• From: Canada, Yukon
  • Registered: 09/27/2014
  • Posts: 121

Topic: Counterparty

Due to the need to get a feature working in another software on my server, I am now using php7.  This forced my hand on fa, so I put 2.4 and am working through it.  There are some things I really really like, like the little magnifying glasses everywhere for searching, those are awesome, there are some things I am struggling with, like trying to figure out how to get my dashboard back.

Anyway, today I am starting to make entries (keeping track of course), and in making a journal entry - moving funds from chequing account to shareholders account - I am presented with something called "counterparty".  This is a drop down menu, it contains one item, and that item is an organization that happens to be both vendor and customer.  I don't know what counterparty is, and I have no idea why only this one option is listed.  Can someone enlighten me?

bobloblian's Website

  • From: Canada, Yukon
  • Registered: 09/27/2014
  • Posts: 121

Re: Counterparty

I have been investigating this, still don't have much idea what is behind this.

First; the best definition of counterparty I can find on the net is that this is the opposing party in the transaction.  In a supplier invoice, the counterparty would be my vendor.  in a customer invoice, the counterparty would be my customer.  I cannot find anything that makes me think this should be showing up in a journal entry anywhere.

I have 4 GL accounts configured as bank accounts, this only happens on one of them, my primary chequing account with GL account number 1060.  Here I get only one option in the drop down, and since that entry is both a customer and a vendor, I do not know where it is pulling it from, nor do I know why I am getting only one entry when it would seem ti should be all my vendors or all my customers, or both.

It also shows up on GL account 2100 Acounts payable, and there I get a full list of all my vendors.

I didn't test every single GL account, but I did test several accounts in each category, and these were the only two that showed the counterparty column.  I still dont' understand why only one option shows up under the 1060 account, nor do I understand how I am supposed to use this when I want to transfer money out of my chequing account, but not to a vendor and not to another bank account.  I am not sure this is working the way it is intended to?

bobloblian's Website

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,089

Re: Counterparty

I shall assume you are working on FA 2.4RC1 with all fixes till date.

As for the 4 GL Accounts issue, check their entries in the db tables for any record / field differences other than account code and name. Also check their entries in the sys_prefs table if the mischief is in it's being set as some default.

As you are using PHP7, there seems to be a sticky post in announcements that could be useful.

Counterparty is just the contra account in a transfer transaction. It can be between 2 bank accounts or even between some balance sheet entries and P&L entries like in depreciation entry transactions apart from the ones you already mentioned.

apmuthu's Website

  • From: Canada, Yukon
  • Registered: 09/27/2014
  • Posts: 121

Re: Counterparty

apmuthu wrote:

I shall assume you are working on FA 2.4RC1 with all fixes till date.

Correct

apmuthu wrote:

IAs for the 4 GL Accounts issue, check their entries in the db tables for any record / field differences other than account code and name. Also check their entries in the sys_prefs table if the mischief is in it's being set as some default.

Maybe I am not looking in the right tables, but nothing about the two accounts that create the counterparty column stands out to me.

apmuthu wrote:

As you are using PHP7, there seems to be a sticky post in announcements that could be useful.

I have already investigate this.  if This simply will not work out for me, I will find another machine to host FA until it can be integrated into the existing server.  I am keeping careful track of all my entries in case I need to redo them...

apmuthu wrote:

Counterparty is just the contra account in a transfer transaction. It can be between 2 bank accounts or even between some balance sheet entries and P&L entries like in depreciation entry transactions apart from the ones you already mentioned.

This is what I understand from investigating the definitions.  But does not seem to be consistent with how things are working in the interface...

enough for one day, will revisit again tomorrow...

bobloblian's Website