Customer who is Vendor as well?

[Jigme Datse Yli-Rasku <..hidden..>]

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I have a customer who is a vendor as well, and I would like to record
credit for work that I am doing for them.  I'm not sure if I can do
this relatively simply with the LSMB 1.3 versions or not, as I see
that things have changed fairly significantly since I was last working
with this situation in LSMB.

Currently *they* are recording credit for me for when I do work, and
they are happy with the situation for this.

I would like to also record the credit myself.  I have heard of a
number of ways of doing this.  I want this to be relatively simple,
yet also correct accounting practice.  I would like to record vendor
invoices, so that I can track the prices of the products that I
receive from them.  Though I'm not sure if it would go into owners
drawings or business expenses as I'm not sure if the products they are
providing are considered legitimate business expenses (health
products).  I think they should be considered business expenses, but
the government may beg to differ.

If the Vendor and Customer can be attached to the same entity, I
wonder if anything needs to be done accounting wise?  Can I have an
open Sales Invoice that has a balance on it, and then Vendor Invoices
come in?  Or does that not meet proper accounting practices?

Wave Accounting Support said to create an account (I can't remember
what they called it) for the entity, and charge the Sales Invoice to
that account, and pay the Vendor Invoice via that account.  Then
outstanding balance pay via other standard accounts.  This will be an
ongoing thing, and not exactly what they had in mind, but this would
work also.

So, what would be the best approach in LSMB?

Jigme Datse Yli-Rasku

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