Re: [GNC] Monthly Payments on posted Liability?
Thanks Steve, Michael, and Adrian.Steve answered it, Adrian explained, and Michael made the point about interest and taxes. All good and helpful. On Monday, August 24, 2020, 5:18:38 PM EDT, Michael or Penny Novack wrote: > > On 8/24/20 11:19 AM, Stan Brown wrote: >> On 2020-08-24 09:01, Fran_3 via gnucash-user wrote: >>> For a posted liability of say $1,000with an agreement to pay in 10 >>> monthly installments of $100 each.How do you enter those monthly >>> payments and...1 - have the payment applied to the liability Also, something seems to have been left out. A liability of $1000 paid off by ten payments of $100 would mean this was a no interest loan. More usually, you are paying interest. So some of each payment is a reduction of the liability and some interest expense. A split transaction. Even if this were a purchase on an installment contract (so no explicitly stated interest) strictly correct would be to assume what rate should be implied and enter the liability at this discounted amount. These days might not matter for personal finances but I bet it does for business since the interest would be a deductible expense. Mind, I have never looked at the "installment sales" or "installment purchases" parts of the1040. Michael D Novack ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Monthly Payments on posted Liability?
On 8/24/20 11:19 AM, Stan Brown wrote: On 2020-08-24 09:01, Fran_3 via gnucash-user wrote: For a posted liability of say $1,000with an agreement to pay in 10 monthly installments of $100 each.How do you enter those monthly payments and...1 - have the payment applied to the liability Also, something seems to have been left out. A liability of $1000 paid off by ten payments of $100 would mean this was a no interest loan. More usually, you are paying interest. So some of each payment is a reduction of the liability and some interest expense. A split transaction. Even if this were a purchase on an installment contract (so no explicitly stated interest) strictly correct would be to assume what rate should be implied and enter the liability at this discounted amount. These days might not matter for personal finances but I bet it does for business since the interest would be a deductible expense. Mind, I have never looked at the "installment sales" or "installment purchases" parts of the1040. Michael D Novack ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Monthly Payments on posted Liability?
You can't get the individual payments to show up in the Bills Due Reminder. You can set up a Scheduled Transaction, but set it only to remind you in advance, but not auto-create. (or at least set it to let you review and edit it when it does) These reminders when then show up in the Since Last Run dialog. (auto on startup, or manually from the Actions menu) If you've used the Business features to post that original liability, it will show up in the Bills Due Reminder, but with the original due date, (which could be the final date if you like) and will adjust the balance due as you make payments. In this case, when you make payments, you just "Process Payment" for that vendor and fill out the payment window. The posting of the payment will be done for you and you can track your payments to that particular vendor easily with a Vendor report. Regards, Adrien On 8/24/20 11:19 AM, Stan Brown wrote: On 2020-08-24 09:01, Fran_3 via gnucash-user wrote: For a posted liability of say $1,000with an agreement to pay in 10 monthly installments of $100 each.How do you enter those monthly payments and...1 - have the payment applied to the liability Debit:That liability Credit:Your bank account 2 - have the monthly payment appear in the "Bills Due Reminder"3 - or any report that shows you.. upcoming expenses, item by item for the next x days... upcoming revenue, item by item for the next x days Why not just set up the 10 times recurring payment with your bank's bill-pay feature? Then you can set up a 10 times scheduled transaction in GnuCash. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Monthly Payments on posted Liability?
On 2020-08-24 09:01, Fran_3 via gnucash-user wrote: > For a posted liability of say $1,000with an agreement to pay in 10 monthly > installments of $100 each.How do you enter those monthly payments and...1 - > have the payment applied to the liability Debit:That liability Credit:Your bank account 2 - have the monthly payment appear in the "Bills Due Reminder"3 - or any report that shows you.. upcoming expenses, item by item for the next x days... upcoming revenue, item by item for the next x days Why not just set up the 10 times recurring payment with your bank's bill-pay feature? Then you can set up a 10 times scheduled transaction in GnuCash. -- Regards, Stan Brown Tehachapi, CA, USA https://BrownMath.com https://OakRoadSystems.com ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
[GNC] Monthly Payments on posted Liability?
For a posted liability of say $1,000with an agreement to pay in 10 monthly installments of $100 each.How do you enter those monthly payments and...1 - have the payment applied to the liability2 - have the monthly payment appear in the "Bills Due Reminder"3 - or any report that shows you.. upcoming expenses, item by item for the next x days... upcoming revenue, item by item for the next x days I ask because clicking Reports > Vendor > Process Payments seems to only look in AP... or does it? Thanks for any help. ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
