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FrontAccounting forum → Posts by t2webby
Yes that's the method i've been doing
However I guess what i'm trying to find is an easy way to link a PO to payments from a supplier while they are producing stock items so that I know what i've payed to that PO to date. After it is received it will take it out of transit and put it into inventory. Just helps with Cash flow purposes.
A little complicated...
But,
There should be a way to Create a PO Invoice with item lines to be received later. As with the case for Payments that are done upfront in advanced before they are received. Such as Wire/Transfers.
For instance. Let's say a supplier that only takes payments upfront before the goods are received.
So let's say we had a PO in the system for some line items. Our supplier sends us the confirmation invoice for Jan 1st let's say. The invoice is entered into the system as a credit payable and debit a inventory in transit account. 2 Wire transfers are to be done to this invoice before it is received. First wire is done on that Jan 1st day and the second would be done the day it leaves the supplier's door, let's say Jan 30th. Payments are allocated to the invoice, and all that's left now is receiving in the product against the PO invoice. Which would then credit the transit account and debit inventory respecfully.
This was original built mainly for Canadian and US currency. If you like to change the signs changed it checkprint/check_print.php and change the $ sign to something else.
Thanks joe. Perhaps there could be an implementation in the future for logging everytime there is a cost average change made to sku. This way, we can see the history of material cost changes made to a particular item, which can help in fixing bugs quickly as well since we can trace where and when it may of gotten out of synch.
Is it possible to get an inventory valuation report for a specific date range? I know right now inventory costs are done on the fly and nearly impossible to trace back previous costs. I think it would be highly valuable to able to track all the different material costs done on particular item with date stamp so that it'll be easy to track where and when it might be off. The valuation report has problem synching with the inventory GL and its hard to pin point why.
Maybe have a material cost DB table and that each item there is a material cost change, it records it to the table at that date.
If this is the case, after looking at how it was implemented initially. Cheque printing only works for Supplier Payments only since it requires supplier information about the payment transaction, such as the invoice, allocation, etc. The best work around right now would be to do any cheque issuing through the supplier payment. That's how we resolve most of our cases. For comissions for instance you would create the sales rep's as the supplier , create an invoice, and pay his commisions, same with salaries, have employees name as the supplier, etc. It'll probably be better for tracking as well no?
But I guess we should also add the ability to print from a misc "to order" bank payment as well for cases like this?
What do you think joe?
So you are using Bank Account Payment Entry instead of Supplier Payment from my understanding? And you want to be able to able to issue a cheque to this GL payment as well?
This may be a questions for accountants
With cases dealing with exchange variance, or in our case gain/loss.
1) Let's say we created a Credit Note for x Date for a Foreign Account.
2) We then let's say 5 months later decide to allocate that Credit Note to a overdue invoice.
3) When we apply the allocation, it automatically creates an exchange variance posted on to the day the Credit Note was created.
If a Credit Note was not yet allocated to any invoice before Year End , would the exchange variance post in this case screw up year end? Should the exchange variance date posted be a different date, like perhaps the present date ?
Thanks
This pertains more towards the chequing module but may require changes to the FA core.
Sometimes, credit notes given by suppliers would clear out an entire invoice, but suppliers most of the time require that we show this on a cheque stub that a credit has been used. For example:
Invoice # 99 = $100
Invoice # 100 = $500
Supplier Credit # 5 = $500
We apply Credit # 5 to INvoice # 100. So when we pay supplier we pay only 100$. But there's NO way of showing that Invoice # 100 has been credited cause there's no linkage with the payment.
Can there be a way to somehow link the credited invoices to a payment?
Would be good to have some sorta of ajax timeout setting where it would retry to resend a response after a certain amount of time in a case where the connection suddenly drops during posting, search, query. Cause otherwise the process indicator spins and spins and spins forever. At least perhaps if its not getting a response from the server it , or getting server timeout error that it would let user know that connection has been lost or something and allow user to try again.
For example: It will try once and if after 30 seconds it doesn't get a response it tries again, and after the third time it'll spit back an error saying no connection found?
For the balances report. If I choose an end date that is from the past, the outstanding balance shown in accounts are not reflective of the past because the date of allocation doesn't seem to be accounted for in the query.
For example: If I wanted to see the balances from a month ago but have allocated some invoices this month, technically these invoices shouldn't SHOW as allocated on this particular report. Shouldn't the report account for the date in which the invoice was allocated as well?
Awsome Joe Thanks.
I have a situation in the system where some suppliers are payed using wire transfer and put into an account called Inventory in Transit. This is used to hold wires money transfers to suppliers before they actually arrive months down the road.
We use different currency to pay the wire transfer so the exchange variance will come into play.
The account payables is set up as Inventory in Transit instead of Accounts Payable.
So the normal process would be:
1) Payment to Supplier via Wire Transfer eg: $1000 made for Nov 11, 2008 (Inventory in Transit is debited, and bank is credited)
2) Inventory arrives, PO is received for Supplier Feb 03, 2009
3) Supplier Invoice is now then created for Feb 03, 2009
4) Payment made in the past is now allocated to this invoice
Here's the problem. The exchange variance created by allocation of the payment to the invoice adds to the payment GL created back in Nov 11, 2008 and not Feb 03, 2009. This poses a problem since Year end is already closed and accounted for at the end of Jan, 2009. Because of this invoice financial data is changed on the fly for Nov 11th.
Could the exchange variance be its own seperate GL post instead or have its own date when making the variance adjusments? Maybe it should a check to see if the invoice date is less than the payment date, if it is, do as normal and use the payment date, otherwise use the invoice date instead if invoice is created after payment..?
Thanks
http://www.ecb.int/stats/eurofxref/eurofxref-daily.xml
Was down today and as a result the system wasn't able to extract the ECB rate and froze alot of ajax requests when a ecb is to be extracted but couldn't. Maybe there should be a check in place to see if the curl failed and to notify immediately if it did or even better have an alternative list of exchange sites to retrieve rates if the primary site fails, in the case of where the accounting system is hosted in a local network and depend on the internet to be up at all times to retrieve rate.
Since is the only time the system has to access outside information, there should be a check here in place in my opinion. It took me awhile to figure out why its freezing all the time when I choose a foreign account from the list of customers, and this is why since it didn't have the rate for the day and needed it.
Ya this looks to be pretty good Joe! I agree that for moving to the XBRML standard this is probably a good choice.
Best to adopt the pear component http://pear.php.net/manual/en/package.fileformats.spreadsheet-excel-writer.php
It does wonders
Would be handy in the future be able to export reports to excel / CSV electronic forms instead of just PDF. Eg. Balance Sheets, GL, etc.
Are there plans for this implementations in 2.1?
Before the credit note.
With the cash method, even though its settled will the the customer's branch show an outstanding balance though ? Cause no payment was technically put to the account, so the reports will still show outstanding on on the customer balances and aged customer report. Can you verify this? Maybe there should be a check on these reports to see if the AR is the bank and if it is, outstanding is 0 and balance is 0 as well, then this would make more sense no?
Hi Joe, I notice that with this case, the cash customer will always show balance in the aging and balance report. Also for foreign accounts after the invoice has been created and the AR is the bank account, the allocation of the full amount should take place but if this is the case then the exchange variance account should factor for the foreign gain/loss too no?
HI Joe, what's the best way to credit an invoice that has already been applied payment to it (allocated). In the case of POS transactions, if we applied a credit note to an account, it would then need to be allocated to an invoicce right? How would you go about properly refunding a POS transaction.
I notice that when we void a transaction we can choose the date to void the transaction. Does this date work at all right now or is it for future implementation? Currently when we void a transaction, it just literally voids that transaction with no relevance to the set void date. It just happens to say voided on this date... But I guess technically it would MORE sense to have it actually void on the actual date set such that the original transaction stays intact but a voided transaction would follow which reverses the original transaction voided. This would be ideal to solving most cases dealing with refunds or credits post month closing or fiscal closing.
For example if I close off a month and there was an invoice there I wish to void, simply voiding that invoice is not an option... Since this would alter the month's closing number. If I needed to void a transaction 2 months from now, I should be able to without affective the previous months data.
I would void it for the current present month keeping the original invoice in the previous month intact, but would give the voided on this date stamp indicating that it was voided and gives reference to the voided transaction. I think doing it this way will open up more flexibility in terms of refund / credit , etc, etc. especially for POS, refunds can be done anyone to the original invoice without affecting month to month closing.
Will there be an easy way to void / refund the POS transaction? Refunds for POS usually is taken directly from the Bank account / Cash account, so a normal credit note couldn't really be used...
It doesn't appear that its been updated yet. They will probably have an update soon.
FrontAccounting forum → Posts by t2webby
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