On Wed, 21 Dec 2022 at 23:42, Adrien Monteleone <
adrien.montele...@lusfiber.net> wrote:
> Just un-post, edit and re-post. Still work, but no need to start over.
>
Since the accounts were not set up optimally, I'd rather just delete them,
and start again. There are less than a dozen entered.
> > I believe that Accounts Payable will need sub accounts for GBP, USD and
> > EUR. Not having three Accounts Payable in each currency should make
> posting
> > bills easier, as I will not have to select Bank, PayPal or eBay. If
> there’s
> > only one choice with the matching currency I assume that GnuCash with
> know
> > where to post.
>
> You do need separate AP for each currency, true. (or at least I've heard
> it helps, it may indeed be required)
>
You definitely do. You can't post a USD transaction to a GBP Accounts
Payable.
>
> As for smart guessing, that I'm not so sure of, but you never know till
> you try. In a worst case, you can still choose the one you want. Posting
> isn't automatic.
>
The default choice is automatic. GnuCash definitely does give one a list of
Account Receivables to choose from, but only in the correct currency. But
I'll drop the PayPal, Bank and eBay specific ones.
> I have not set them up as vendors.
>
> I didn't think so, which is why I didn't understand the need for AP
> accounts for them.
>
> The *usual & generic* transaction flow should go something like this:
>
> New Bill from Vendor
> -----
> Dr. Expenses
> Cr. AP
>
> Paying the Bill
> -----
> Dr. AP
> Cr. Assets
>
> ('Assets' being your payment method/source of funds - Cash, Bank,
> PayPal, Credit Card, Gift Card, etc.)
>
> Return/Cancellation/Refund from Vendor (full or partial) - as a Credit Note
> -----
> Dr. AP
> Cr. Expenses
>
> Receipt of funds from Vendor
> -----
> Dr. Assets
> Cr. AP
>
> If you end up with a Credit Note situation before (fully) paying the
> original Bill, you can simply post the Credit Note, then Process Payment
> selecting both the Bill & Credit Note to offset each other. (partially
> or fully, as the case may be)
>
> Regards,
> Adrien
>
Thank you
Dave
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