Advance payment for multiple invoices for multiple accounts
Donna Pfeifer
donna32132 at yahoo.com
Fri Jul 11 09:59:44 EDT 2014
Thank you for your responses.
Either way, how do you pay an invoice from an account? The "pay invoice" pop up window just has a place to put in the check number. What settings do you use? The defaults are "Post to Assets:Accounts Receivable" and Transfer Account Checking".
Thanks,
Donna
On Friday, July 11, 2014 9:31 AM, Mike or Penny Novack <stepbystepfarm at mtdata.com> wrote:
David Gillam wrote:
>Donna,
>
>I'm not an accountant, so my answers may not fit with proper accounting methods, but...
>
>
I'm not an accountant either, but have done financial system software.
The usual practice is to have an account named "Suspense" (this can have
fundamental type "liability" or could be a negative ""asset" account).
Checks that come in for unknown reasons or have amounts in excess of
invoices, etc. get entered into suspense. Of course all of these have to
eventually be cleared from suspense to the account where belongs once
that has been determined.
In other words, incoming checks don't sit around undeposited.
Part of the work flow would be a periodic report on what is still out
there in suspense (each should be assigned to somebody to clear up).
Michael
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