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Re: General Ledger queries
- Subject: Re: General Ledger queries
- From: Benedict White <..hidden..>
- Date: Mon, 03 Mar 2014 19:02:52 +0000
On 03/03/14 03:53, Chris Travers wrote:
> Ok, this may seem a little long-winded but it might be worth providing
> a basic introduction here. We try to keep relatively close to the
> paper world because the techniques of paper accounting are robust,
> transparent, and time tested.
> In the paper accounting world you have journals and ledgers. The
> journals are where you enter your transactions and the ledgers are
> aggregations of what was entered. The general ledger is thus the
> financial side of your books aggregated from all your journals
> (general, sales, purchase, payroll, receipts, disbursements, etc).
> You may have various special ledgers as well (showing such things as
> inventory or share ownership).
> This distinction is blurred in the software world but it is still a
> useful distinction to keep in mind. Stuff gets entered into journals.
> It gets presented in ledgers. We are moving more towards this
> approach with the financial rewrite I am hoping to complete for 1.5.
> The big thing missing from the general journal/ledger is an ability to
> connect directly to any other information. So for a few directors or
> banks who loan money, you can track who is owed using separate chart
> of accounts entries. Misc expenses might be ok too as long as you
> don't have to track who the money was owed to and they are paid at the
> same time they are accrued. However for expenses, I would just go
> with AP transactions against a generic vendor if they are paid right
> there. This helps ensure that your AP reports show the expenses.
So just to clarify, I would say set up a vendor for one offs, and post a
purchase order against that?
How would I then pay the person who had incurred that expense on behalf
of the company?
(Sorry for being a bit slow on the uptake, I am also reading a book on
book keeping as well as reading the manual)
OK, but could we get an expenses claim form integrated into the system
somehow in a future version, so that it would record a debt owed to an
employee who had gone and bought something, to be reimbursed from either
a bank to bank or petty cash payment?
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