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Re: Customer who is Vendor as well?
- Subject: Re: Customer who is Vendor as well?
- From: Chris Travers <..hidden..>
- Date: Wed, 6 Jun 2012 22:20:07 -0700
On Wed, Jun 6, 2012 at 10:13 PM, Jigme Datse Yli-Rasku
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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
> have happened?
The following data should have been transferred over: Everything on
the company tab and bank accounts tab.
Also notes defined as entity-level will be visible on both. In 1.4 it
will be possible to share (or not) addresses and contact info as well.
These will be designated as shared/entity level or non-shared/credit
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