Kathrynm1
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Joined 5 years ago
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Transfer from deposits
We have a new issue that has come up in AccountRite in the last 12-15 months. We always raise a Purchase Order for our stock from our supplier...this then has a deposit paid and then the balance before the stock is sent. When the stock arrives (which can be some months later) we convert the order to a bill so that the stock hits our inventory. What should happen is that the payments that have been made against the Order go to a Stock in Transit account....then on the date that the order is turned to an invoice there is a Journal entry "transfer from deposits". This has worked perfectly for 13+ years. Now however when we turn the order to an invoice - the transfer from deposit journal is dated the same date as the original order date eg. months prior. This is putting my Payables account out of balance massively. There is no way of clicking into the PJ transfer from deposits to amend the date either. How do we resolve this please.726Views1like1Comment