Need Help with accounts
James Kerr
jim at jkerr82508.free-online.co.uk
Wed Apr 3 19:38:49 EDT 2013
On 04/04/2013 12:00 AM, Mark Phillips wrote:
> On Wed, Apr 3, 2013 at 3:56 PM, Mark Phillips <mark at phillipsmarketing.biz>wrote:
>
>> I have a simple checking account setup. I overpaid a vendor, and they are
>> sending me a check in the mail for the amount that was overpaid. The vendor
>> already cashed the full check, so they have to send me a check for the
>> amount that was over paid. I have already reconciled the checking account.
>
> I have these accounts set up -
>
> Checking account - withdrawal $100
> Expenses account - expense $100
>
> When the vendor's check arrives, I would do the following:
>
> Checking account - deposit $100
> Income account (name??) $100
Not an income account - use the expense account that you used for the
original payment. So that the total of your expenses will be correct.
(I assume that both the original payment and the refund occur within the
same financial year.)
> Is there a way I can show that I am waiting for this $100 check from the
> vendor in gnucash?
Assets - Accounts Receivable 100
Expense 100
When you receive payment:
Checking 100
Assets - Accounts receivable 100
Jim
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