Hi,
On Thu, February 11, 2021 1:28 pm, Paul Kinzelman wrote:
> I'm running GC 4.4
>
> I'm having trouble generating a tax report that includes paid invoices.
> I'm not an accounting heavy-weight so I'm likely doing something wrong,
> but I don't know what it is.
>
> I created an invoice for a customer and posted it.
> What I see is the money went into AccountsReceivable which is right.
>
> Then they pay the invoice and I mark the invoice as paid.
> The money goes from AccountsReceivable into Checking.
> So when I look at the Checking account, the money says it
> came from the AccountsReceivable account.
>
> However, this money never appears in an Income account.
UMM.. So what account(s) are you specifying on the line-items in the Invoice?
When you post it to A/R -- what are the *other* split-accounts on that
posted transaction?
Those should be your Income accounts.
> So when I do a Reports|TaxScheduleReport that amount
> doesn't appear anywhere in the report so that income is missed
> because AccountsReceivable is not set to be Tax Related but it
> seems like it should be.
Sounds like you're not entering your invoices correctly.
> So if I go to Edit|TaxReport to try to make AccountsReceivable be tax
> related, it does not give me the option to bind it to Schedule C
> like all the other accounts allow. It allows only:
> Tax Report Only - No TXF Report
> F8606 IRA basis at beg of year
> F8606 IRA basis at end of year
> HomeWks Cost of new home
Yeah, don't do that. A/R isn't a Tax account.
> Shouldn't I be able to specify the AccountsReceivable account
> to be binded to Schedule C Sales income?
No. A/R is an Asset.
> To get around it I can change the entry in the checking account for
> the amount to come from Income:Sales and it works but I shouldn't
> have to do that.
Indeed. It should be Income:Sales -> A/R and then A/R -> Checking.
> Shouldn't a paid invoice amount (from AccountsReceivable)
> somehow appear in Income:Sales? Or is
> that for cash-basis accounting and I do want it in
> Accounts:Receiveable for Accrual basis? And if so, shouldn't
> AccountsReceivable be
> able to be designated to appear in my Schedule C under Income?
It should appear in Income:Sales when you post the invoice (not when you
pay it). If it is not doing that, you're mis-assigning your invoice
line-items.
> TIA!
> -Paul Kinzelman, Peralta NM
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.
-derek
--
Derek Atkins 617-623-3745
de...@ihtfp.com www.ihtfp.com
Computer and Internet Security Consultant
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