Title: Eric CAUDAL
Hi Robin,
Actually, I am working on the same topic for layby customers...
I am thinking of a mix of payment terms and payment plan to
prepare in draft the future regular payments to be expected (and
all due before the delivery).
Soon to come ;)
Eric Caudal
CEO
--
Elico Corporation, Shanghai branch
OpenERP Premium Certified Training Partner
Cell: + 86 186 2136 1670
Office: + 86 21 6211 8017/27/37
Skype: elico.corp
[email protected]
http://www.elico-corp.com
On 11/16/2013 05:38 PM, Robin St.Clair wrote:
Hi
I have come across this issue over the years on several
continents.
Based on my experience, I prefer a generalised treatment of
prepayments, annual payments and subscriptions.
To take a simple example - Insurance Premiums.
In the first place the invoice should be debited to a Current
Asset Account (Insurance Prepayments) and credited to Accounts
Payable (Creditors).
Secondly, each accounting period, an appropriate charge, usually
based on the period as a proportion of the total amount
prepaid, is debited to the expense account and credited to the
Prepayments account.
It then becomes a fairly simple matter to automate the required
entries to allow for different accounting periods (weekly,
monthly, quarterly, etc), clearing up residual balances and
making adjustments where amounts payable are adjusted after the
event.
In an ideal world prepayments by customers should be capable of
being handled by the same processes, with appropriate flags set,
similarly to the way some creditors ledgers are set up as mirror
images of debtors ledgers.
It reminds me that in this day and age, any ERP software should
easily handle weekly accounting, so any coding to cover
prepayments should avoid fixation on monthly accounting.
Robin St.Clair
On 16/11/2013 08:28, Eric Caudal wrote:
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