• From: USA
  • Registered: 03/05/2018
  • Posts: 123

Topic: New Journal entry into CC payable account requires vendor selection

When I create a journal entry that is going to make a charge against CC-payable (tied to VISA bank account), a "Counterparty" column appears and I must select an existing vendor. I believe that is new in 2.4.4, but there are times when I'm making a charge and it is not relevant to one of the vendors I have in my database.

Why is this required?
Can there be a none/misc option?
If it's left set to an unrelated vendor, how will that affect my vendor reports?

oakstreet1's Website

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,160

Re: New Journal entry into CC payable account requires vendor selection

This occurs only when you choose the first account as an Accounts Payable (Current Liabilities) or Accounts Receivable (Current Assets).

In any double entry accounting system, there has to be a contra account (or sets of accounts in Dr/Cr to balance the transaction) either chosen by default or by counterparty account. We cannot have the latter as "none" unless a default can be assumed.

@joe: any SOP?

apmuthu's Website

  • From: USA
  • Registered: 03/05/2018
  • Posts: 123

Re: New Journal entry into CC payable account requires vendor selection

I've been running a business for 25 years and doing double entry accounting. I've never heard of a contra-account, only balancing debits with credits. If I add a transaction to my CC for my internet service, I add a balancing credit to the expense account.

oakstreet1's Website

  • From: USA
  • Registered: 03/05/2018
  • Posts: 123

Re: New Journal entry into CC payable account requires vendor selection

On a related note: When I couldn't put the transactions into the journal, I put them in under payments, and I was able to put charges on my CC bank account without selecting a vendor and it didn't seem to pose a problem.

oakstreet1's Website

  • From: USA
  • Registered: 07/16/2017
  • Posts: 276

Re: New Journal entry into CC payable account requires vendor selection

I agree that this is an inconsistency.   Journal entry requires a supplier/customer counter party for A/P accounts but payment entry allows quick entry and miscellaneous counter party for A/P accounts.

  • From: USA
  • Registered: 03/05/2018
  • Posts: 123

Re: New Journal entry into CC payable account requires vendor selection

Maybe someone can tell me how to enter a credit (refund) on my Credit Card Payable account without making a journal entry, which requires me to select a vendor.

Am I supposed to make a deposit? A deposit doesn't sound like the right way to enter a refund.

I'd really like to see this limitation on journal entries lifted. It seems arbitrary, to me, since the journal is where I make correcting entries and such. It should only enforce that debits=credits.

oakstreet1's Website

  • From: Singapore, India, Chennai
  • Registered: 05/02/2009
  • Posts: 6,160

Re: New Journal entry into CC payable account requires vendor selection

A credit/debit note may be in order.

apmuthu's Website