Imran Rashid
03-11-2004, 01:05 PM
Hi All,
I must admit that when it comes to practical life the things are quite different. I graduated in Accountancy with distinctions but could not figure out how will Peachtree handle L/C transactions.
Our purchase is 90% import based. under our existing home made system we create each new account for individual L/C in "prepaid expenses" catagory. all charges are debited to this account:
l/c opening charges debit L/C account credit bank account
document retirement debit l/c account credit bank account
duty paid debit l/c account credit bank account
clearing chgs debit l/c account credit forwarder a/c
now l/c account shows the total charges incurred on each shipment. this is also our cost of sales. than we post purchase invoice and grand total of purchase invoice is credited to l/c account thus bringing the total of each l/c account balance to zero.
purchase price of goods is than debited to inventory account for various purposes.
how we can do this in peachtree?
peachtree keep the A/P outstanding untill it is paid manually. can we make a way whereby the amount of purchase is credited automatically to L/C account. because vendor is already paid by the bank and we have posted entry as "document retirement"
imran rashid
pak tire corp
pakistan.
I must admit that when it comes to practical life the things are quite different. I graduated in Accountancy with distinctions but could not figure out how will Peachtree handle L/C transactions.
Our purchase is 90% import based. under our existing home made system we create each new account for individual L/C in "prepaid expenses" catagory. all charges are debited to this account:
l/c opening charges debit L/C account credit bank account
document retirement debit l/c account credit bank account
duty paid debit l/c account credit bank account
clearing chgs debit l/c account credit forwarder a/c
now l/c account shows the total charges incurred on each shipment. this is also our cost of sales. than we post purchase invoice and grand total of purchase invoice is credited to l/c account thus bringing the total of each l/c account balance to zero.
purchase price of goods is than debited to inventory account for various purposes.
how we can do this in peachtree?
peachtree keep the A/P outstanding untill it is paid manually. can we make a way whereby the amount of purchase is credited automatically to L/C account. because vendor is already paid by the bank and we have posted entry as "document retirement"
imran rashid
pak tire corp
pakistan.