'Type' and 'due date' fields in A/P account, and how to record a payment

[Derek Atkins]

Hi,

On Wed, November 9, 2011 10:31 am, def wrote:
> I've noticed that my accounts payable account includes fields such as
> "type"
> (P or I) and "due date". What do these fields mean?
>
> *Here's why I want to know:*
> The business received £100 for contract work. This was recorded in an
> account register as a split transaction of £100 in income meaning £100
> more
> in the bank, plus incurring an expense for labour of £50 resulting in a
> liability of £50.
> Later, the labourer was paid his £50. This has not yet been recorded.
>
> What is the best way of recording that the labourer was paid? My thinking
> is
> that this may be related to the "type" and "due date" fields mentioned
> above.

A/R and A/P accounts are NOT for users.  They are expressly for the
business features, and entries into those accounts should only be made via
the business features.

To answer your question, I == Invoice and P == Payment, and Due Date is
when an Invoice is due.

In your case you should either use the Business Features with A/R and A/P,
or just use a regular liability account for your labourer charge.

> 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                 617-623-3745
       derek at ihtfp.com             www.ihtfp.com
       Computer and Internet Security Consultant