Re: Customer who is Vendor as well?

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

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On Wed Jun  6 22:20:07 2012, Chris Travers wrote:
> On Wed, Jun 6, 2012 at 10:13 PM, Jigme Datse Yli-Rasku
> <..hidden..> wrote:
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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.

Everything on the Company tab did transfer over (very limited
information there), but the information on the accounts tab did not.

> 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
> account level.

That would be very useful.  I can wait.

Jigme Datse Yli-Rasku
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