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Accounting Dashboard
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General Accounting Set up
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Chart of Accounts
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Day to Day Transactions
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Sales
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Banks & Bank Reconciliations
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Fixed Assets
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Year/Month End
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Reports
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Purchase Order approval
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POS
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Purchasing
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Non stock purchasing
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Expense Module
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Shopify Sales
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Invoice Reminders
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Customer Statements
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Tax
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Supplier Batch Payment
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Product Categories
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Inventory Valuation Journals
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Analytic Accounts
How to Reconcile a Vendor Deposit directly through Bank Rec ( No Supplier Remittance / Not a Foreign Currency Payment )
We have here a sample Purchase Order that we have already deposited an advance of $1000
Now, to reconcile your supplier deposit as a spend money transaction,
- Go to the relevant bank account on which the payment has been made.
- Look for the payment in the feeds accordingly then click "Manual Operations".
- Fill in the details in order to record it as Spend Money:
- Partner: System will pick the relevant partner if we have already provided it while depositing, if not we can find the partner through the drop down.
- Account: GL Account on which the spent money will be recorded
- Taxes: Tax Rate for your Spend Money. In this case, we will be using No GST(None)
- Label: You can add the Purchase Order number to add as a description of your "spend money" transaction.
- Import: Amount to be imported/recorded
- Analytic: You can provide the relevant analytic account
- Now your feed is ready to be VALIDATED.
Please note that reconciling as a spend money transaction has the below-mentioned limitations. Hence, we would recommend that you choose the stand-alone vendor payment option.
Below are the limitations,
1. Payments that involve different currencies. Eg. Paying a USD PO deposit using an NZD bank account. Such scenarios can be done only through a stand-alone vendor payment option as applying the Manual exchange rate feature is not available in the spend money option
2. Unable to Print and send payment remittance to the supplier
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