I setup an Asset account as a sub-account to the Bank's Saving account
called "Sinking Fund". In a spreadsheet I list all the "one-time"
[quarterly, semi-annual, annual] payments that need to be made. Add
these up then divide by 12. This is how much you MUST move from
checking to savings each month in order to have funds available as
needed. You may need to preload an amount to keep from going negative
sometime during the year.
I then setup an automated monthly transfer at the bank to fire each
month to move that amount each month from checking to savings.
I also setup a monthly scheduled transaction in GnC to fire on the same
day as the automated bank transfer. This transaction is set to load 15
days before the scheduled date so I can watch the checking account
register to be sure the funds will be there for the automated transaction.
Then as each of these amounts come due, I move the funds from savings
back to checking and then write the check to make the payment (in my
account I setup the payment on the bank's system for them to draw the
funds from checking). Be sure to enter both transactions in GnC:
1. Move the funds from Sinking to Checking.
2. Make the payment on the date the bank says the check will arrive at
the payee.
On 1/29/22 17:57, Eric H. Bowen via gnucash-user wrote:
Property taxes are due. Actually, by the time you read this, they will
be past due... I used the "vendor bill" Payables system to track this
when I got the tax bill in November and I've made a partial payment,
but the funds just are not there to choke down the whole thing. So I'm
going to get gigged for a late fee, and possibly even more if I can't
settle up by the end of February.
What's the proper way to track this? If it gets to the point where I
need to make a monthly payment arrangement (basically a 12 month note)
I was going to enter the note as a new liability and credit that
towards the tax payment due. But if I can get this cleared up by late
February or mid-March then I'll just have a month or two of late
fees/interest due. Is there a way to associate that with the tax
payment after the bill has been posted? How should it properly be
handled?
Asking for a friend....
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Stephen M Butler, PMP, PSM
stephen.m.butle...@gmail.com
kg...@arrl.net
253-350-0166
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