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From: Ed W. <ew...@rh...> - 2002-01-16 15:51:16
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-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 We've been using sql ledger for over a year now and its truely been a stable and efficient accounting program. My accounting knowledge is minimal but the program is simple enough to use and understand for all but one service we offer. This question should probably be directed to an accountant, but I thought I'd give it a shot here first. The question I have is regarding items we purchase from a vendor and then use as short-term rental merchandise to our customers. Initially we had this set up (albeit incorrectly) by creating the vendor order and price, recieving the item and adding to our inventory, then billing the item out at the rental rate to our customers (most of the time its a daily rate below the original purchase price). The problem we are having is how do we add the item back into inventory without crediting the customer account once it is returned? Thaks for Your time and help, - -- Ed Wiget Owner/Senior Network Security Consultant RHP Studios "Keeping Your Data Safe!" http://www.rhpstudios.com email: ew...@rh... email2: sec...@rh... Office: 606-564-0046 Toll Free: 866-G02-RHPS (866-402-7477) Fax: 606-564-0076 -----BEGIN PGP SIGNATURE----- Version: GnuPG v1.0.6 (GNU/Linux) Comment: For info see http://www.gnupg.org iD8DBQE8RaE++EoLKxIs7PwRAmIxAJ4p03cVRwX9bhQc5ZN/ux22yZxsqACfQWFt lAw9m5DyUKmKSJ7sSycxFrE= =0c8z -----END PGP SIGNATURE----- |
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From: Dieter S. <dsi...@sq...> - 2002-01-16 20:11:26
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You could issue a zero amount invoice with a negative quantity (returned item). Your customer has a record that he returned the equipment and you add the equipment back to inventory. Dieter Simader http://www.sql-ledger.org (780) 472-8161 DWS Systems Inc. Accounting Software Fax: 478-5281 =========== On a clear disk you can seek forever =========== On Wed, 16 Jan 2002, Ed Wiget wrote: > -----BEGIN PGP SIGNED MESSAGE----- > Hash: SHA1 > > We've been using sql ledger for over a year now and its truely been a stable > and efficient accounting program. My accounting knowledge is minimal but the > program is simple enough to use and understand for all but one service we > offer. This question should probably be directed to an accountant, but I > thought I'd give it a shot here first. > > The question I have is regarding items we purchase from a vendor and then use > as short-term rental merchandise to our customers. Initially we had this set > up (albeit incorrectly) by creating the vendor order and price, recieving the > item and adding to our inventory, then billing the item out at the rental > rate to our customers (most of the time its a daily rate below the original > purchase price). > > The problem we are having is how do we add the item back into inventory > without crediting the customer account once it is returned? > > Thaks for Your time and help, > - -- > Ed Wiget > Owner/Senior Network Security Consultant > RHP Studios > "Keeping Your Data Safe!" > http://www.rhpstudios.com > email: ew...@rh... > email2: sec...@rh... > Office: 606-564-0046 > Toll Free: 866-G02-RHPS (866-402-7477) > Fax: 606-564-0076 > -----BEGIN PGP SIGNATURE----- > Version: GnuPG v1.0.6 (GNU/Linux) > Comment: For info see http://www.gnupg.org > > iD8DBQE8RaE++EoLKxIs7PwRAmIxAJ4p03cVRwX9bhQc5ZN/ux22yZxsqACfQWFt > lAw9m5DyUKmKSJ7sSycxFrE= > =0c8z > -----END PGP SIGNATURE----- > > |
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From: Ed W. <ew...@rh...> - 2002-01-17 14:32:11
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-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 Thanks Dieter. I never thought about doing it this way and hopefully all responses to my question will help others too. Steve Doerr also posted an excellent reply and instructions, and I'm thanking him in this same email--thanks. Your suggestion is the way 'I should' be doing this. Thanks again to both of you, - -- Ed Wiget Owner/Senior Network Security Consultant RHP Studios "Keeping Your Data Safe!" http://www.rhpstudios.com email: ew...@rh... email2: sec...@rh... Office: 606-564-0046 Toll Free: 866-G02-RHPS (866-402-7477) Fax: 606-564-0076 On Wednesday 16 January 2002 03:11 pm, Dieter Simader wrote: > You could issue a zero amount invoice with a negative quantity (returned > item). Your customer has a record that he returned the equipment and you > add the equipment back to inventory. > > > Dieter Simader http://www.sql-ledger.org (780) 472-8161 > DWS Systems Inc. Accounting Software Fax: 478-5281 > =========== On a clear disk you can seek forever =========== > > On Wed, 16 Jan 2002, Ed Wiget wrote: > > -----BEGIN PGP SIGNED MESSAGE----- > > Hash: SHA1 > > > > We've been using sql ledger for over a year now and its truely been a > > stable and efficient accounting program. My accounting knowledge is > > minimal but the program is simple enough to use and understand for all > > but one service we offer. This question should probably be directed to > > an accountant, but I thought I'd give it a shot here first. > > > > The question I have is regarding items we purchase from a vendor and then > > use as short-term rental merchandise to our customers. Initially we had > > this set up (albeit incorrectly) by creating the vendor order and price, > > recieving the item and adding to our inventory, then billing the item out > > at the rental rate to our customers (most of the time its a daily rate > > below the original purchase price). > > > > The problem we are having is how do we add the item back into inventory > > without crediting the customer account once it is returned? > > > > Thaks for Your time and help, > > - -- > > Ed Wiget > > Owner/Senior Network Security Consultant > > RHP Studios > > "Keeping Your Data Safe!" > > http://www.rhpstudios.com > > email: ew...@rh... > > email2: sec...@rh... > > Office: 606-564-0046 > > Toll Free: 866-G02-RHPS (866-402-7477) > > Fax: 606-564-0076 > > -----BEGIN PGP SIGNATURE----- > > Version: GnuPG v1.0.6 (GNU/Linux) > > Comment: For info see http://www.gnupg.org > > > > iD8DBQE8RaE++EoLKxIs7PwRAmIxAJ4p03cVRwX9bhQc5ZN/ux22yZxsqACfQWFt > > lAw9m5DyUKmKSJ7sSycxFrE= > > =0c8z > > -----END PGP SIGNATURE----- -----BEGIN PGP SIGNATURE----- Version: GnuPG v1.0.6 (GNU/Linux) Comment: For info see http://www.gnupg.org iD8DBQE8RuAx+EoLKxIs7PwRApFmAJ0fVX5DV3QtAXkhO2iZgwIfrP82/ACfbMAG OXCnJ3564/d2KCboLADqrIk= =ZyFz -----END PGP SIGNATURE----- |
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From: Steve D. <sd...@sw...> - 2002-01-17 03:08:51
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Hi Ed. First of all, Dieter's solution is fine since you've already recorded it as inventory and you're small enough that no bankers or auditors are requiring you to keep your books in accordance with U.S. GAAP (generally accepted acctg. principles). Now for the proper acctg. treatment. What you have here is an operating lease, which you should record as a Capital Asset (not inventory), which you will depreciate, and record the subsequent revenue received from leasing it. Here's how that would go in SL: create an acct. under the Capital Assets heading called something like: 18XX - (description of) Equipment Leased to others (check it as an Exp/Asset item) Show the purchase of above equip.: AP -> Add Transaction fill in pertinet data select the new Cap Asset next to the amount box pay for it on purchase or later (whatever applies) Create a lease revenue acct somewhere under the Sales Revenue heading called: 4XXX - Leased/Rental Equip. Revenue check this as an income item Show the rental/leasing of said equip: AR -> Add Transaction fill in pertinent data select your new lease/rental revenue acct. next to the amount box show receipt of payment on lease or later (whatever applies) Then you depreciate it as appropriate over the life of the asset: GL -> Add Transaction Debit Amort/Deprec. Exp (appropriate amt.) Credit Accum. Amort./Deprec. (appropriate amt.) No inventory involved. You can keep track of where stuff is at and depreciation by asset with a spreadsheet if you need to. This is just how you would have to record the above activity if you were ever subject to an audit. As long as that isn't the case, and you can keep track of things, you can do it through inventory. Just keep in mind if you take on partners, sell out, or do any lending from banks, accountants and lawyers will probably get involved, and you'll most likely be subject to GAAP for your books. Hope that helps, Steve Ed Wiget wrote: > -----BEGIN PGP SIGNED MESSAGE----- > Hash: SHA1 > > We've been using sql ledger for over a year now and its truely been a stable > and efficient accounting program. My accounting knowledge is minimal but the > program is simple enough to use and understand for all but one service we > offer. This question should probably be directed to an accountant, but I > thought I'd give it a shot here first. > > The question I have is regarding items we purchase from a vendor and then use > as short-term rental merchandise to our customers. Initially we had this set > up (albeit incorrectly) by creating the vendor order and price, recieving the > item and adding to our inventory, then billing the item out at the rental > rate to our customers (most of the time its a daily rate below the original > purchase price). > > The problem we are having is how do we add the item back into inventory > without crediting the customer account once it is returned? > > Thaks for Your time and help, > - -- > Ed Wiget > Owner/Senior Network Security Consultant > RHP Studios > "Keeping Your Data Safe!" > http://www.rhpstudios.com > email: ew...@rh... > email2: sec...@rh... > Office: 606-564-0046 > Toll Free: 866-G02-RHPS (866-402-7477) > Fax: 606-564-0076 > -----BEGIN PGP SIGNATURE----- > Version: GnuPG v1.0.6 (GNU/Linux) > Comment: For info see http://www.gnupg.org > > iD8DBQE8RaE++EoLKxIs7PwRAmIxAJ4p03cVRwX9bhQc5ZN/ux22yZxsqACfQWFt > lAw9m5DyUKmKSJ7sSycxFrE= > =0c8z > -----END PGP SIGNATURE----- |
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