Purchases for customers and how to enter this

[Robert Heller]

At Tue, 27 Nov 2012 04:17:29 -0800 (PST) doughnut_nz <dplhunt at gmail.com> wrote:

> 
> 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

This could (should?) be done with an Invoice.

> 
> 3) When the customer pays you
>     Bank $175 debit
>     Accounts Receivable $175 credit --> This means the balance of accounts
> receivable is now zero

If (2) was done with an Invoice, then a Process Payment handles this.

> 
> 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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-- 
Robert Heller             -- 978-544-6933 / heller at deepsoft.com
Deepwoods Software        -- http://www.deepsoft.com/
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