This is essentially a basic accounting question, not so much 'how to do
this in GnuCash.'
The exact accounts used are up to you, but generically between an
accounts such as:
Dr. Expenses:Professional Services
Cr. Liabilities:Accrued Expenses
When the invoice is received, draw down the Accrued Expenses account to
an Accounts Payable account:
Dr. Liabilities:Accrued Expenses
Cr. Liabilities:Accounts Payable
(when you pay the invoice, you'll draw down the Accounts Payable account
to whatever Asset account you used as a source of funds, e.g.,
Assets:Checking, as with any other Vendor Bill)
In the case of using the GnuCash features, you can enter the accrued
expense manually or via an SX. (Scheduled Transaction)
Then when the accountant's invoice is received, enter a Vendor Bill in
GnuCash with the line items posting to the relevant Accrued Expenses
account, and posting the entire Bill to the relevant Accounts Payable
account.
The date of booking the Accrued Expense should be when the expense was
incurred, thus, when you received service from the accountant.
The date of the Bill should be the date of the accountant's invoice.
The date of the payment is the date you effectively paid it. (usually
the 'tender' date, such as post-marking if sent by snail mail) There are
also 'received' and 'cleared' dates in some cases, but those are not
always relevant to when a debt was considered 'paid' but that will
depend on your specific jurisdicition and circumstances. (those may be
relevant to reconciling your bank/credit account however, if it factors in.)
As always, this isn't accounting advice - ask your accountant!
Regards,
Adrien
On 5/14/24 8:39 AM, Wesley Brooks wrote:
I'm a basic level user of GNUCash, and generally enter transaction
details mostly by raising bills/invoices and subsequently processing the
payments. The only exceptions to this are how I enter my salary
payments, and transfers between my company and private accounts covering
director loans and repayments.
My accountant has added their charge for accounting and an accrued
expense on their submissions, long before they would raise an invoice.
How do I generate an accrued expense so that it works with a
subsequently raised the invoice, and processed payment in the following
year?
_______________________________________________
gnucash-user mailing list
gnucash-user@gnucash.org
To update your subscription preferences or to unsubscribe:
https://lists.gnucash.org/mailman/listinfo/gnucash-user
-----
Please remember to CC this list on all your replies.
You can do this by using Reply-To-List or Reply-All.
