Re: [GNC] Process Payment and convenience fees
Justin, One other comment. You do not say whether this fee is being paid to the utility company or a third party, e.g. bank is imposing it for handling the transaction. In the latter case, it would make more sense to track it separately from the charges by the utility company. If it is imposed by the utility company itself, then it is only necessary to track it separately as an expense if you feel knowing that information is of benefit to you, i.e you wish to minimize the fees you pay. I would challenge the utility company if the fee goes to them. If it is a handling charge for using a credit card for payment for example, and you have other options for payment which don't incur the fee, then it should be a separate line item in your bill with separate totals for the different payment options. There may also be legislative reasons that the fee has to be separate from the bill, but that should only affect disclosure of the fee, not inclusion in the total owing but legislators sometimes ,make life diffcult for businesses. David Cousens - David Cousens -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ 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] Process Payment and convenience fees
On 08/27/2018 05:39 AM, Justin H Haynes wrote: > It worked just fine. From the Accounts Payable register, I edited the > payment transaction and added two splits - 1 from the Liabilities:Credit Card > account to pay the fee, and 1 to the Expenses:Fees. In the reference field, > I left all the “Payment” splits generated by GNUCash alone, and for the 2 I > added, I put “Fee” in that field. > > So the payment amount in billing is correct, but I still have the fee > recorded in the transaction. > > It is probably a good idea not to change the payment split I would guess. > $ My wife is an accountant so I popped the question to her. You have a couple of options according to her: 1. Include the fee as part of the utility expense. 2. Create a separate expense account. Do the latter if you want to keep track of the total expenses through the fee. The former if you don't care. Note that with the first you won't balance at the end of the year with any YTD totals the utility company might produce (for reconciling purposes). As for the implementation of the payment, I'd just add another split for the fee amount with the expense side going to whichever expense account you decide making the total out of CC the $603.49. >> On Aug 26, 2018, at 12:16 PM, Justin H Haynes >> wrote: >> >> I have two invoices to pay to a utility company. Let’s say the amounts of >> the invoices are $200 and $300 for a total of $500. I have paid $600, so >> the payment correctly is applied to those two invoices, and $100 to the >> Accounts Payable account. I can see the three transactions in Account >> payable. Actually 3 splits - 1 for each of the amounts of the 2 invoices, >> and 1 for the remainder, then on the other side of the transaction the $600 >> from Liabilities:Credit Card. >> >> However, there was a convenience fee charged by the payment processor for >> the city utilities. So, the amount charged to my credit card was $603.49. >> >> Will the best way to deal with this be to edit the split from the >> Liabilities:Credit Card register to add a split for 3.49 to Expenses:Fees? >> >> >> Thanks!, >> >> Justin >> >> -- Stephen M Butler, PMP, PSM stephen.m.butle...@gmail.com kg...@arrl.net 253-350-0166 --- GnuPG Fingerprint: 8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8 ___ 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] Process Payment and convenience fees
Justin H Haynes writes: > In this case, I suppose I could create a separate bill with only the > convenience of $3.49 and include that as one of the bills I pay with > he 603.49 payment, since that fee appears on no written statement I > have received. Your other option is to just modify the payment transaction and add the split for $3.49 to Expenses:Bank Fees (or wherever you want to record it). Did you get charged $600 or $603.49? If the latter, then you can just manually increase the Asset:Bank split and add the expense split. If the former, then you might have more work to do. Personally, I wouldn't use the business features for a utility bill. > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. -derek -- Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory Member, MIT Student Information Processing Board (SIPB) URL: http://web.mit.edu/warlord/PP-ASEL-IA N1NWH warl...@mit.eduPGP key available ___ 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] Process Payment and convenience fees
Where to record the expense is likely a personal preference. Talk to your CPA if you have concerns, especially if you’re itemizing deductions and calculating percentages for a home business. While you can edit the transaction in the A/P (and A/R) register, just to be safe, I always use the other register. So in this case, the credit card register. (you can always use the ‘jump’ feature to save some time getting there if needed) It is safe to edit the main split, in this case, the credit card amount to reflect its actual total. I do this frequently with no issues. If you edit the individual payments that are posted against A/P then you’ll have to edit the payment (right-click menu) and re-apply them. Regards, Adrien > On Aug 27, 2018, at 9:22 AM, Justin H Haynes wrote: > > > >> On Aug 27, 2018, at 3:54 AM, elvis wrote: >> >> On 27/08/18 03:16, Justin H Haynes wrote: >>> I have two invoices to pay to a utility company. Let’s say the amounts of >>> the invoices are $200 and $300 for a total of $500. I have paid $600, so >>> the payment correctly is applied to those two invoices, and $100 to the >>> Accounts Payable account. I can see the three transactions in Account >>> payable. Actually 3 splits - 1 for each of the amounts of the 2 invoices, >>> and 1 for the remainder, then on the other side of the transaction the $600 >>> from Liabilities:Credit Card. >>> >>> However, there was a convenience fee charged by the payment processor for >>> the city utilities. So, the amount charged to my credit card was $603.49. >>> >>> Will the best way to deal with this be to edit the split from the >>> Liabilities:Credit Card register to add a split for 3.49 to Expenses:Fees? >> >> If it a fee that is incurred solely for paying the bill then it is part of >> your utility bill. > > In this case, I suppose I could create a separate bill with only the > convenience of $3.49 and include that as one of the bills I pay with he > 603.49 payment, since that fee appears on no written statement I have > received. > > > ___ > 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] Process Payment and convenience fees
> On Aug 27, 2018, at 3:54 AM, elvis wrote: > > On 27/08/18 03:16, Justin H Haynes wrote: >> I have two invoices to pay to a utility company. Let’s say the amounts of >> the invoices are $200 and $300 for a total of $500. I have paid $600, so >> the payment correctly is applied to those two invoices, and $100 to the >> Accounts Payable account. I can see the three transactions in Account >> payable. Actually 3 splits - 1 for each of the amounts of the 2 invoices, >> and 1 for the remainder, then on the other side of the transaction the $600 >> from Liabilities:Credit Card. >> >> However, there was a convenience fee charged by the payment processor for >> the city utilities. So, the amount charged to my credit card was $603.49. >> >> Will the best way to deal with this be to edit the split from the >> Liabilities:Credit Card register to add a split for 3.49 to Expenses:Fees? > > If it a fee that is incurred solely for paying the bill then it is part of > your utility bill. In this case, I suppose I could create a separate bill with only the convenience of $3.49 and include that as one of the bills I pay with he 603.49 payment, since that fee appears on no written statement I have received. ___ 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] Process Payment and convenience fees
On 27/08/18 03:16, Justin H Haynes wrote: I have two invoices to pay to a utility company. Let’s say the amounts of the invoices are $200 and $300 for a total of $500. I have paid $600, so the payment correctly is applied to those two invoices, and $100 to the Accounts Payable account. I can see the three transactions in Account payable. Actually 3 splits - 1 for each of the amounts of the 2 invoices, and 1 for the remainder, then on the other side of the transaction the $600 from Liabilities:Credit Card. However, there was a convenience fee charged by the payment processor for the city utilities. So, the amount charged to my credit card was $603.49. Will the best way to deal with this be to edit the split from the Liabilities:Credit Card register to add a split for 3.49 to Expenses:Fees? If it a fee that is incurred solely for paying the bill then it is part of your utility bill. Thanks!, Justin ___ 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. -- Tomorrow is the most important thing in life. Comes into us at midnight very clean. It's perfect when it arrives and it puts itself in our hands. It hopes we've learned something from yesterday ___ 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] Process Payment and convenience fees
It worked just fine. From the Accounts Payable register, I edited the payment transaction and added two splits - 1 from the Liabilities:Credit Card account to pay the fee, and 1 to the Expenses:Fees. In the reference field, I left all the “Payment” splits generated by GNUCash alone, and for the 2 I added, I put “Fee” in that field. So the payment amount in billing is correct, but I still have the fee recorded in the transaction. It is probably a good idea not to change the payment split I would guess. > On Aug 26, 2018, at 12:16 PM, Justin H Haynes wrote: > > I have two invoices to pay to a utility company. Let’s say the amounts of > the invoices are $200 and $300 for a total of $500. I have paid $600, so the > payment correctly is applied to those two invoices, and $100 to the Accounts > Payable account. I can see the three transactions in Account payable. > Actually 3 splits - 1 for each of the amounts of the 2 invoices, and 1 for > the remainder, then on the other side of the transaction the $600 from > Liabilities:Credit Card. > > However, there was a convenience fee charged by the payment processor for the > city utilities. So, the amount charged to my credit card was $603.49. > > Will the best way to deal with this be to edit the split from the > Liabilities:Credit Card register to add a split for 3.49 to Expenses:Fees? > > > Thanks!, > > Justin > > > ___ > 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.
[GNC] Process Payment and convenience fees
I have two invoices to pay to a utility company. Let’s say the amounts of the invoices are $200 and $300 for a total of $500. I have paid $600, so the payment correctly is applied to those two invoices, and $100 to the Accounts Payable account. I can see the three transactions in Account payable. Actually 3 splits - 1 for each of the amounts of the 2 invoices, and 1 for the remainder, then on the other side of the transaction the $600 from Liabilities:Credit Card. However, there was a convenience fee charged by the payment processor for the city utilities. So, the amount charged to my credit card was $603.49. Will the best way to deal with this be to edit the split from the Liabilities:Credit Card register to add a split for 3.49 to Expenses:Fees? Thanks!, Justin ___ 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.
