[OSGeo Finance] Cancelling Invoices, and restating results

[Frank Warmerdam]

Folks,

I have made an effort this week to generate financial reports for Q4 of 2008.
One concern I had was that we were carrying a bunch of unpaid invoices for
GDAL sponsorship (based on mailing out renewal invoices without knowing
if the sponsors wanted to renew). I wanted to get these voided in FY2008
if they were not going to be collectable so as to not carry a bunch of bogus
income over to 2009.

To that end, we have cancelled one $9000 invoice for sponsorship.  To my
horror I discovered this actually altered the Q3 income/expenses rather than
appearing as an expense to write down the value of the invoice in Q4 as I
had anticipated.  This means that an income and expense report generated for
Q3 has changed, and looks like the attached instead of the report we approved.


Approved:
   http://download.osgeo.org/osgeo/finance/2008Q3_IncomeExpense.html

Revised: (attached)

This is not how I had anticipated things working.  I assumed that if we
declare an invoice uncollectable that would count as an expense in the
quarter we declare it uncollectable.  Is that not normally how this
would be accounted for?  Perhaps voiding the invoice was the wrong approach?

My central concern is that I don't want to be in the position of having to
restate and re-approve old financial results ever time we find we can't
collect on an invoice (or perhaps if an expense were forgiven as well). And
I also don't want to be in a position where our four approved quarterly
reports do not add up to our annual results.

Advice is solicited!  Perhaps some of this relates to the mechanics of
how things work in Quickbooks online.

Best regards,
-- 
---------------------------------------+--------------------------------------
I set the clouds in motion - turn up   | Frank Warmerdam, warmerdam at pobox.com
light and sound - activate the windows | http://pobox.com/~warmerdam
and watch the world go round - Rush    | Geospatial Programmer for Rent

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