I have a conundrum which I cannot figure out:
Scenario :
Purchase order ABC received from my customer (payment method Letter of Credit)
I issue a commercial invoice to my customer for R100,000 (they issue an LC for R100,000 to me)
I receive a commercial invoice from my supplier R 95,000(I transfer R95,000 of the LC to the supplier)
I receive a payment from my customer's bank on my bank account for R4,600 (made up as follows - R100,000 paid to me less R95,000 paid to supplier less R400 charged for interest).
How do I deal with the above in Sage One?
This is what I have figured out so far???
The R100,000 would go to Sales
The R 95,000 will go to Cost of Sales (Purchases)
The R400 will go to an expense account (interest paid)
How do I allocate the R4,600 which came in on the bank account.......I just can't get there.
Thanks
Scenario :
Purchase order ABC received from my customer (payment method Letter of Credit)
I issue a commercial invoice to my customer for R100,000 (they issue an LC for R100,000 to me)
I receive a commercial invoice from my supplier R 95,000(I transfer R95,000 of the LC to the supplier)
I receive a payment from my customer's bank on my bank account for R4,600 (made up as follows - R100,000 paid to me less R95,000 paid to supplier less R400 charged for interest).
How do I deal with the above in Sage One?
This is what I have figured out so far???
The R100,000 would go to Sales
The R 95,000 will go to Cost of Sales (Purchases)
The R400 will go to an expense account (interest paid)
How do I allocate the R4,600 which came in on the bank account.......I just can't get there.
Thanks