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Advance Payment handling in NAV
Hayan
Member Posts: 110
Dear All,
Accounting practices in many countries/regions require that prepayment journal vouchers, or payments in advance, from a customer or to a vendor not be posted to the usual posting accounts for the customer or vendor. Instead, these prepayment journal vouchers must be posted to special ledger accounts for prepayment journal vouchers. When a sales order or purchase order is made, an invoice is issued to the customer or vendor. When the invoice is paid, the prepayment journal voucher and sales tax prepayment journal voucher on the ledger accounts for the prepayment journal vouchers are reversed. The invoice amounts are then automatically posted to the usual summary accounts. I don't want to work with prepayment accounts since they are related to Sales or Purchase Order, I want to have a free Advance Payment. Plus this account has to be included in the Exchange rate adjustment at the end of year closing. Is there a way this can be done?
Best
HAYAN
Accounting practices in many countries/regions require that prepayment journal vouchers, or payments in advance, from a customer or to a vendor not be posted to the usual posting accounts for the customer or vendor. Instead, these prepayment journal vouchers must be posted to special ledger accounts for prepayment journal vouchers. When a sales order or purchase order is made, an invoice is issued to the customer or vendor. When the invoice is paid, the prepayment journal voucher and sales tax prepayment journal voucher on the ledger accounts for the prepayment journal vouchers are reversed. The invoice amounts are then automatically posted to the usual summary accounts. I don't want to work with prepayment accounts since they are related to Sales or Purchase Order, I want to have a free Advance Payment. Plus this account has to be included in the Exchange rate adjustment at the end of year closing. Is there a way this can be done?
Best
HAYAN
0
Answers
only if you customize it (some AddOns might have it, though). Plus, if you want to adjust it, you would need a separation of the C/L and V/L entries regarding their reconciliation account - can be done, it's also a customization, though. If there is no link to an order, is this sort of a deposit? If not, it's more like prepayment (with the bugs removed). One our AddOns (Plexada BuildingBlocks) has quite a lot of fixes for prepayment handling. To add the separate accounts and adjustment handling on this would be about half the way.
with best regards
Jens