Purchases for customers and how to enter this
doughnut_nz
dplhunt at gmail.com
Tue Nov 27 07:17:29 EST 2012
Depends a bit on how you want to organise your business. One possible,
simple, option is:
1) When you buy the item
Purchases (the item you bought) $100 debit
Accounts Payable (Credit Card) $100 credit
2) When you charge the customer
Sales (the same item that you purchased) $125 credit
Services Charges (for the work done) $50 credit
Accounts receivable (your customer) $175 debit
3) When the customer pays you
Bank $175 debit
Accounts Receivable $175 credit --> This means the balance of accounts
receivable is now zero
4) When you pay off your credit card company
Bank $100 credit
Accounts Payable $100 debit --> This means that the balance of accounts
payable is now zero
==========
There are lots of other ways of doing this, including ways to combine
transactions so that you do not forget to charge your customer but you
probably need to get to grips with the simple methods first before getting
more complicated. If you have an Accountant then you should consult that
person.
Doug
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