How do I Contra Payment for Future Transaction while Year End Closing
Scenario
I have 2 Companies with same business partner, I had deal a sale transaction on 04/12/2012 and i got another deal as purchase on 15/01/2013 then i just directly use the receive to contra those transaction on 20/12/2013. After i done contra those transaction, I found that transaction doesn't show on my 31/12/2013 Balance Sheet!? The system doesn't show those future transaction in balance sheet?
Solution
Base on the Accounting logic concept, our OCI system wouldn't allow the future transaction to show in the balance sheet report, So we would advise to use this method for those user who need to contra future transaction.
Steps
As the condition the customer and supplier must be setup as same business then you would enable to use the contra method.
Now we start to create the Invoice as the date on 04/12/2012
And also create the Supplier Invoice on 15/01/2013
Now we going to contra those transaction
I have 2 Companies with same business partner, I had deal a sale transaction on 04/12/2012 and i got another deal as purchase on 15/01/2013 then i just directly use the receive to contra those transaction on 20/12/2013. After i done contra those transaction, I found that transaction doesn't show on my 31/12/2013 Balance Sheet!? The system doesn't show those future transaction in balance sheet?
Solution
Base on the Accounting logic concept, our OCI system wouldn't allow the future transaction to show in the balance sheet report, So we would advise to use this method for those user who need to contra future transaction.
Steps
As the condition the customer and supplier must be setup as same business then you would enable to use the contra method.
- Click -> -> ->
Now we start to create the Invoice as the date on 04/12/2012
And also create the Supplier Invoice on 15/01/2013
Now we going to contra those transaction
- Import in the Invoice that we created on 04/12/2012, after import click on
- Select an account as "prepayments" and put negative amount for deduct the outstanding amount
- Once you done to added receive voucher transaction, you may open it and check the Balance Sheet Report on 31/12/2012
- After we had settle the Balance Sheet Report issue, We need to contra the amount of the future transaction while the time become 15/01/2013 or later
- After select and import the Supplier Invoice you need to click on the to credit out the prepayment amount to contra with this transaction
- In the end once we done to contra the transaction and added the payment, we may check on the GL
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