Purchase Invoice - Journal Voucher

Hi, 

1. Purchase Invoice - Accounting entries for a typical purchase is :

Debits :

- Expense of Asset (net total excluding VAT)
- Taxes (VAT amount only)

Credits:

- Supplier (Total amount including VAT)

So you have to enter an expense or an asset account for each row in the items table, the problem is that in the items table you can only see the categories of all expenses (Items / Point 5 / Expense Head). The fixed assets are not included.

2. Journal Voucher - Many times it may not be necessary to accrue an expense, it can be directly booked against an expense account. In this case, how can the VAT be recorded in the Purchase VAT control account ?

Any help?



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1. Purchase Invoice - Accounting entries for a typical purchase is :

Debits :

- Expense of Asset (net total excluding VAT)
- Taxes (VAT amount only)

Credits:

- Supplier (Total amount including VAT)

So you have to enter an expense or an asset account for each row in the items table, the problem is that in the items table you can only see the categories of all expenses (Items / Point 5 / Expense Head). The fixed assets are not included.

To select an asset / liability account in “Expense account” field, mention “account type” as “Expense Account”.


2. Journal Voucher - Many times it may not be necessary to accrue an expense, it can be directly booked against an expense account. In this case, how can the VAT be recorded in the Purchase VAT control account ?

In Journal Voucher you can select as many row as you need.


Any help?



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Hi Nabin, 

Thanks for your prompt response.

As a company we don't have a Warehouse. 

How can we purchase a table, or PC or any other fixed asset and to go to correct account?

When i open new account under Fixed Asset 


 Accounts
  •  Application of Funds (Assets)
      • Fixed Assets

and the account type is "Fixed Asset" on the "Expense Head" i cannot see this account

Can you advise please?


On Tuesday, September 2, 2014 9:33:11 AM UTC+3, Nabin Hait wrote:

1. Purchase Invoice - Accounting entries for a typical purchase is :

Debits :

- Expense of Asset (net total excluding VAT)
- Taxes (VAT amount only)

Credits:

- Supplier (Total amount including VAT)

So you have to enter an expense or an asset account for each row in the items table, the problem is that in the items table you can only see the categories of all expenses (Items / Point 5 / Expense Head). The fixed assets are not included.

To select an asset / liability account in “Expense account” field, mention “account type” as “Expense Account”.


2. Journal Voucher - Many times it may not be necessary to accrue an expense, it can be directly booked against an expense account. In this case, how can the VAT be recorded in the Purchase VAT control account ?

In Journal Voucher you can select as many row as you need.


Any help?



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Recommended workflow would be:

1. Create a warehouse for fixed asset item, I think there is already a default warehouse named “Fixed Asset Warehouse” , you can use that.

2. Create Purchase Receipt when items are arriving in your place and receive the item in “Fixed Asset Warehouse”.

3. While making Purchase Invoice, select expense account as “Stock Received But Not Billed”.

Assuming you have enabled “Perpetual Inventory” system.


If you are not using perpetual inventory system, then select newly created “Fixed Asset” account in Purchase Invoice. While creating new account set account type “Expense Account”.




On Sep 2, 2014, at 5:13 PM, Antreas A <ar...@gmail.com> wrote:

Hi Nabin, 

Thanks for your prompt response.

As a company we don't have a Warehouse. 

How can we purchase a table, or PC or any other fixed asset and to go to correct account?

When i open new account under Fixed Asset 


 Accounts
  •  Application of Funds (Assets)
      • Fixed Assets

and the account type is "Fixed Asset" on the "Expense Head" i cannot see this account

Can you advise please?


On Tuesday, September 2, 2014 9:33:11 AM UTC+3, Nabin Hait wrote:

1. Purchase Invoice - Accounting entries for a typical purchase is :

Debits :

- Expense of Asset (net total excluding VAT)
- Taxes (VAT amount only)

Credits:

- Supplier (Total amount including VAT)

So you have to enter an expense or an asset account for each row in the items table, the problem is that in the items table you can only see the categories of all expenses (Items / Point 5 / Expense Head). The fixed assets are not included.

To select an asset / liability account in “Expense account” field, mention “account type” as “Expense Account”.


2. Journal Voucher - Many times it may not be necessary to accrue an expense, it can be directly booked against an expense account. In this case, how can the VAT be recorded in the Purchase VAT control account ?

In Journal Voucher you can select as many row as you need.


Any help?



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Recommended workflow would be:

1. Create a warehouse for fixed asset item, I think there is already a default warehouse named “Fixed Asset Warehouse” , you can use that.

2. Create Purchase Receipt when items are arriving in your place and receive the item in “Fixed Asset Warehouse”.

3. While making Purchase Invoice, select expense account as “Stock Received But Not Billed”.

Assuming you have enabled “Perpetual Inventory” system.


If you are not using perpetual inventory system, then select newly created “Fixed Asset” account in Purchase Invoice. While creating new account set account type “Expense Account”.



On Sep 2, 2014, at 5:13 PM, Antreas A <ar...@gmail.com> wrote:

Hi Nabin, 

Thanks for your prompt response.

As a company we don't have a Warehouse. 

How can we purchase a table, or PC or any other fixed asset and to go to correct account?

When i open new account under Fixed Asset 


 Accounts
  •  Application of Funds (Assets)
      • Fixed Assets

and the account type is "Fixed Asset" on the "Expense Head" i cannot see this account

Can you advise please?


On Tuesday, September 2, 2014 9:33:11 AM UTC+3, Nabin Hait wrote:

1. Purchase Invoice - Accounting entries for a typical purchase is :

Debits :

- Expense of Asset (net total excluding VAT)
- Taxes (VAT amount only)

Credits:

- Supplier (Total amount including VAT)

So you have to enter an expense or an asset account for each row in the items table, the problem is that in the items table you can only see the categories of all expenses (Items / Point 5 / Expense Head). The fixed assets are not included.

To select an asset / liability account in “Expense account” field, mention “account type” as “Expense Account”.


2. Journal Voucher - Many times it may not be necessary to accrue an expense, it can be directly booked against an expense account. In this case, how can the VAT be recorded in the Purchase VAT control account ?

In Journal Voucher you can select as many row as you need.


Any help?



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@nabinhait is this still the recommended method??? If i change the account type of the fixed asset account to Expense account, what is the use of Fixed Asset type then?? If this is not the recommended method then what is?

Now you can select account_type as “Fixed Asset” as well, the account should be selectable in the Purchase Invoice.

But doing this i always end up getting Stock Received But Not Billed instead of the Fixed Asset Account. Hence, i had to use the above method, i dont think it is the right way given that we now have the account type Fixed Asset available. Can you please tell me how would you have accounted for a purchase of asset with perpetual inventory system enabled?

Further, i would like to know how to record the landed cost in system where you dont have a perpetual system? I mean i need to post the journal entries manually or will i be able to link it with the purchase invoice having that landed cost as i have mentioned these costs in taxes and charges area but they are not appearing in the accounts?