[GNC] Adding late charges to a vendor bill after posting?

[Stephen M. Butler]

I setup an Asset account as a sub-account to the Bank's Saving account 
called "Sinking Fund". In a spreadsheet I list all the "one-time" 
[quarterly, semi-annual, annual] payments that need to be made.  Add 
these up then divide by 12.  This is how much you MUST move from 
checking to savings each month in order to have funds available as 
needed. You may need to preload an amount to keep from going negative 
sometime during the year.

I then setup an automated monthly transfer at the bank to fire each 
month to move that amount each month from checking to savings.

I also setup a monthly scheduled transaction in GnC to fire on the same 
day as the automated bank transfer.   This transaction is set to load 15 
days before the scheduled date so I can watch the checking account 
register to be sure the funds will be there for the automated transaction.

Then as each of these amounts come due, I move the funds from savings 
back to checking and then write the check to make the payment (in my 
account I setup the payment on the bank's system for them to draw the 
funds from checking).  Be sure to enter both transactions in GnC:
1.  Move the funds from Sinking to Checking.
2.  Make the payment on the date the bank says the check will arrive at 
the payee.




On 1/29/22 17:57, Eric H. Bowen via gnucash-user wrote:
> Property taxes are due. Actually, by the time you read this, they will 
> be past due... I used the "vendor bill" Payables system to track this 
> when I got the tax bill in November and I've made a partial payment, 
> but the funds just are not there to choke down the whole thing. So I'm 
> going to get gigged for a late fee, and possibly even more if I can't 
> settle up by the end of February.
>
> What's the proper way to track this? If it gets to the point where I 
> need to make a monthly payment arrangement (basically a 12 month note) 
> I was going to enter the note as a new liability and credit that 
> towards the tax payment due. But if I can get this cleared up by late 
> February or mid-March then I'll just have a month or two of late 
> fees/interest due. Is there a way to associate that with the tax 
> payment after the bill has been posted? How should it properly be 
> handled?
>
> Asking for a friend....
>
> _______________________________________________
> gnucash-user mailing list
> gnucash-user at gnucash.org
> To update your subscription preferences or to unsubscribe:
> https://lists.gnucash.org/mailman/listinfo/gnucash-user
> If you are using Nabble or Gmane, please see 
> https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
> -----
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.


-- 
Stephen M Butler, PMP, PSM
Stephen.M.Butler51 at gmail.com
kg7je at arrl.net
253-350-0166
-------------------------------------------
GnuPG Fingerprint:  8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8