credits expense account in invoice?
Doctorcam
cam at ellisonpsychology.ca
Mon Aug 16 14:07:21 EDT 2004
* Derek Atkins (warlord at mit.edu) wrote:
> Yes, because A/R accounts are "special".
>
> -derek
>
> Roger Keays <roger.keays at ninthave.net> writes:
>
> >> Is it possible to create an invoice in which one of the items credits an
> >> expense account (e.g. for a reimbursed expense)? ATM I see you can only select
> >> Asset, Income and Liability accounts.
> >
> > I've worked around this by transferring reimbursed expenses to and from an asset
> > account instead of an expense account. This makes sense if you think of these
> > expenses as accounts receivable.
> >
> > I did notice though that it was not possible to select an asset account whose
> > type is 'A/Receivable'
> >
IANAA, but it seems to me better to show reimbursed expenses as the
income they really are. You receive a cheque from the customer or
client, and when the CRA or IRS or whoever sees your paper trail on
audit, there will be questions about why you didn't claim it. If you
want to track expenses by customer, it seems to me you'd do better to
employ subaccounts.
Cheers
Cam
--
Cam Ellison Ph.D. R.Psych. #01417
Cam Ellison & Associates Ltd.
Management Psychology
RR 22 3446 Beach Avenue
Roberts Creek BC V0N 2W2
Phone: 604-885-4806
Fax: 604-885-4809
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