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QuickBooks Journal Entries

334 bytes added, 21:21, 28 April 2016
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=== Handling prepayments ===
 
'''NOTE:''' Fishbowl has a module option to [[Accounting#Module_Options_General_tab|Send payment when order is fulfilled]], that may fit the needs of some companies.
Payments in Fishbowl are typically received when a sales order is being fulfilled. However, some companies may require their customers to pay in full for the order days or weeks before it is fulfilled. If a payment is taken in Fishbowl and then exported to QuickBooks before anything on the order is fulfilled, there will be a credit to Accounts Receivable, but no offsetting debit until the order is fulfilled and the invoice is exported. This will cause the Accounts Receivable balance to appear temporarily understated until the order is fulfilled. For the occasional prepayment, this is unlikely to be an issue, but for companies that consistently take prepayment, the following process may be helpful as it will prevent Accounts Receivable from being affected by prepayments. Instead, prepayment amounts will be recorded in a liability account as unearned revenue until the order has been fulfilled.
'''NOTE:''' This process can be modified to meet the needs of each company. For example, both '''Prepayment''' items could be added to the original order, eliminating the need for an additional sales order. In this case, two prepayment products could also be grouped in a kit with different names or amounts. The sales order in Fishbowl would reflect the actual order total instead of zero. The process would be similar to that listed above. First, issue the order, receive the prepayment with the '''Payment''' button, right-click the positive '''Prepayment''' amount, choose '''Fulfill''', and then click the '''Save''' button. The journal entries would be identical to those displayed above except for two additional offsetting entries that would appear in the '''Accounts Receivable''' account.
 
'''NOTE:''' Fishbowl has a module option to [[Accounting#Module_Options_General_tab|Send payment when order is fulfilled]], that may fit the needs of some companies.
== Purchase Order {{top}} ==

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