[sent to the list with CC to the OP] On 2022-01-29 17:57, Eric H. Bowen via gnucash-user wrote: > Property taxes are due. Actually, by the time you read this, they will > be past due... I used the "vendor bill" Payables system to track this > when I got the tax bill in November and I've made a partial payment, but > the funds just are not there to choke down the whole thing. So I'm going > to get gigged for a late fee, and possibly even more if I can't settle > up by the end of February. > > What's the proper way to track this?
Why not do what the taxing authority almost certainly does? As soon as you incur that late fee, do a transaction Debit: Expenses:Late Fees Credit: Liabilities:Property Tax BTW, I don't use the invoicing system for things like this, but I dimly recall that GC may not let you do a direct credit to Liabilities:Property Tax. In that case, just enter a new invoice to the same vendor. As you make payments Debit: Liabilities:Property Tax Credit: Assets:Bank Account > If it gets to the point where I > need to make a monthly payment arrangement (basically a 12 month note) I > was going to enter the note as a new liability and credit that towards > the tax payment due. I suppose you could, but that seems overcomplicated. I would simply debit Late Fees and credit Property Taxes for the new fees associated with the 12-month arrangement, then every time you make a payment record it as above. > Asking for a friend.... Uh-huh. _Sure_ you are. :-) -- Stan Brown Tehachapi, CA, USA https://BrownMath.com _______________________________________________ gnucash-user mailing list [email protected] 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.
