processing invoices and bills

[Derek Atkins]

"Ed Delves" <eddelves at live.co.uk> writes:

> Hi Maf,
>
> Thanks for the quick reply. I have the tax tables set and have double
> checked both the rate and the attributed account. For a vendor's bill,
> the tax table is set at scharged which in the tax table is
> Assets:Accounts Receivable:VAT paid out with the vate set at 20%, so
> for an example entry I have:
>
> Expense account - Expenses:External Consultancy
> Unit Price - 4800
> Tax Table - Scharged
> Subtotal - 4800
>
> Then at the bottom it gives:
>
> Total £5640.00  Subtotal $4800.00  Tax: £840
>
> If this is all correct then the VAT paid out should appear on the
> transaction report after the bill has been paid?

No, the tax is applied when the bill is posted, not when it is paid.
C.f. Accrual v. Cash Accounting.  The GnuCash business features
implement accrual accounting.  If you are under Cash accounting rules
then you will have to manually adjust your values, as currently the
reports do not properly make the conversions for you.

> Ed

> 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
       warlord at MIT.EDU                        PGP key available