We have a Vendor bill invoice as N105,000 in 2019.
ie. Bill amount is N100,000 plus Sales Tax of 5%, which is N5,000.
If we paid an advance of N40,000 to the Vendor in year 2019 and in year 2020, we started using Manager Accounting Software.
That means our start date is 1st January, 2020.
Our question is, how do we upload this Vendor bill invoice knowing that:
a. The bill of N105,000 in 2018 is made of 3 items (Omo -N25,000, Toothpaste - N45,000 and Slippers - N30,000) and Sales tax of N5,000
b. Vendor received a sum of N40,000 earlier leaving a balance of N65,000
c. We will withhold a tax of N7,000 from Vendor bill on payment of balance bill in 2020
d. The expenses account the vendor is to hit in Profit and Loss is Sanitation.
What figures will we up load in 1st January 2019 for the Vendor bill.