Re: [SL] Reminder Needed: Changing Linking Account

[Paul T. <pt...@wa...>]

How do you enter payments? If via a suspense account, there might be some
set offs not automaticaly going trough. Let me explain:

I use a ledger for A/P (#1600) when entering invoices. When paid from the
bank I debit A/P invoices paid suspense account (#1605). Then the A/P dept
can apply the amounts in #1605 to settle the paid invoices. Quicker on bank
account entry, leaving A/P dept with the hassle. But then, they now the
suppliers better than I do ;-)

However, the overall balance sheet looks right, even when not settled:
Current Liailities for A/P minus A/P suspense account (1600 and 1605
combined via GIFI code 1600) gives me the correct and  actual Liabilities
amount. Life is good ;-)

What I mean to say is, there might very well be some payments not allocated
to the A/P (sub) ledger, which will result in a huge total on A/P. Search
for your equivalent of #1605!

Hth,
Paul

2009/2/26 Rich Shepard <rsh...@ap...>

>   When I prepare an Accounts Payable transaction it's apparently entered
> both in A/P and Current Liabilities. The latter is the default under the
> specific expense account widget. It's been so long that I have forgotten
> where to change that default to A/P so it's cleared when paid, and not
> accumulated as a current liability.
>
> TIA,
>
> Rich
>
> --
> Richard B. Shepard, Ph.D.               |  Integrity            Credibility
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