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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
..hidden..
Sybaspace Internet Solutions                        System Administrator
phone: (250) 246-5368                                fax: (250) 246-5398