Re: [GNC] accrual of property tax payments

2019-02-12 Thread Adrien Monteleone
> On Feb 12, 2019, at 11:47 AM, Keith Bellairs wrote: > > Thanks, Derek. The issue has been around for years, I guess. > > Looking at invoices, for a cash basis user the invoice should get posted to > payables when received and the payable is reversed to expense on the date > the payment is

Re: [GNC] accrual of property tax payments

2019-02-12 Thread Keith Bellairs
Thanks, Derek. The issue has been around for years, I guess. Looking at invoices, for a cash basis user the invoice should get posted to payables when received and the payable is reversed to expense on the date the payment is actually made. For an accrual basis user the expense could be posted

Re: [GNC] accrual of property tax payments

2019-02-11 Thread Derek Atkins
Keith Bellairs writes: > My property tax is payable in 4 installments -- August, November, February, > and May. I have tried to set this up with my town as the vendor and 4 > payments. > > When I ran my income statement for last year, I see that the future > liabilities have been posted with the

Re: [GNC] accrual of property tax payments

2019-02-11 Thread Adrien Monteleone
You should speak with a local CPA, but I’d posit that if you receive a bill for the full amount, then the taxes are all for one year and belong in that year. You are simply being allowed to pay the bill in installments but it is otherwise fully owed. There might be a hitch if the bill received

Re: [GNC] accrual of property tax payments

2019-02-10 Thread Liz
On Sun, 10 Feb 2019 10:10:52 -0800 "Stephen M. Butler" wrote: > On 2/10/19 9:49 AM, Keith Bellairs wrote: > > My property tax is payable in 4 installments -- August, November, > > February, and May. I have tried to set this up with my town as the > > vendor and 4 payments. > > > > When I ran my

Re: [GNC] accrual of property tax payments

2019-02-10 Thread Stephen M. Butler
On 2/10/19 9:49 AM, Keith Bellairs wrote: > My property tax is payable in 4 installments -- August, November, February, > and May. I have tried to set this up with my town as the vendor and 4 > payments. > > When I ran my income statement for last year, I see that the future > liabilities have

[GNC] accrual of property tax payments

2019-02-10 Thread Keith Bellairs
My property tax is payable in 4 installments -- August, November, February, and May. I have tried to set this up with my town as the vendor and 4 payments. When I ran my income statement for last year, I see that the future liabilities have been posted with the date that the bill was posted, not