On 12/21/22 5:04 PM, Dr. David Kirkby wrote:
On Wed, 21 Dec 2022 at 21:39, Adrien Monteleone <
adrien.montele...@lusfiber.net> wrote:
I don't see why you went through the trouble of steps 2-4.
Thank you. I showed my accountant my proposed layout and he didn’t
comment. Maybe he didn’t notice.
I will remove those accounts and start entering the transactions for about
the 4th time. 😢😢😢😢 It’s obviously sensible to start right.
Just un-post, edit and re-post. Still work, but no need to start over.
You can right-click a payment and choose Edit Payment if needed as well.
I believe that Accounts Payable will need sub accounts for GBP, USD and
EUR. Not having three Accounts Payable in each currency should make posting
bills easier, as I will not have to select Bank, PayPal or eBay. If there’s
only one choice with the matching currency I assume that GnuCash with know
where to post.
You do need separate AP for each currency, true. (or at least I've heard
it helps, it may indeed be required)
As for smart guessing, that I'm not so sure of, but you never know till
you try. In a worst case, you can still choose the one you want. Posting
isn't automatic.
I suppose if you managed to get back to zero, no harm no foul, but I'd
anticipate you're going to have a big mess in the future with that setup.
Okay, I will start again.
AP is usually one bucket - for all payables. GnuCash tracks each vendor
for you, and neither your Bank, nor PayPal are vendors either. They are
sources of funds, thus Assets.
I have not set them up as vendors.
I didn't think so, which is why I didn't understand the need for AP
accounts for them.
The *usual & generic* transaction flow should go something like this:
New Bill from Vendor
-----
Dr. Expenses
Cr. AP
Paying the Bill
-----
Dr. AP
Cr. Assets
('Assets' being your payment method/source of funds - Cash, Bank,
PayPal, Credit Card, Gift Card, etc.)
Return/Cancellation/Refund from Vendor (full or partial) - as a Credit Note
-----
Dr. AP
Cr. Expenses
Receipt of funds from Vendor
-----
Dr. Assets
Cr. AP
If you end up with a Credit Note situation before (fully) paying the
original Bill, you can simply post the Credit Note, then Process Payment
selecting both the Bill & Credit Note to offset each other. (partially
or fully, as the case may be)
Regards,
Adrien
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