Accounting question.
I have a customer with several years of outstanding invoices. They are
about to be paid, but another customer is going to do the paying.
I am looking for the best way to record and track this.
The process discovered earlier this year for handling employee expensed
vendor purchases in LedgerSMB, should work in reverse for this I think.
That process was:
0. Create two vendors: real and employee.
1. Bill real vendor.
2. Pay from a liability bank account.
3. Pay the employee from the real bank (asset) account, balancing against
an AP clearing account (liability), via cash -> payments [all].
4. Transfer from the AP clearing account (liability) to that liability
bank account to balance the books.
I am thinking that the mirror image of this process would be:
0. Create two customers: original and payer.
1. Bill the original customer.
2. Receive payment to a fake asset bank account.
3. Receive a payment from the paying customer to the actual asset
account, balancing against an AR clearing account (asset), via cash ->
receipt [all].
4. Transfer from the fake asset bank account, to the AR clearing asset
account, to balance the books.
Do I have this right?
The order of steps 3 and 4 on both of these probably don't matter much.
Luke
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