Accounts for special orders

[Admin]

Thanks muchly!  Between you and Maf. King, I think I'm on my way to
figuring it out.  The idea of delaying an invoice posting hadn't crossed
my mind, but seems to be a good work-around.   I didn't want to do the
regular invoice thing, because of my understanding that credits
(refunds) were rather difficult to do correctly.  

Thanks again,
  James

On 02/05/2013 07:45 AM, Buddha Buck wrote:
> One suggestion:
>
> Start an invoice for Alice's SuperWidget, but don't post it until the
> SuperWidget ships.  Create a Liabilities:Deposits on Orders.  Transfer
> $250 from Liabilities:Deposits on Orders to Assets:Cash, annotated
> with the invoice number it goes to.  If Bob gets you the SuperWidget,
> ship it to Alice, post the invoice, and then "Process Payment" with
> Liabilities:Deposits on Orders as the payment source for $250, and a
> second payment of $250 from Alice directly.  If Bob says he can't fill
> the order, mark the invoice "inactive", make some notes on it, and
> send Alice a refund check, recorded as a transfer of $250 from
> Assets:Cash to Liabilities:Deposits on Orders.
>
> I believe one can also treat the $250 earnest money as a Payment
> without a corresponding invoice (GnuCash will apply it to the invoice
> when the invoice is posted) but I'm unsure of the proper way to refund
> it in that case.
>
>
> On Tue, Feb 5, 2013 at 9:22 AM, Admin <admin at adastraarms.com> wrote:
>> I've not been able to find an answer in the archives on this, so I'm
>> hoping someone here can point me in the right direction.
>>
>> The topic is "special orders".  I have a small business.  Customer Alice
>> wants me to order a SuperWidget.  The price is to be $500, and she's
>> given me $250 earnest money.
>>
>> Vendor Bob is currently out of SuperWidgets, but has them on backorder.
>> Current cost is $400; I will not be billed until the item ships.  Should
>> Bob be unable to obtain a SuperWidget for me, then the whole deal is off
>> and Alice will receive a full refund.
>>
>> So . . . how to enter all these.  I can start an Invoice for Alice's
>> SuperWidget order, but Income:Expenses doesn't seem to be the right
>> offset -- it's more of an escrow.  How do I set up accounts to show the
>> order and then the subsequent transactions as the order gets filled?
>>
>> Any help and suggestions would be appreciated.  Thanks much!
>>
>>
>>
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