Returned Payment, Returned Deposit

Derek Atkins warlord at MIT.EDU
Mon Nov 2 15:49:50 EST 2009


Pablo Francesca <rshgeneral at yahoo.com> writes:

> I'm still not getting this.  You're suggestion to create another invoice      
> seemed to make perfect sense. You mention that "All you need to do is create  
> an invoice to your Checking account in order to credit your checking and debit
> AR".  I'm assuming that I'm still going to use the Business-Customer-New      
> Invoice command path. When I attempt to create an invoice and trasnfer to my  
> checking account, (instead of a Income: Sales account) it is not showing up as
> an account to which I can post an invoice.  Other asset accounts show up and  
> Income and Liability accounts show up.  I would really like to do it this way 
> because it would reflect the reversed payment in both accounts. What am I     
> missing?                                                                      

You're the second person to report this...  It SHOULD let you do this..
Hmm..  Unless it's limited to Liability accounts?  But that doesn't seem
right either.  *ponders*

> Moreover, your suggestion to post another invoice to reverse the payment      
> creates the same problem that others had mentioned in the online forum        
> archives: it creates additional sales volume and this distorts earnings.      

No, if you use an Asset then it wont affect your sales at all.  Sales is
reflected in Income, so posting it to Assets wont affect Income.
However, I don't know why it's not letting you select an Asset.  :(

-derek

> --- On Wed, 10/28/09, Derek Atkins <warlord at MIT.EDU> wrote:                   
>
>     From: Derek Atkins <warlord at MIT.EDU>                                      
>     Subject: Re: Returned Payment, Returned Deposit                           
>     To: "Pablo Francesca" <rshgeneral at yahoo.com>                              
>     Cc: gnucash-user at gnucash.org                                              
>     Date: Wednesday, October 28, 2009, 8:10 AM                                
>                                                                               
>     Hi,                                                                       
>                                                                               
>     Please remember to CC the list on all replies using your mailer's         
>     reply-to-list or reply-all functionality.                                 
>                                                                               
>     Pablo Francesca <rshgeneral at yahoo.com> writes:                            
>                                                                               
>     > I'm not sure I understand this suggestion. You can't have a negative    
>     total for                                                                 
>     > an invoice. You can't have a negative amount for a payment.             
>                                                                               
>     > I think this was suggested on the message boards, but someone had       
>     written that                                                              
>     > it would inflate earnings.  To which account would the invoice transfer?
>
>     You don't need a negative invoice.  An invoice will debit AR, a payment   
>     will credit AR.  All you need to do is create an invoice to your          
>     Checking account in order to credit your checking and debit AR.  This     
>     will "reverse" the payment.                                               
>                                                                               
>     -derek                                                                    
>                                                                               
>     > --- On Tue, 10/27/09, Derek Atkins <warlord at MIT.EDU> wrote:             
>                                                                               
>     >                                                                         
>     >     From: Derek Atkins <warlord at MIT.EDU>                                
>                                                                               
>     >     Subject: Re: Returned Payment, Returned Deposit                     
>                                                                               
>     >     To: "rshgeneral" <rshgeneral at yahoo.com>                             
>                                                                               
>     >     Cc: gnucash-user at gnucash.org                                        
>                                                                               
>     >     Date: Tuesday, October 27, 2009, 10:59 AM                           
>                                                                               
>     >                                                                         
>                                                                               
>     >     rshgeneral <rshgeneral at yahoo.com> writes:                           
>                                                                               
>     >                                                                         
>                                                                               
>     >     > I've searched the forums and found a couple of relevant links, but
>     not                                                                       
>     >     much                                                                
>                                                                               
>     >     > resolution to my issue.This seems to be merely an accounting      
>     question.                                                                 
>     >     >                                                                   
>                                                                               
>     >     > I've recorded a deposited check for a customer.  The check        
>     cleared, but                                                              
>     >     then                                                                
>                                                                               
>     >     > the deposit was reversed a few days later due to a hold on the    
>                                                                               
>     >     customer's                                                          
>                                                                               
>     >     > account.                                                          
>                                                                               
>     >     >                                                                   
>                                                                               
>     >     > I'd like to reflect this payment history on a customer report, but
>     the                                                                       
>     >     > aforementioned links seem to indicate that this cannot be done.   
>     So I'll                                                                   
>     >     > have to delete the payment.                                       
>                                                                               
>     >     >                                                                   
>                                                                               
>     >     > Okay, this means the customer wont see the payment or the         
>     rejection of                                                              
>     >     the                                                                 
>                                                                               
>     >     > payment.  Its a minor irritant, but its acceptable. However, I'd  
>     like to                                                                   
>     >     at                                                                  
>                                                                               
>     >     > least reflect the payment action on my checking account.  I've    
>     pondered                                                                  
>     >     a                                                                   
>                                                                               
>     >     > dummy account (Returned Payments-Asset Account) to make this      
>     happen, but                                                               
>     >     it                                                                  
>                                                                               
>     >     > just seem clumsy. I'm wondering if someone has a better idea.  I'd
>     like                                                                      
>     >     to                                                                  
>                                                                               
>     >     > record something like this:                                       
>                                                                               
>     >     >                                                                   
>                                                                               
>     >     > Post debit to Checking, transfer from (???-Credit to Returned     
>     Payments).                                                                
>     >     > Post credit to Checking, transfer from (???-Debit to Returned     
>     Payments).                                                                
>     >     >                                                                   
>                                                                               
>     >     > Returned Payments account would show offsetting transactions and  
>     have a                                                                    
>     >     0                                                                   
>                                                                               
>     >     > balance.                                                          
>                                                                               
>     >     > Checking account would reflect the relevant statement history and 
>     have                                                                      
>     >     no                                                                  
>                                                                               
>     >     > net change.                                                       
>                                                                               
>     >     >                                                                   
>                                                                               
>     >     > DOES ANYONE HAVE A BETTER IDEA?                                   
>                                                                               
>     >                                                                         
>                                                                               
>     >     Issue a new Invoice for the reverse check?                          
>                                                                               
>     >                                                                         
>                                                                               
>     >     -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     
>                                                                               
>     >            warlord at MIT.EDU                        PGP key available     
>                                                                               
>     >                                                                         
>     > __________________________________________________                      
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>     > http://mail.yahoo.com                                                   
>     >                                                                         
>                                                                               
>     --                                                                        
>            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           
>            warlord at MIT.EDU                        PGP key available           
>

-- 
       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
       warlord at MIT.EDU                        PGP key available


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