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Sales GL Account Posting setup

  • 1.  Sales GL Account Posting setup

    SILVER CONTRIBUTOR
    Posted 18 days ago
    I have taken over a GP setup and am wondering about the Posting Account setup for Sales.

    Our current setup does not seem correct and possibly someone out there has a better suggestion.
    Our customers on occasion have discount terms when they pay their invoices, usually a 2% discount.  We write a Credit Memo for the discount amount and it is charged to two GL accounts that are sub-accounts of Sales. The net effect of this is our Net Sales figure is not reduced by the Credit Memo since a DB and CR are booked into two Sales GL accounts.

    I think it would be more standard to Credit the amount of the Credit Memo, which would decrease our Net Sales, and Debit an expense account to increase our expenses.

    Any suggestions?

    Here is the Posting Setup:


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    Rick Roen
    Seeds by Design
    Willows CA
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    Academy - Online Interactive Learning from Experts


  • 2.  RE: Sales GL Account Posting setup

    TOP CONTRIBUTOR
    Posted 18 days ago
    Odd. When entering a manual Credit Memo in Sales- Receivables Transaction Entry, the account types sourced from Posting Accounts Setup are the Credit Memo which is a debit and the Accounts Receivable from the Customer or Posting Setup which is a credit.
    So in your screen shot you should get a debit to 42900 and a credit to 11000 and get a credit memo transaction on the customer which needs to be applied.
    Maybe someone is manually changing your accounts?


    However if you are writing off the amount taken during the actual Cash Receipts Transaction apply process rather than entering a separate credit memo transaction then using the Discounts Taken field will post a debit to Terms Discounts Taken sourced from either the Customer or the Posting Accounts setup.
    This is the preferred method for short pay cash receipts.



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    Thaddeus Suter
    Retus, Inc
    HELOTES TX
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    Academy - Online Interactive Learning from Experts


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