Re: Invoice & Bill Posting Date Issues Across Multiple Periods

> On Dec 17, 2017, at 11:07 PM, Dale Alspach wrote: > > Adrien, > > It seems to me that what you want is not an accounting solution but a > software enhancement. I believe that you need to say exactly what you > want in a bugzilla RFE. For the issue you describe below what

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

Adrien, It seems to me that what you want is not an accounting solution but a software enhancement. I believe that you need to say exactly what you want in a bugzilla RFE. For the issue you describe below what seems to be required is a special version of scheduled transactions which will post a

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

Dale, Thank you, but in my case the first event to happen (for me) is the bill arriving. Here is the sequence: 1) Renewal bill is generated 2) Renewal bill is mailed 3) Renewal bill arrives in the mailbox 4) Renewal bill is entered in GnuCash with date of #1 as ‘opening date' 5) Renewal bill

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

Mike, There are several dates at issue, but the main one I’m concerned with is ‘a’ or ‘when work done’. The problem is that this date infrequently occurs in the same period as either the real or effective date of the invoice/bill, or the date you open/post it in GnuCash. Receiving, creating

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

Adrien, I do not use the business features but it seems from what you have written that something like the following may do what you want. Create a new liability account named Unbilled Payables (or whatever you like). Replace > Dr. Assets:Current_Assets:Pre-Paid_Expenses:Auto_Insurance > Cr.

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

I have zero experience with gnucash's invoicing system. Nevertheless I think in this conversation dates may be confused. When I receive an invoice, say for a visit to the doctor, there are SEVERAL dates involved. a) The date the service was performed. b) The effective date of the invoice

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

Thanks Dale, That’s a very good down-to-earth point. While I understand not getting lost in the fog of battle of "accuracy for accuracy’s sake” I also don’t like ending up in situations where I have to revisit or lookup historical information and have to remember “oh yeah, this or that figure

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

Yes, I can explain. And the example of insurance is just that. A pre-paid expense IS an asset. (in accrual accounting) I pay in advance for auto insurance. The policy renews every 6 months. (for me, this is in December and June) Paying in advance is a pre-paid expense. This is an asset. I have

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

> On Dec 13, 2017, at 9:16 AM, Derek Atkins wrote: > > Adrien Monteleone writes: > >> Thank you Derek, >> >> The inefficiency I referenced was in respect to having to make many >> accrual entries at the end and beginning of each month simply to

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

Adrien, I suggest that you may need to shift your point of view in order to resolve this. Disclaimer: I am not an accountant., My experience has been that you should not lose sight of the primary purpose of an accounting system: It is there to provide the information you need to make financial

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

> On Dec 15, 2017, at 7:51 AM, Derek Atkins wrote: > > Adrien, > > Adrien Monteleone writes: > >> Sorry, allow me to rephrase, when do I acquire the pre-paid expense ASSET? > > Can you please explain what you mean by a "pre-paid expense asset"?

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

Adrien, Adrien Monteleone writes: > Sorry, allow me to rephrase, when do I acquire the pre-paid expense ASSET? Can you please explain what you mean by a "pre-paid expense asset"? Is it an Expense? Or is it an Asset? Could you give a concrete example of something

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

> On Dec 13, 2017, at 9:24 AM, Derek Atkins wrote: > > Adrien Monteleone writes: > >> I don’t think I’m mixing cash-accrual, but just to clear up any >> confusion, let’s forget when I actually pay the pre-paid expense. When >> do I incur it? When

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

Thanks David, I’m already following these procedures as you outline them in 1-4. My hangup is in #2, I’m posting the pre-paid bill and thus increasing Assets:CurrentAssets:Pre-PaidExpenses:AutoInsurance before I actually acquire the pre-paid asset. Until I make the payment I really don’t have

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

Hi Adrien, I am assuming here you mean when you are pre-billed by a supplier of a good or service. What follows is not necessarily restricted to insurance or even to prepayment but just uses these to illustrate the principle. If you mean that you are pre-billing a client, my apologies and please

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

Adrien Monteleone writes: > I don’t think I’m mixing cash-accrual, but just to clear up any > confusion, let’s forget when I actually pay the pre-paid expense. When > do I incur it? When the bill is generated by the insurer? When I > receive the bill? When I enter it

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

Adrien Monteleone writes: > Thank you Derek, > > The inefficiency I referenced was in respect to having to make many > accrual entries at the end and beginning of each month simply to shift > the recognition of parts of invoices and bills to their proper periods >

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

> On Dec 12, 2017, at 10:50 AM, Derek Atkins wrote: > > Adrien Monteleone writes: > >> I’ve already got the pre-paying and expensing part straight. My issue >> isn’t the idea of a pre-paid asset, my issue is that it is increasing >> when I post

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

Thank you Derek, The inefficiency I referenced was in respect to having to make many accrual entries at the end and beginning of each month simply to shift the recognition of parts of invoices and bills to their proper periods that otherwise would not have to be done if the posting process

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

Adrien Monteleone writes: > I’ve already got the pre-paying and expensing part straight. My issue > isn’t the idea of a pre-paid asset, my issue is that it is increasing > when I post the bill, not when I pay it. I understand the difference > between recording events

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

Hi, Adrien Monteleone writes: > I noticed something about the business features that isn’t working as > expected, or at least not optimally. > > When entering a bill or invoice, each line item allows you to put a date. > > When posting that bill or invoice, only the

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

Thanks Dave, I was already operating this way per the insurance issue. The only difference that I can’t figure out is how to handle pre-billing. (you’ve well described being billed AFTER making that 6 month pre-payment) I’ve already got the pre-paying and expensing part straight. My issue

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

On 12/9/2017 7:38 PM, Adrien Monteleone wrote: Thanks Maf., But it seems the entire invoice posts together on the posting date, not by line-item date. I just double checked several of them that crossed period boundaries. I’m in the U.S., not sure what the specific rules are on invoice time

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

Hi Adrien, Add ressing this point: "Pre-paid expenses are a special case, but I should think it possible to address it with the business features somehow. I’ve thought of using special clearing accounts but I can’t seem to figure where they might go. Posting a bill for a pre-paid expense (but not

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

Thanks Maf., But it seems the entire invoice posts together on the posting date, not by line-item date. I just double checked several of them that crossed period boundaries. I’m in the U.S., not sure what the specific rules are on invoice time frames, but GAAP would say the invoice/bill date

Re: Invoice & Bill Posting Date Issues Across Multiple Periods

On Saturday, 9 December 2017 21:06:23 GMT Adrien Monteleone wrote: > The same can easily happen for invoicing customers. If I generate an invoice > in December to a customer for work done in October and November, I can’t > realize the appropriate raevenue in each period. I can only choose one

Invoice & Bill Posting Date Issues Across Multiple Periods

I noticed something about the business features that isn’t working as expected, or at least not optimally. When entering a bill or invoice, each line item allows you to put a date. When posting that bill or invoice, only the posting date is used - not the individual line-item dates. While I