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Suppliers/invoices payable
Any plans to increase functionality in this area so that we can set up a suppliers list and log invoices receievd from them or payments to them?
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Inappropriate?Definitely.
We're actively working on 'Bills' (the same as you describe above) right now.
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this answers the question
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Inappropriate?Is this something that will be available soon?
I was wondering how to account at the end of a tax year for an invoice that I receive from a supplier on, say March 28th, but will not pay until, say April 20th.
In effect my company has been invoiced, and therefore the value of the invoice will be counted as an expense, but the system will not account for it because it hasn't been debited yet...
... I hope that makes sense :)
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Inappropriate?You could use a journal entry. Date it on the last day of your year and only enter the net of VAT amount (it's simpler & will avoid problems with your VAT returns)
Debit Expense account
Credit Trade creditors
Don't forget to reverse the entry on the first day of your new year, ie
Debit Trade creditors
Credit Expense account
PS Would someone at FAC confirm using Trade Creditors won't throw anything else out of balance please?1 Comment Add a comment
This answers the question
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No it won't, but it won't reflect the correct VAT treatment either unless your cash accounting for VAT. Real Bills handling is coming soon! -
Inappropriate?Thanks Stuart - That makes sense :)
I'm looking forward to 'Bills' appearing as a new feature. It would be great to add a new bill as soon as it comes in, and be able to see how much I owe out at any one time.
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Inappropriate?Rich,
Once we've got 'Chinon' out the door tonight, this will be at the top of our list.
EMPLOYEE
