[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

Re: How to handle periodic cash reciepts vs. non-periodic accounts payable?

On Tue, 2006-09-26 at 12:50 +1000, David Tangye wrote:
> > This appeared to work fine until I reached the point that the next
> > bi-weekly payment was more than the remaining unpaid balance in an
> > invoice entry.  This would be where I would get to the "overpay"
> > situation.  I'd apply the full amount of the bi-weekly payment, and
> > end up with an AR transaction with a negative amount due.
> Incorrect. The payment needs to be broken into 2: full payment of the
> amount outstanding, plus a prepayment.

Not necessarily incorrect. As has been said if this is a big part of
your business you may _want_ to break the transaction into to so you can
book the pre-payment to a liability account.

What I would say is the easiest way of handling this is, when the
payment is for more than the amount showing as owing: Make a cash
receipt, select the existing transaction to pay it in full, click
update, change the amount to the full amount of the payment then post
the receipt _without_ updating first.

> > So, how do you create 0.00 reciepts, since I've clearly not seen the
> > way yet.
> Umm, dont even go there. Someone should hopefully tell you how to
> handle
> prepayments. have you looked in the manual?

select all the open transaction and click update. if the amount isn't
$0.00 then you have either collected too much or not enough and you need
to make an adjusting transaction to account for that difference.

Tony Fraser
Sybaspace Internet Solutions                        System Administrator
phone: (250) 246-5368                                fax: (250) 246-5398