[GNC] Unable to reconcile
I'm trying to reconcile current account. Opening and closing balances tally, as does reconciled balance, but I cannot finish the reconciliation because the cleared balance is different. Total paid in and total paid out are correct. Have made sure that all transactions that should be reconciled are marked off. What is causing this discrepancy? -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] Unable to reconcile
Hi, On Wed, June 26, 2019 3:58 pm, Daisy wrote: > I'm trying to reconcile current account. Opening and closing balances > tally, as does reconciled balance, but I cannot finish the reconciliation > because the cleared balance is different. Total paid in and total paid out > are correct. > > Have made sure that all transactions that should be reconciled are marked > off. > > What is causing this discrepancy? Make sure your ending balance, as entered when you start the reconcile process, matches your statement ending balance. And then make sure only the items on the statement are checked off in the reconcile window. > 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 ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] best accounting practice for refund
Something didn’t;t work. I created a credit note for the client and created a new account “Credit Prepayments) under Liabilities. When creating the note, instead of selecting an income account, I selected the new liabilities account and then posted the note. I then tried to process a payment for an outstanding invoice using the credit note but nothing happened. Where did I go wrong? > On Jun 26, 2019, at 9:09 PM, Eric Rathhaus (general) > wrote: > > Thanks! > >> On Jun 26, 2019, at 7:41 PM, Adrien Monteleone >> wrote: >> >> In that case, certainly, you need to use credit notes. >> >> I don’t see any reason why this ‘wouldn’t work from an accounting >> standpoint’ but if you find a problem, instead of cutting a check to the >> customer as payment for the credit note, combine this with option #2 I >> listed, and this time, use that Liabilities:Customer Deposits account to >> ‘pay’ the credit note. This will show you have a liability to them and then >> you can decrease it by using it to later pay for future work. The credit >> note is cleared out instantly and you still track the money, however, any >> Aging Report or Customer Report will no longer reflect this deposit >> liability as a credit to them. You’d have to handle that part manually in an >> outside spreadsheet. (you could export the Customer/Aging Report to one >> sheet tab, export an Account or Transaction Report to another in the same >> workbook, and then devise a 3rd tab with references to those two to create >> the proper consolidated report) >> >> Note that doing it this way really isn’t necessary as GnuCash will track >> your overall AR and the balance for each customer if you just leave the >> Credit Notes hanging around until applied as future payments. >> >> I’d say you should speak to a local CPA, and then if you still have options, >> which one you go with would be a matter of personal preference. >> >> Regards, >> Adrien >> >>> On Jun 26, 2019, at 8:51 PM, Eric Rathhaus (general) via gnucash-user >>> wrote: >>> >>> Hi Geert - >>> >>> I already issued the invoices and processed my clients payments against the >>> invoices. These payments are for filing fees to the US government for >>> which I subsequently cut checks. I created a job for this client that I use >>> to invoice these fees alone. The size of the filing fees is too high for me >>> to provide my client short-term loans to cover and then invoice later. My >>> client, in turn, won’t issue a payment without an invoice. So I issue an >>> invoice to my customer to get the prepayment. There are some complicated >>> legal reasons why once per year some of the filing fees won’t be cashed by >>> the government. The rest of the year everything is fine as I just ensure >>> the client paid all the invoices for the special job and then bill for my >>> work and other expenses on invoices for each specific job. This year I >>> have over $12k of funds I need to return to the client somehow. In the >>> past I created a credit note under the special job and sent my client a >>> check. This year they want me to use the credit to offset invoices for >>> subsequent work. I like the idea of creating a credit note under the >>> special filing fee job I use for these payments and then applying the >>> credit against other invoices I issue but I’m not sure if it will work from >>> an accounting standpoint. >>> On Jun 26, 2019, at 1:29 PM, Geert Janssens wrote: The way I understand your scenario I believe you can model what the customer does almost one to one into gnucash actions. 1. Customer prepays for expenses -> Create a payment for that customer using Business->Customer->Process Payment You can choose to map this payment to outstanding invoices or not. If you don't, it will simply register a prepayment for the customer. 2. At some point you send an invoice to the user -> Create this invoice using Business->Customer->New Invoice... and post it. 3. Now you can choose - does your invoice have (some of) the prepaid expenses ? If so, apply (part of) that prepayment to your invoice using Business- > Customer->Process Payment After this there may be an outstanding balance the customer still has to pay. 4. If the customer pays that outstanding balance, create the payment via Business->Customer->Process payment. Then repeat for the next cycle/invoice. If you are importing your payments instead of manually entering them, you can also select the payment in the respective account, right-click and choose "Assign as payment..." instead of the above mentioned "Process Payment" As Adrien also suggests at any time you could look at the Receivables Aging or Customer report to see what's the customer's current balance. Regards,
[GNC] How to reconcile an account which have entries from posting Customer Invoice or Vendor Bill
Hi, I try to reconcile an account which have entries from Customer and Vendor modules when I post Invoices and Bills. I am not able to change Reconciliation field to 'c' for these entries. Any help? Thanks. Jayakumar Chakravarthy ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
Re: [GNC] best accounting practice for refund
Nope. 1. Create the credit note and assign the line items either back to the same original income account(s) used, or to a new one along the lines of “Returns & Allowances” or “Refunds” or something similar if you want to keep track of this separately. (this is considered a ‘contra account’ because its normal balance is opposite of what is expected) 1a. Post the credit note. (should default to be assigned to AR) 2. Then ‘pay’ it with the liability account you created. This will affect your books at each step like so: 1a. Income is debited either directly or via the contra account 1a. AR is credited for the amount of the credit note 2. AR is debited for the amount of the credit note 2. The Liabilities:Credit Payments account is credited (your now tracking a pre-payment liability owed to the client) The only step that should be different in this process than what you were doing before is step 2. Instead of paying with the checking account and printing a check, you’re transferring the customer’s AR balance to a liability account. Step 1 - the credit note itself, should be the same as before. There will then be a new step 3 - which is where you ‘pay’ a future invoice with all or part of the balance in the new liability account. - *NOTE* If you don’t need to keep track of the pre-payment as a liability (not necessary unless a CPA advised it) then just skip creating that special account and don’t use it. Simply leave the credit note (still created as always) outstanding till it is needed to offset a future invoice. You don’t even have to send it to the client if they don’t need it. When you need to offset a future invoice, process a payment, choose BOTH the credit note and the invoice being offset. Enter any additional payment being made and assign that to the appropriate asset account. Complete the payment. Mind you, this is probably the best route to take. It will allow you to still see the overpayment/pre-payment in their account report, and you can send them a statement that reflects this. The option with the liability account makes this very difficult. Sorry if I created any confusion. With the original limited info, I was just offering all the options I could think of. Which route you take is up to you as it best meets your needs and requirements. Regards, Adrien > On Jun 28, 2019, at 12:39 AM, Eric Rathhaus (general) > wrote: > > Something didn’t;t work. I created a credit note for the client and created > a new account “Credit Prepayments) under Liabilities. When creating the > note, instead of selecting an income account, I selected the new liabilities > account and then posted the note. I then tried to process a payment for an > outstanding invoice using the credit note but nothing happened. Where did I > go wrong? > >> On Jun 26, 2019, at 9:09 PM, Eric Rathhaus (general) >> wrote: >> >> Thanks! >> >>> On Jun 26, 2019, at 7:41 PM, Adrien Monteleone >>> wrote: >>> >>> In that case, certainly, you need to use credit notes. >>> >>> I don’t see any reason why this ‘wouldn’t work from an accounting >>> standpoint’ but if you find a problem, instead of cutting a check to the >>> customer as payment for the credit note, combine this with option #2 I >>> listed, and this time, use that Liabilities:Customer Deposits account to >>> ‘pay’ the credit note. This will show you have a liability to them and then >>> you can decrease it by using it to later pay for future work. The credit >>> note is cleared out instantly and you still track the money, however, any >>> Aging Report or Customer Report will no longer reflect this deposit >>> liability as a credit to them. You’d have to handle that part manually in >>> an outside spreadsheet. (you could export the Customer/Aging Report to one >>> sheet tab, export an Account or Transaction Report to another in the same >>> workbook, and then devise a 3rd tab with references to those two to create >>> the proper consolidated report) >>> >>> Note that doing it this way really isn’t necessary as GnuCash will track >>> your overall AR and the balance for each customer if you just leave the >>> Credit Notes hanging around until applied as future payments. >>> >>> I’d say you should speak to a local CPA, and then if you still have >>> options, which one you go with would be a matter of personal preference. >>> >>> Regards, >>> Adrien >>> On Jun 26, 2019, at 8:51 PM, Eric Rathhaus (general) via gnucash-user wrote: Hi Geert - I already issued the invoices and processed my clients payments against the invoices. These payments are for filing fees to the US government for which I subsequently cut checks. I created a job for this client that I use to invoice these fees alone. The size of the filing fees is too high for me to provide my client short-term loans to cover and then invoice later. My client, in turn, won’t issue a payment witho
Re: [GNC] How to reconcile an account which have entries from posting Customer Invoice or Vendor Bill
What account is that? AR will have entries for Customer postings. AP will have entries for Vendor postings. But I don’t know of any account that has them together. Also, AR and AP aren’t usually something you reconcile. Reconciliation is a process to verify that some financial institution’s statement they sent you matches with your records. There’s no outside institution to verify your own AR and AP with. Regards, Adrien > On Jun 28, 2019, at 12:55 AM, Jayakumar Chakravarthy > wrote: > > Hi, > > > I try to reconcile an account which have entries from Customer and Vendor > modules when I post Invoices and Bills. I am not able to change > Reconciliation field to 'c' for these entries. > > > Any help? > > Thanks. > > > Jayakumar Chakravarthy ___ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. - Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
