Hello there, I know KF changed how does money transfers between accounts works back in 2009. New system is great, however not usable for real life usage in some cases. The problem occurs when transfers are not immediate (for example PayPal -> Current acc or Amazon -> Current). It is not a big deal if transfer is in the middle of financial year, however if transfer was made in year 1, but money received in year 2 - this is where clash begins. It is possible to overcome this by doing some additional transactions to debtors control account - however in my opinion - it is only overcomplicating things for such primitive transaction. What do you think about possibility to have money transfers between accounts with different dates? Where money first automatically goes to Debtors Control for a few days, then goes to another account. If you run Balance sheet - it will show you have X amount in Debtors Control. That would make life easier for such transactions as: PayPal -> Current acc. Amazon -> Current acc. Current acc. <-> Current acc. in another bank
Why debtors control? Debtors Control is a nominal we don't allow journals to - the only way to affect it's balance is by raising an invoice or adding a payment. I don't see why when the money is "in transit" between banks you'd want it on that account. Surely a better way to do this is a suspense account of some sort? Or you could set up an additional interim bank account for this - transfer the money to the interim account when it leaves Paypal, and then from the interim account to the Current Account when it lands there.
Thanks for such quick reply, Duane. Please excuse me, just started using KF recently - didn't know you can't do that. Please correct me if I am wrong, but as soon as money is out of PayPal - PayPal is your debtor until it reaches your current account, so why not on debtors control? Sure - there is work around this issue - not a huge problem, however what I meant - it is overcomplicating things for such easy transaction between accounts. You would have to create PayPal "debit" account, amazon debit account, bank #1 debit, bank #2 debit. Or have one account for all this transactions ("money in transit") is also possible, however a little messy. And always create 2x transactions - to and from these debit accounts on different dates. I just thought such simple feature would be very useful and time saving for many users here who use such transactions. P.S. Writing all this on Saturday afternoon, makes me think about possibility to "get a life".