I have enabled purchase invoice plug in and created a vendor account but when i fill a purchase invoice there is no sign of ACCOUNT PAYABLE what is the problem or where am i mistaking please help me
In purchase invoice, you should use expense accounts such as “Telephone”, “Purchases”, “Electricity” etc. once you create purchase invoice, it will be posted to “Accounts payable”.
U mean i should create an expense account named “Purchase” .
Yes. Then use this account (or other expense accounts) when filling out purchase invoice.
thanks…i have a suggestion can u or anybody write a step by step tutorial with explaination of terms for this app this will be a good thing
Hi I just installed Manager and trying to understand how it works. Could you please tell me how can I create new accounts like " purchases "?!
To create new accounts, go to “Settings” tab, then “Chart of Accounts”
wow great thank you, can’t wait to see the inventory plug-in
But how come the Accounts Payable are treated as “Expenses”?
As we don’t make the payment to the Supplier yet. Whenever we create a Purchase Invoice, it shows in Expense side as well which is against accounting rules.
It’s not against accounting rules and I should know right?
You need to realize that financial statements can be prepared on accrual-basis or cash-basis. When viewing reports on accrual-basis, the expense is being accounted for when
Purchase Invoice is entered (whether it’s paid or not)
When viewing reports on cash-basis,
Purchase Invoice is being accounted only after it’s paid or at least partially paid. (this is what you are referring to, right?)
Summary tab shows figures on accrual-basis. If you need reports on cash-basis, go to
Reports tab where
Profit & Loss Statement contains option to be prepared on cash-basis.