[GNC] Should one use Accounts Payable if a vendor is paid immediately ?

[David Cousens]

Stan,

Nice point.

David.

On Sun, 2022-11-27 at 12:57 -0800, Stan Brown wrote:
> What David says is true.
> 
> However, if you create two transactions:
>       Debit to Expense:something
>       Credit to AP:this vendor
> and
>       Debit to AP:this vendor
>       Credit to Assets:Cash or bank account
> then the vendor's account will show the whole history of your purchases
> from that vendor.
> 
> I think either way is valid from a strictly accounting standpoint. The
> choice comes down to what reporting you think you might want later.
> 
> Stan Brown
> Tehachapi, CA, USA
> https://BrownMath.com
> 
> On 2022-11-27 12:43, David Cousens wrote:
> > If you receive payment immediately all you need is to create a transaction
> > debiting your relevant bank account and crediting the appropriate income
> > account. If there is some external record you can use the ability to
> > associate
> > an image file of it with the transaction.  Similarly if you pay a vendor
> > immediately you can simply create a transaction crediting your bank account
> > and
> > debiting the appropriate expense account and associate an image of the
> > receipt
> > with the transaction.
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