52 lines
2.0 KiB
Plaintext
52 lines
2.0 KiB
Plaintext
Book Keeping Challenges / Issues
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- Chart of Accounts is not sufficient
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- One payment can go towards more than one charge
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- One charge can be paid for by more than one payment
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- Need to know: how much money does customer owe?
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- Need to know: how much money has customer been charged for "Rent"?
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- Need to know: how much money has customer paid towards "Rent" (nothing else)?
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- Reverse a charge
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To make charge reversal work, I'm presently issuing a credit note
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(transaction) that has 3 ledger entries:
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Debit charged account - Credit A/R
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Debit A/R - Credit "Credit" account
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Debit "Credit" account - Credit A/R
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And 3 statement entries:
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Reversal on charged account
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Negative Disbursement on "Credit" account
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Positive Disbursement on "Credit" account
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Obviously, the two "Credit" account ledger entries cancel each other
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out. However, the monies need to be reversed in the A/R account, and a
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previous transaction will have already performed an A/R credit and so
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the two A/R credits will create an imbalance in A/R unless we move
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those funds to our "Credit" account. The "Credit" account statement
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entries are needed to undo any previous disbursement to the charge
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being reversed, and then to re-disburse those funds to a different
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charge (or possibly just a Surplus entry if no other charges exist.)
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Question
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- What should be recorded with this charge reversal?
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Charge of $5 for "Parking"
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Charge of $6 for "Rent"
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Payment of $6
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Reverse the $5 "Parking" charge
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- What should be recorded with this charge reversal?
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Charge of $5 for "Parking"
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Charge of $6 for "Rent"
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Charge of $7 for "Pets"
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Payment of $13
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Reverse the $5 "Parking" charge
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- What should be recorded with this charge reversal?
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Charge of $5 for "Parking"
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Charge of $6 for "Rent"
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Charge of $7 for "Pets"
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Payment of $18
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Reverse the $5 "Parking" charge
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