Typo in middle section:
Therefore your *only *currently available steps is (IMHO): process payment
as usual, for *$100 *only. This creates a regular transaction:
- asset:bank +100
- a/receivable -100 (to clear the invoice)
On Fri, 2 Oct 2020 at 15:26, Christopher Lam <christopher....@gmail.com>
wrote:
> While experimenting this problem, I found it exposes a subtle
> behaviour/bug... I was hoping to do the following manual assignment: create
> a transaction with 3 splits -
> - asset:bank +80
> - a/receivable -100
> - asset:WHT +20
> then right-click the transaction, assign $80 as payment for the invoice.
> But this will assign the 100 to the invoice then 20 as overpayment to the
> same customer. This is not what we want.
>
> Therefore your *only *currently available steps is (IMHO): process
> payment as usual, for $80 only. This creates a regular transaction:
> - asset:bank +100
> - a/receivable -100 (to clear the invoice)
>
> Then you will do *two* further modifications:
> 1. modify to include split to asset:WHT
> - asset:bank +80
> - a/receivable -100 (linked to invoice)
> - asset:WHT +20
> 2. import OFX/QIF from the bank, and match the OFX transaction to your
> asset:bank split. Thus:
> - asset:bank +80 (linked to OFX online_id)
> - a/receivable -100 (linked to invoice)
> - asset:WHT +20
>
> On Fri, 2 Oct 2020 at 04:25, Paul W via gnucash-user <
> gnucash-user@gnucash.org> wrote:
>
>> Stan,
>>
>> I see what you are saying. Practically I think I need to process the
>> invoice payment twice, first part payment (80) to Accounts Receivable then
>> another payment (20) to Assets: WHT. But I don't seem to have this ability
>> in gnucash because when I process an invoice payment in the 'post to' box
>> only has Assets: Accounts Receivable as an option in the pull down menu.
>> Help!
>>
>> Paul
>>
>>
>> On 2020-10-01 19:14, Paul W via gnucash-user wrote:
>> > Foreign Government A keeps this money and My Government B will credit
>> this amount against my corporation tax liability.
>> >
>> > My invoice is for the full amount, £100.
>> >
>> > Usually (without WHT) when the invoice is paid the full amount is
>> > sent to my Accounts Receivable. In this case I think the way to do it
>> > is for gnucash to send £100 to Accounts Receivable then £80 will go
>> > from here to my Asset: Bank Account and £20 to Asset: WHT. How do I
>> > achieve this in gnucash?
>>
>> Just to be clear, the answer to any question like this is always, "Think
>> of GnuCash as a pen-and-ink ledger. First determine what entries you
>> need to make, to cover your own accounting and tax needs. Once you know
>> that, you can make those entries in GnuCash."
>>
>>
>> > Do you agree this is the way to do it?
>>
>>
>> I don't think so. Since you will collect 80 pounds not 100, the amount
>> in receivables should, I think, be 80 pounds not 100. The 20 pounds is
>> an asset, but it is a prepaid tax expense and not a receivable.
>>
>> Debit: Assets: Receivable from {customer} 80
>> Debit: Assets: Tax prepaid to {Foreign Government} 20
>> Credit: Income: Sales 100
>>
>> Then at the end of the year you make an adjusting entry:
>> Debit: Liabilities: Tax payable to {My Government) {total for the year}
>> Credit: Assets: Tax prepaid to {Foreign Government} {same amount}
>>
>> That lets you track the amounts invoice by invoice or by annual totals.
>> For strictly accounting purposes, that is what I would do. However, your
>> country may mandate doing it in a particular way, so you may want to get
>> local advice on that point. There's no need to bring GnuCash into that
>> discussion; just ask how debits and credits should be recorded.
>>
>> --
>> Regards,
>> Stan Brown
>> Tehachapi, CA, USA
>> https://BrownMath.com
>> https://OakRoadSystems.com
>>
>>
>> _______________________________________________
>> gnucash-user mailing list
>> gnucash-user@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.
>>
>
_______________________________________________
gnucash-user mailing list
gnucash-user@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.
