Theana, In accounting and in GnuCash, Bills and Invoices are examples of specialized business transactions where businesses extends a limited credit facility to its customers and are not accounts. A bill is an invoice created by another business that your business receives requesting payment and an Invoice a request ofr payment issued by your business to another business.
A Bill when it is recorded generally affects two accounts, an expense account which appropriately record the category of expense (usually a specific sub- account of the generic top level Expense account and an Accounts Payable account which is a specialized account of type Liability. Recording a bill is done by crediting the accounts payable and debiting the appropriate expense account by the amount of the bill. Recording Payment of the Bill will be a credit to a bank account and a debit to the Accounts Payable account. Conversely an Invoice debits a specialized asset account Accounts Receivable and credits an appropriate Income account or sub account to create the invoice. When payment of the invoice is received you record it by a debit entry to the relevant Bank account and a credit entry to the Accounts Receivable account. During the import procedure GnuCash has a step where category information from Quicken, which generally corresponds to accounts in GnuCash, is assigned to specific accounts in the GnuCash account tree. The most likely association for Bills will be to the Accounts Payable and for Invoices to the Accounts Receivable. Others who have imported business information from Quicken may be able to offer you some more specific advice. David Cousens On Thu, 2023-08-31 at 10:31 +0200, Theana Wessels wrote: > Good day, > > I am migrating from Quicken, I have read the migration documentation but am > experiencing problems with migrating the business data. > > I've exported all the Quicken data in one QIF file. The "normal" financial > data migrated successfully with accounts created for all the Quicken > categories etc, but all the business data is grouped under one account > called "business bills". The categories used in the business centre in > Quicken are not replicated with accounts in GnuCash. > > When importing the QIF file, I do get messages about unknown account > types. > > > *Account type: The account type "Bill" is unknown, using Bank instead.* > > *Account type: The account type "Invoice" is unknown, using Bank instead.* > *Account type: The account type "Tax" is unknown, using Bank instead.* > > I was considering editing the QIF file, but I'm not sure if it will work. > > Any help would be greatly appreciated > > Kind regards, > Theana > _______________________________________________ > gnucash-user mailing list > gnucash-user@gnucash.org > To update your subscription preferences or to unsubscribe: > https://lists.gnucash.org/mailman/listinfo/gnucash-user > ----- > 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 ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
