Recording all purchases under a vendor???

[MP99]

nssimpson wrote
> Around half of my vendors require immediate payment before shipping any
> goods so I either pay them on card or bank transfer. Now when I get their
> invoice should I be recording it as a vendor bill and posting it so it
> appears in accounts payable and then immediately setting it to paid? I've
> been reading help documentation and watching YouTube tutorials and some
> people simply enter them straight into an expenses sub-account rather than
> doing this so I'm a bit confused.

Bear in mind that I'm feeling my way into accounting / gnucash too...

ISTM that one possibility here is that you record the payment to the
supplier when you make it, eg current account to accounts payable. Of course
you have no invoice (bill) at this point, so A/P will include this in its
balance.

When the invoice comes in, you can record it as a bill, and post it.

However, you can then go into A/P, find the bank transaction and use edit /
assign as payment... (it's also a right-click option). This will set the
bill to paid. At this point, I also like to set the Ref to be the bill
number (actually bnnnnnn), but that's possibly overkill.

NB if you ever have reason to "unpost" the bill (EG you made a typo) the
association of the payment is lost. After you've re-posted, that same
process can re-associate the bank transaction to the bill.

cheers, Martin



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