I have a vendor that requires 10% down, and the remaining due on shipment. Right now I put the PO in and receive and invoice it and then just pay the 10%. Two problems with that. 1 the aging is wrong and two my inventory is wrong until I actually have the item. I was wondering what the best way of doing this is? I would like to make the PO and then when we get the invoice for the 10% almost apply it to that PO. Problem is I can’t apply it to a PO, only an invoice. Also if I make an invoice for the 10% I don’t want to pick the item. I’m not sure if I would just pick a GL though either. Thoughts? Thanks for the help.
I was thinking (since we don’t have the prepayment option in my version)
– create your po & print it out. then add a new line type g/l account - inventory - qty 1 - amount =10% of order.
recieve & invoice just the g/l line. (qty to invoice) = 0 for all the other lines. It will make a payable entry.
Then when the order comes in add another line same g/l acocunt - inventory - qty (negative 1 this time) - amount = 10%.
That will reverse the first 10% entry and just leave the rest of the order to receive and invoice correctly.
Did that make sence?
Order = $100
extra g/l line + 10% = $10
(nav sees order as $110)
you pay the 10% = -$10
leaves remaining order of $100.
when order arrives you enter the neg 10% line = -$10
order has a remainder of $90
you pay that and you only paid the correct $100
When I try to post it I’m getting a message about Tax Calculation Type must be Sales Tax in Gen. Journal Line Journal Journal Template=’’,Journal Batch Name=’’, Line no.=0
Any thoughts on that? Thanks again for your help, that is just what I needed/wanted!