I think I've cracked it. Thanks to Adrien and David for the pointers.
I have created an Accrued Expenses account in:
Liabilities:Accrued Expenses
At the final day of my current accounting period I create a transfer
which adds money to this account as such:
Actions > Transfer
Within the pop up:
* Set date to final day of accounting period.
* Description: Accrued expense for accounting period 221101-231031
* Amount: Expected accountant fee.
* Transfer From: Liabilities:Accrued Expenses
* Transfer To: Expenses:Professional Fees:Accounting
When the invoice from the accountant is received I return the funds from
the accrued accounts:
Actions > Transfer
Within the pop up:
* Set date to that of invoice.
* Description: Transfer from Accrued expenses for accounting period
221101-231031
* Amount: Previously expected accountant fee.
* Transfer From: Expenses:Professional Fees:Accounting
* Transfer To: Liabilities:Accrued Expenses
So in summary from how I now understand this GNUCash doesn't have any
method of linking the accrued expense to the invoice, it just has to be
processed manually.
Thanks!
On 14/05/2024 22:14, Adrien Monteleone wrote:
This is essentially a basic accounting question, not so much 'how to
do this in GnuCash.'
The exact accounts used are up to you, but generically between an
accounts such as:
Dr. Expenses:Professional Services
Cr. Liabilities:Accrued Expenses
When the invoice is received, draw down the Accrued Expenses account
to an Accounts Payable account:
Dr. Liabilities:Accrued Expenses
Cr. Liabilities:Accounts Payable
(when you pay the invoice, you'll draw down the Accounts Payable
account to whatever Asset account you used as a source of funds, e.g.,
Assets:Checking, as with any other Vendor Bill)
In the case of using the GnuCash features, you can enter the accrued
expense manually or via an SX. (Scheduled Transaction)
Then when the accountant's invoice is received, enter a Vendor Bill in
GnuCash with the line items posting to the relevant Accrued Expenses
account, and posting the entire Bill to the relevant Accounts Payable
account.
The date of booking the Accrued Expense should be when the expense was
incurred, thus, when you received service from the accountant.
The date of the Bill should be the date of the accountant's invoice.
The date of the payment is the date you effectively paid it. (usually
the 'tender' date, such as post-marking if sent by snail mail) There
are also 'received' and 'cleared' dates in some cases, but those are
not always relevant to when a debt was considered 'paid' but that will
depend on your specific jurisdicition and circumstances. (those may be
relevant to reconciling your bank/credit account however, if it
factors in.)
As always, this isn't accounting advice - ask your accountant!
Regards,
Adrien
On 5/14/24 8:39 AM, Wesley Brooks wrote:
I'm a basic level user of GNUCash, and generally enter transaction
details mostly by raising bills/invoices and subsequently processing
the payments. The only exceptions to this are how I enter my salary
payments, and transfers between my company and private accounts
covering director loans and repayments.
My accountant has added their charge for accounting and an accrued
expense on their submissions, long before they would raise an invoice.
How do I generate an accrued expense so that it works with a
subsequently raised the invoice, and processed payment in the
following year?
_______________________________________________
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.
--
Wesley Brooks PhD BEng
+44 (0) 1744 410490
+44 (0) 7833 067513
My in office time is non-standard, and currently Monday to Thursday
06:00 - 14:00.
*I do not expect anyone to respond or acknowledge emails outside of
their own usual working hours.*
Brewed Up Research Products & Services Limited
Unit 14, Catapult Too Parade Street Building, Parade Street, St Helens,
Merseyside, WA10 1LX.
Company Number: 11602997
_______________________________________________
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.
