Hi, i am just trying to make sure my accounts structure are actually making sense. I am also trying to make sure that I am making transfer transactions entered correctly. Appreciate some feedback. Could someone confirm if the structure below is correct? I am trying to grasp the concept but its a sharp learning curve for me. So please bare with me
*ACCOUNT STRUCTURE* ASSETS BusinessName:Assets:Petty_Cash BusinessName:Assets:Checking:Bank_Name BusinessName:Assets:Account_Receivable:Customer_Name BusinessName:Assets:Checking_Deposit LIABILITIES BusinessName:Liabilities:Accounts_Payable:Supplier_Name:Invoice BusinessName:Liabilities:Accounts_Payable:Sales_Tax BusinessName:Liabilities:Accounts_Payable:Debt:Bank_Name BusinessName:Liabilities:Accounts_Payable:Debt:Friend_Name EXPENSES BusinessName:Expenses:Freight:Forwarder_Name:For_Customer_Name BusinessName:Expenses:Inspection:Lab_Name:For_Customer_Name BusinessName:Expenses:Bank_Charge:Bank_Name BusinessName:Expenses:Rent:Office_Address CUSTOMER Customers:CustomerName:Payment:Remittance Customer:CustomerName:Accounts_Payable Customer:CustomerName:Invoice SUPPLIER Suppliers:SupplierName:Payment:Remittance Suppliers:SupplierName:Accounts_Receivable *CASH TRANSFER EXAMPLE* Just a quick cash transaction between my customer. This would indicate that the money was paid from my customer to my account? Correct? 2015-01-01 Invoice Payment - Invoice Number #343 BusinessName:Assets:Checking:Bank_Name $200 Customers:CustomerName:Payment:Remittance $-200 *BILL PAYMENT EXAMPLE* 2015-01-01 Bill #115 BusinessName:Assets:Account_Receivable:Customer_Name $400.00 Customer:CustomerName:Invoice $-400.00 2015-04-01 Bill #115 for CustomerName BusinessName:Assets:Account_Receivable: $-400.00 * (once the customer acknolwedges the bill(has not yet paid because of credit nature) . * BusinessName:Assets:Checking_Deposit $400.00 Customer:CustomerName:Equity $-400.00 *(moving the money from the customers equity fund to the bill payment account - correct ?) * Customer:CustomerName:Payment:Bill $400.00 2015-05-01 BusinessName:Assets:Checking:Bank_Name $400.00 * (after getting bill paid)* BusinessName:Assets:Account:Recievable: $-400.00 On Tuesday, March 10, 2015 at 4:59:45 PM UTC+8, Kev Lau wrote: > > Hello, > I have been struggling with setting up my account structure. Appreciate if > someone could help explain if my structure is correct here. I run a small > supply shop that sells on credit and was wondering how I should have the > account structured. > The problem is that I sometime ship my products overseas because I have > some customers abroad and I need to keep track of the credit. I also deal > with overseas suppliers too and need to keep track of them too. I am having > a hard time figuring out on how I should structure it. Appreciate if > someone could share some light on this. > > This is what I have come up with so far:- > > > ASSETS:NEWYORK:BANK:CASH > > EXPENSES:NEWYORK:BANK:FEES > > CUSTOMER:DALLAS:DAVE:PAYMENT:INVOICE:002 > > SUPPLIER:NEW_JERSY:TUV:PAYMENT:ORDER:002 > > > Does the above seem OK for making a proper account structure? > I once tried and got it wrong because the structure was not correct. > > Kindly please advise(appreciate if someone could post some examples of > structure) > > Thanks > Kevin > > -- --- You received this message because you are subscribed to the Google Groups "Ledger" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. For more options, visit https://groups.google.com/d/optout.
