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Re: Customer who is Vendor as well?
- Subject: Re: Customer who is Vendor as well?
- From: Jigme Datse Yli-Rasku <..hidden..>
- Date: Wed, 06 Jun 2012 22:13:24 -0700
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On Wed Jun 6 18:37:57 2012, Chris Travers wrote:
> On Wed, Jun 6, 2012 at 4:27 PM, Jigme Datse Yli-Rasku
> <..hidden..> wrote:
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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?
> First if you have the customer or vendor record created, note the
> control code on the company tab.
> Then go to the new customer/vendor screen (whichever one you want to
> *create* for the same) and enter that, and click retrieve. Then you
> can add more credit accounts on the other class.
> The next step is handling the actual credits. You could then create a
> cash account (asset or liability depending on what your prevailing
> balance is) for managing the actual overpayments. Then the
> overpayment interface would be sufficient to track these.
I'm confused as to what this has done for me. I see that they have the
same control code, but I see none of the other data associated with the
customer has been transferd over to the vendor account. Should this
I can understand why it might not have happened automatically, or why
you would want different information attached to different accounts
with the same entity. In this case it would be really nice to not have
to hop back and forth, or manually transfer this information. I'm not
sure if I'm being picky, or what. It's just not behaving how I
expected, I can see they are connected, but I'm not quite sure what the
advantages are at this point to me versus creating the two separate
accounts. Maybe this is documented somewhere?
So this is what I have done:
Created a Customer (ACOS) with control code A-00005,
Added Vendor by entering Control Code A-00005 and Retrieving whatever I
Created Cash account based on Petty Cash account called ACOS Account,
incrementing account number.
Set that account as the default payment account on both the vendor and
No invoices have been made yet.
As I understand it, this is roughly what the process would look like.
Jigme Datse Yli-Rasku
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