please tell me how to maintain account of a customer from whom i am purchasing goods and selling to him as well.
this was earlier discussed. please read this topic
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please can you explain how
create customer and supplier separately. make invoices sales or purchase as usual.
for journal entry read this guide Offset simultaneous sales and purchase invoices | Manager
i did that but how can i see sales purchased and payment in a single statement
you can enter suitable details in the Narration field when making the journal entry.
For example, Credit against Purchase Invoice No.32 dt.25.09.17
This will show in the customer or supplier statement.
please understand the scenario abc is a supplier and customer.
i purchased goods invoice no 100 Amount Rs.1000. and i paid Rs. 900.
then abc purchased from me invoice no 21 Rs. 1300.
whatever the scenario, you will have to follow the same procedure.
after the journal entry your accounts payable will have a credit of Rs.1200 abc owes you.
so the next time when you purchase something from abc for say Rs.1500, you will only have to pay Rs.300.
i have to enter the purchase invoice separately and the sales invoice as well. that make it double entry, i have to enter the purchase invoice to show inventory and sales invoice will minus it from inventory
without making a purchase invoice there is no record for purchase and without making a sales invoice there is no record for sales. then there is no reason to make a journal entry altogether. and you cannot maintain the account balance.
that is correct but if i do the same it makes double entries in statement
if abc is regularly a supplier, you will only have to issue the supplier statement. the statement will not show the sales invoice made to abc. it will only show the journal entry.
You can’t, you will have both a Supplier Statement and a Customer Statement. One will show the transfer ending with a zero balance and the other will show the transfer with a balance. The one with the balance will either be paid (supplier) or received (customer).
If you are making the payment then you can create a Accounts Payable “Transaction” Statement and it will then show both the transfer and the payment.
scenario abc is a supplier and customer.
i purchased goods invoice no 100 Amount Rs.1000. and i paid Rs. 900.
then abc purchased from me invoice no 21 Rs. 1300.
that means it is not possible to generate a statement which will show sales purchases and payment in single statement.
at present no. you can only maintain as a separate supplier and customer with separate statements.
Correct, you can’t produce a statement showing all the transactions (1000, 900,1300)
You can only create a Supplier statement showing the 1000, 900 and 100 transfer and a Customer statement showing 1300, 100 transfer with a balance of 1200.