We have recently encountered a problem with the sales tax authorities regarding the accounts statement mismatch between ours and our customers. the issue is because we are using Special Accounts to manage customer deposits which does not reflect on the Customer Transactions report. recording the deposit directly to the Accounts receivable account affects the Balance due every time an invoice is generated.
as per the instructions received from the sales tax authorities, a deposit is still a transaction between the company and the customer, irrespective of the purpose of the transaction, which should be shown on the customer and supplier statements.
i would like to know your opinion about this and how it can be implemented in Manager.
some ideas are below.
show a sub-account (created in the chart of accounts) along with the list of invoices both for Accounts receivable and Accounts payable.
if using Special Accounts, ability to select a Customer / Supplier, which would reflect on the transactions report.
One solution (work around) could be this - transfer the deposit from the Special Account to the Customer’s account as required so that it shows as an accounts receivable transaction rather then being a line adjustment within the Sales Invoice.
This could be done via a Credit Note or Journal Entry, depending which ever displays best.
The one issue could be timing differences - Customer shows payment to you on their June Statement and you show the “receipt” (transfer) from them on your July Statement.
Never had a doubt as to how to transfer it to the Accounts receivable… the purpose is to exactly match our statement with that of customer or supplier without any timing differences…
A deposit from a customer or to a supplier maybe held for more than a year or so… but since the tax returns are filed monthly or quarterly, the statements need to be issued accordingly with the correct total of debits, credits and number of transactions…
The situation here is that the Customer / Supplier are not recording their transactions as opposites.
If you are recording the payment as a Deposit (non Accounts Receivable) then perhaps the customer could do the opposite, record their payment as a Prepayment instead of an Accounts Payable transaction.
If the deposits need to be stored as accounts receivable transactions then perhaps the Sales Invoices need a tick box, “Don’t apply outstanding credits” or the opposite, outstanding credits are ignored until a tick box, “Apply outstanding credits”, with a dropdown showing credits.
Agreed, but this must equally apply to the Customer - recording the payment directly to the Accounts Payable account affects the Balance due every time an invoice is received.
Perhaps you could approach a Customer and see if you can implement harmonised processing.
I’ll mark it as an idea because I recognize this as a problem. There are some improvements I’m thinking about when it comes to invoice matching and they would be solving this issue.
Just wanted to know if there has been any progress regarding this problem.
Have been facing a lot of problems recently due to this.
It is really difficult to manage when the number of customers and transactions increase steadily.
@lubos is there is any upcoming update ? still we are facing problem with invoices marked “PAID IN FULL”
we need solution for payments and receipts that not belong spot with invoices
hi all, please allow me to revive this 2 year old IDEA with 2 Inputs.
UNALLOCATED PAYMENTS/RECEIPTS
@Tut I believe what was meant on this is that if we can have a solution that would show a list of Unallocated Payments/receipts.
In the above image related to a customer, you see that they have available credits as they have paid extra. But if you check the transactions, there will be a lot and its difficult to know which one is linked/belong to an invoice. Its time consuming to go back and see which one is linked or not.
LIST AS PER TRANSACTION TYPE
Request to show the transactions linked to a customer/supplier per its transaction. At the moment, I cannot see any Payments tagged to expense account rather than accounts payable.
Why does it matter? The Sales Invoices or Purchase Invoices tabs show you which invoices are paid in full or overpaid. Unallocated money is available for any future invoice.
That is because payments are not tagged to expense accounts. The purchase invoice does that. Subsequent payments are only tagged to Accounts payable. That is basic accounting.
Hello developers. I hope you could check and re-evaluate my above request as I am not sure if this thread being marked under ideas includes my inputs in it.
UNALLOCATED PAYMENTS/RECEIPTS
@lubos, I see that it does show under Accounts Column in Receipts tab the invoice to which it is applied to. Is it possible that this column be added in the table when opening a Customer in Customer Tab? This will at least let us know that a certain receipt is not yet applied to any invoice.
LIST AS PER TRANSACTION TYPE
I think what you have mentioned here is not entirely correct. While it is true that Purchase Invoice can be against Expenses and subsequent payments are made through payments tab, it is not wrong and against basic accounting if you use directly use payments tab to record this expenses.
Moreover, what i meant is not only payments tagged to expenses. There are other forms of payment. The request that I have mentioned above is to be able to see transactions linked to a customer/supplier.
@lubos , I hope you could consider adding a column in Suppliers/Customers Tab that lists all receipts/payments done.
