[GNC] Tracking UnPaid Bills

[Michael or Penny Novack]

>
> Answer
> I use the business feature, which utilizes three types of dates:
> - Bill Date: The date on the bill from the seller.
> - Post Date: The date you post the bill into your books.
> - Due Date: The date the bill is due. You can predefine payment terms 
> like net 30 or define your own.
>
> When you pay your bill before the due date, the bill is marked as paid 
> (payables will be debited and bank credited. Additionally, GNU can 
> provide alerts to remind you to pay the bill, which can be configured 
> in the settings.
>
Not really. The reason has to with which YEAR the expense is charged 
when bills ARRIVE in one year but not DUE until next. Remember, this 
began with discussing utility bills ("open" account with vendor) so 
common to RECEIVE bills that are not yet due. Could also be open 
accounts that are to be paid IN ADVANCE of the expense (like subscribed 
services)

What date do you use as the effective date of the transaction? In other 
words, bill arrives on date X, "billing date" Y (when prepared by 
vendor), bill due date Z. I am not asking about the real time date when 
you enter into "payables", but what date is assigned to that 
transaction? << that would be the date in the expense account.

I'm just curious what people are doing.

Michael D Novack