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Posted by Captain Infinity on December 11, 2008, 1:33 pm
Please log in for more thread options Once Upon A Time,
Laura wrote:
>> We've just started Quickbooks, and are beginning to enter January
>> payables.
>> However, they are all being distributed to December in the ledger,
>> specifically
>> the date of the invoice. How do we edit distribution dates so the payable
>> is
>> expensed to the correct month? Thanks in advance.
>
>
>Using the date of the invoice is correct. These are for expenses incurred in
>December (or before) but not due until January.
>
>There are 2 scenerios:
>
>If you are an accural based company then QB will use the invoice date on
>your financials. You incurred the expense in 2008 so they belong on the 2008
>financials.
According to our accountant, we are on an accrual basis, whatever that means.
However, in regards to your explanation, in the case of something like our
Health Insurance costs, we pay a month in advance of the covered month. So, for
instance, a check we write today (in December) pays for January's coverage. We
want the ledger to show the payment as a January expense.
Ninety percent of the bills we pay will do just fine as things are going, but
there are a handful where we need to shoot the distribution into the next month.
And, in fact, my A/P person likes to "pre-load" some payables for the full year
for things repeat every month, so they come up automatically on the aged open
payables reports. Can't see a way to do that just yet.
We've been using Real World up to now, by the way, which allows for all this
kind of stuff. But it's a DOS-based dinosaur that no longer runs on one of our
machines, thanks to a recent Windows Update that tweaked some driver/memory
setting that we can't fix. So it's got to go.
**
Captain Infinity
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