don't allow Tags. I can mark the category (i've had to keep duplicate categories here - 'Fred - Share Dividends' and 'Thelma - Share Dividends' both marked as tax related. However, if I am reporting on tags and on tax-related only, it won't show these as there are no tags!

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