Accounts Receivable payments for taxes

[Richard Geddes]

Thanks for the quick reply.

A few follow-up questions:

1. Do the GNUCash Business Features allow for Cash Based accounting? 

2. If I convert to Cash Based accounting in GC, do I loose the business
features... invoicing, aging, etc..?

3. Is there a checkbox/drop-down to tell GC which accounting method I
want (Accrual or Cash Based accounting)?  or is that I go back and
change the invoice dates to the payment dates?

Regards,
Richard


On 03/22/2013 10:45 AM, Derek Atkins wrote:
> Hi,
>
> Richard Geddes <richardcgeddes at gmail.com> writes:
>
>> Hello,
>>
>> Gnucash 2.4.10, Linux.
>>
>> I've been using the A/R to invoice and generate aging reports without
>> issues.
>>
>> When I generate a new invoice, I select an Income Account for each line
>> of the invoice ( Income:Sales:xxxx - xxxx would be a company for further
>> breakdown).
>>
>> As soon as I post the invoice, an entry in the Income:Sales:xxxx account
>> is created with the date of the invoice.
>>
>> When I post a payment for an invoice, an entry is created in my bank
>> account and in the A/R account.
>>
>> Because there is a lag (up to 2 months) of payment, at the end of the
>> year, invoices generated in the previous year are paid in the following
>> year.
>>
>> When I tag an Income:Sales:xxxx account as tax related, the Tax Report
>> picks up the invoice dates and sums, not the actual payment dates and sums.
>>
>> Is there a way to get A/R to generate an entry into Income:Sales:xxxx
>> when the payment is made or a Tax Report that only considers payments
>> made on invoices?
> No.  Using the Business Features necessarily creates an Accrual-based
> accounting.  You need to manually convert from Accrual to Cash-based.
>
>> Thanks
>> Richard
>> Please remember to CC this list on all your replies.
>> You can do this by using Reply-To-List or Reply-All.
> -derek
>