[GNC] Invoice system and Deffered Income

[Sergey Mende]

Yes, Michael, you are correct.

I meant Debt asset, sorry for mistake (I understand that it could
eventually become an expense when appropriate decision would be taken). I
am a software engineer, not an accountant and I am still learning all this
terminology.

Regards,
Sergey.

On Tue, May 30, 2023 at 3:59 PM Michael or Penny Novack <
stepbystepfarm at comcast.net> wrote:

> On 5/30/2023 8:35 AM, Sergey Mende wrote:
> > Hi, David,
> >
> > yes, probably this is a more convenient option in my case as when a
> > customer does not pay an invoice before the due date, I still have to
> deal
> > with such invoice differently, by posting it to the bad debt asset and
> take
> > further actions (all these invoices for the services being provided, so
> > they are must to pay until a customer clearly terminates subscription).
>
> Except ----- The "bad debt" account would usually be an account of type
> "expense", not type "asset"
>
> Look, I'm sorry, gnucash is a great help automating most of keeping
> double entry books, but you still have to learn the basics of double
> entry bookkeeping in order to use it effectively. Otherwise your ledger
> might be a shambles (messed up chart of accounts, aka CoA). Gnucash
> cannot tell you what accounts you should have in your CoA. You have to
> tell that to gnucash, and where they it in the CoA hierarchy.
>
> Michael D Novack
>
>
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