Thanks Sharan,
I will have no time to look at it seriously before Thursday 24. But then I will.
BTW, scenarios and use cases are great ways do deal with sort ot things :o)
Jacques
From: "Sharan-F" <[EMAIL PROTECTED]>
Hi Jacques
Without Coding I would use
Debit 112000 Undeposited Receipts
Credit 213000 Customer Deposit Accounts
Undeposited Receipts because there still may be delay in receiving the money
into the company main bank account even though the customer has paid. Also
bank statement reconciliation is a really important – so you may not want
transactions posting to your GL bank account if you havent fully checked
them.
Your french equivalent accounting journals look good – but once again its
comes down to reconciliation. The GL account you use to mirror your company
bank account needs to do exactly that.
For VAT we have something similar. You need to keep a track of GST you have
paid (expenses and purchase orders etc) and the GST you have collected as
part of your sales. The difference is what you need to pay to the
government.
I'll need to investigate the tax setup in OFBiz a bit more as I want to
understand the overlap of general accounting and tax authorities setup.
Just for information – I've (hopefully) included an attachment showing my
planned testing scenario and my proposed configuration changes. I havent
tested it yet – so it may not work!
http://www.nabble.com/file/p18457719/test_jacques.html test_jacques.html
Thanks
Sharan
jacques.le.roux wrote:
Hi Sharan,
Inline...
From: "Jacques Le Roux" <[EMAIL PROTECTED]>
Sharan,
This is a very interestng point. I'm really interested in this, as I want
to introduce it also
https://issues.apache.org/jira/browse/OFBIZ-287
Could we share work on this ? BTW here are some clues :
http://docs.ofbiz.org/display/OFBADMIN/OFBiz+Contributors+Best+Practices
Thanks
Jacques
From: "Sharan-F" <[EMAIL PROTECTED]>
Hi Everyone
I'm not sure if this is applicable everywhere but just for information I
wanted to let you know the feedback I got from a local accountant.
If a customer buys something and pays for it in advance. The transaction
should debit your cash account (or bank account) and credit a Customer
Deposit or 'Prepayment' Liability account.
Accounts Receivable technically is only applicable if you supply the
goods
first and then bill the customer afterwards.
How and when the Tax Invoice is created really important as this is the
trigger for the when you can classify it as a sale.
I'll amend my Ofbiz setup to reflect this.
How do you expect to do that ? Without coding ?
Will you use
debit 111500 CERTIFICATES OF DEPOSIT (???)
credit 213500 CUSTOMER DEPOSIT ACCOUNT
Or will you add new accounts ?
BTW, here in France I guess it would be (IANAA).
For goods only
debit 512 - Banque
credit 4191 - Avances et acomptes reçus sur commande.
I read that, in case of services it's a bit more complex. Because of VAT,
you must have also.
debit 44580 Etat, TVA à régulariser
credit44571 Etat, TVA collectée
I know you speak French and have knowledge about European accounting
rules. This is why I allow myself this digression. I'm
interested by your opinion...
Thanks
Jacques
Thanks
Sharan
Sharan-F wrote:
Un grand merci monsieur
I'm not an accountant either so I'm getting a local accountant to give
me
their feedback.
I've taken a look at your links and I think the key to the problem is
about the timing of the creation of the Sales Invoice. It probably
depends
on when you can officially/legally record that a sale has taken place.
I'll let you know what I find out.
Thanks again
Sharan
jacques.le.roux wrote:
Hi,
From: "Sharan-F" <[EMAIL PROTECTED]>
Hi Everyone
I've just run through a test with the online Hotwax Demo and found
what
I
think is an accounting transaction error with applying payments.
I created a Sales Order using DemoCustomer through the store and
chose
the
offline payment method.
I then logged into OFBiz using admin to view the Sales Order and
receive
the
offline payment.
I then did a Quick Ship Entire Order. This then created the
accounting
transactions.
The 'Sales Shipment' and 'Sales Invoice' transactions are fine but
the
Payment Applied transaction Credits and then Debits the Accounts
Receivable account only (so takes money out of and puts it back into
the
same GL account in the same transaction) – which seems a bit strange
to
me.
I think it should Credit Accounts Receivable and Debit Undeposited
Receipts
or the Company Bank Account. Am I missing something?
From http://en.wikipedia.org/wiki/Accounts_receivable, I read
<<To record a journal entry for a sale on account, one must debit a
receivable and credit a revenue account. When the customer pays
off their accounts, one debits cash and credits the receivable in the
journal entry. The ending balance on the trial balance sheet
for accounts receivable is always debit.>> You see they don't speak
about
UNDEPOSITED RECEIPTS
In a similar invoice than yours I see 2 debits and 1 credit to
ACCOUNTS_RECEIVABLE 120000 ACCOUNTS RECEIVABLE CURRENT_ASSET so for
me it seems ok : <<The ending balance on the trial balance sheet for
accounts receivable is always debit.>>
BTW if you look at
https://localhost:8443/accounting/control/TrialBalance?organizationPartyId=Company
it should be ok (UNDEPOSITED
RECEIPTS should be credited with the cash received)
My 2 cents (I'm not an accountant, I'm French : we don't use exactly
the
same type of accounting here, I work as an independent so I
don't use double entries accounting as I'm allowed to use simple
accounting -collections and disbursements-, so I may be wrong,
somewhere)
Jacques
Any feedback would be appreciated.
Thanks
Sharan
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