AccountRight

Recording progress payment to a single purchase order

Rinnie
3 Posts
User

I am in the construction indusrty.

 

An example of what I would like as an advancement in Accounts Right.

 

I raise a purchase order  for $80.000.00 for an electricial company for a house build fit out.  This job will be done over a period of months.

I would like to link each and every invoice that relates to the purchase order however the purchase order initial amount stays at $80,000.00 whilst the the balance will reduce by each total amount of the linked invoice. 

In doing this I would like to enter the invoice link it to the order in one process not enterig the information twice in different screens. 

Any one else out there this would benefit?

 

 

I feel this would be a great benefit to keepign track of all orders and linked invoices.

So we create one Order and then at time of processing the invoice/Bill you would link the bill to the order and this would automatically come off the oustanding balance of the order, (whilst keeping the orginal amount of the order visiable and the remanding balance reduces by the Bill amount)

 

Rinnie

4 Comments
jillseg
2 Posts
Cover User

We have many supplier who we operate 30 day accounts with, but occasionally offer different terms for a particular purchase. I realise you can change the terms when entering a purchase invoice, but we sometimes get an amount to be divided by 3 or 4 months of payments.  To get around this I run a spreadsheet in Excel when reconciling to statements, as a payable report doesn't satisfy this.   I haven't yet found a way around it using MYOB.  Could this be incorporated in future updates?  I am sure I am not the only one with this issue.

 

Regards

 

Jill

Trusted Cover User Julie_B
215 Posts
Trusted Cover User

Hi Jill - I find this concept interesting ... are you thinking about a 90 or 120 day term to be added?  The only way I have found a satisfactory way of doing this is to create 3 or 4 invoices on the monthly basis. You can pre-date your invoices so you can enter them all in advance - I create the first invoice with all the details about the total cost of the sale, etc, create this as a template (use recurring) and then enter the next batch of invoices for the appropriate dates, rather than have one invoice which continually shows as being "overdue".

Contributing Cover User kellyw6324
7 Posts
Contributing Cover User

Our business too needs the ability to split payments for sales and purchases. In our case we buy/sell wine grapes and payment terms are 1/3 instalments with payments due May, July, September. It would be great if we could modify payment terms on invoices to reflect this structure as it is not feasible for us to issue 3 seperate invoices for each payment.

 

RobynSh
5 Posts
Cover User

I agree very strongly with Rinnie on this one.  I have worked with other systems that manage this similar to an inventory purchase and receipt, with the ability to "receipt" a service with the balance going to back order.  It would add an AA to the PO number for the back order so that you had a different reference for each invoice but it was still linked to the initial order.  A GL purchases clearing account kept the transactions in line.

We are required to issue Purchase Orders for all transactions so the ability to raise a "standing" PO to cover a number of months is a necessity.  I'd also like to be able to produce one report that shows all open purchase order balances but with many commitments sitting as "recurring" transactions, I have not been able to come up with an efficient solution in MYOB to manage this.