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From: Steve D. <sd...@sw...> - 2001-12-31 15:17:37
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This isn't too far off. Please see my comments below. Caffeinate The World wrote: > I just set up SQL-Ledger-1.8.0. Trying to learn how to use it. I wanted > to add this transaction, but I'm not sure if I'm doing it correctly. > > We needed a SSL Certificate (which will be renewed yearly). My partner > went online to Thawte and paid $125 for one with her visa. They gave > her an invoice after charging her VISA. My company will have to > reimburst my partner for the $125 later. > > In SQL-Ledger, I did the following: > > 1. added Thawte as a vendor. > 2. AP/Add Transaction: > Record In: 2100-Accounts Payable > Vendor: Thawte-10075 > Invoice Number: SSL2001 > Order Number: *** LEFT BLANK CAUSE NO PO *** > ... > Amount Total: 125 => 5795-Registration The vendor actually should be your partner. You don't owe Thawte anything currently. This creates the following transaction: Debit Registration expense -- 125.00 Credit Accts. Payable (to your partner)-- 125.00 > ...Amount: 125 ...Account: 2680-Loan From Shareholder > ...Source: PartnerName Leave this blank until you pay your partner. Pull up the invoice later when you pay the partner and record the $125.00 payment from cash. That creates the following: Debit Accts. Payable (to your partner)-- 125.00 Credit Cash -- 125.00 Now everything is recorded and the invoice is closed or settled. > > My question for that transaction is, were those the right steps? Should > I have created a PO first via Order Entry/Add Purchase Order? If I > created a PO, it would have asked me to add in the > Inventory/Parts/Services, which isn't an inventory, but an expense. We > aren't going to resell the SSL Certificate, it's for the webserver to > use. You wouldn't want to use a PO. > > > My next questions is when the company pays my partner back, for her > $125, how should that be entered? I would think via the General > Ledger/Add Transaction. Credit 125 1061-Checking, Debit 125 2680-Loans > from Shareholders. It wouldn't make sense to do AP/Add Transaction > cause she's not really a vendor. See above. Go back and apply the payment to close out the invoice when you pay your partner. You actually could have done the whole transaction thru G/L Add trans. also without creating an invoice. You could have just made the two journal entries above at the appropriate times. > > > Is my thinking right? BTW, how is "Source" used in the GL/Add Transaction? Not sure here if that's for comments, or a user name or something. You don't need to use it. > > > __________________________________________________ > Do You Yahoo!? > Send your FREE holiday greetings online! > http://greetings.yahoo.com |