Advance payment for multiple invoices for multiple accounts

[labour]

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Thanks
Ellen Oxman
NDDLC President

----- Original Message -----
From: "David Gillam" <dave at davegillam.org>
To: "Donna Pfeifer" <donna32132 at yahoo.com>
Cc: gnucash-user at gnucash.org
Sent: Friday, July 11, 2014 7:09:29 AM
Subject: Re: Advance payment for multiple invoices for multiple accounts

Yes.  I seem to recall a fairly convoluted way to do this (to my mind, anyway).  I believe this is why I chose to use the $0 invoice method to hold the credit.  It's recorded in a way that ties it to a specific client, so I can deposit the check, and it avoids confusing my feeble accounting-brain.

If memory serves, using a separate (negative) asset account, or what another responder called a "suspense" account, you would need to open the "suspense" account, and debit the account by the check amount.  Then on the invoice, you would choose the "suspense" account as the "transfer" account.  The confusing thing to me about this method, is how to get the amount paid to go properly into your banking account.

Hence my "simpler" method.  :-)

Cheers!

David
Gillam Data Services, Inc. - Computer Training & Support
dave at davegillam.com | www.davegillam.com | 972-383-9391


On Jul 11, 2014, at 8:59 AM, Donna Pfeifer <donna32132 at yahoo.com> wrote:

> Thank you for your responses.
> 
> Either way, how do you pay an invoice from an account? The "pay invoice" pop up window just has a place to put in the check number. What settings do you use? The defaults are "Post to Assets:Accounts Receivable" and Transfer Account Checking".
> 
> Thanks,
> Donna
> 
> 
> On Friday, July 11, 2014 9:31 AM, Mike or Penny Novack <stepbystepfarm at mtdata.com> wrote:
> 
> 
> David Gillam wrote:
> 
> 
> >Donna,
> >
> >I'm not an accountant, so my answers may not fit with proper accounting methods, but...
> 
> >  
> >
> I'm not an accountant either, but have done financial system software.
> 
> The usual practice is to have an account named "Suspense" (this can have 
> fundamental type "liability" or could be a negative ""asset" account). 
> Checks that come in for unknown reasons or have amounts in excess of 
> invoices, etc. get entered into suspense. Of course all of these have to 
> eventually be cleared  from suspense to the account where belongs once 
> that has been determined.
> 
> In other words, incoming checks don't sit around undeposited.
> 
> Part of the work flow would be a periodic report on what is still out 
> there in suspense (each should be assigned to somebody to clear up).
> 
> Michael
> 
> 
> 

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