Setting Up Income from an Annuity
I'm still new (4 weeks now) so I have a question about properly entering annuity income. Originally, I set the income up as a monthly income payment (out of "thin air"), with a split, so the total income was reported and tax was split out. This way, the net income agreed with my monthly automatic deposit and the tax was accounted for as well. I just realized that, to properly show the entire picture, I needed to add a new account (AIG 10 Yr Annuity) which shows the funds currently in the annuity and the monthly payment should be a transfer from the Annuity account, to my bank account. I added the Annuity account, set the opening balance to today's balance, and edited the scheduled monthly income transaction by going to the Category/Splits box, and filling in the new AIG 10 Yr Annuity in the Transfer field (3rd column in the Splits dialog). Did I do this correctly so each month, when the annuity deposit comes in, it will transfer the amount from the AIG account, to my bank account?
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