SirRedK
08-10-2005, 08:19 AM
Howdy howdy! New user here; I dun searched through the five pages of old threads but didn't find what I needed, so here goes...
~~~
Short version: Is there a way to enter cash inflows from sources other than regular customers and vendors?
Long version to follow:
Our company has:
-) checking account at bank A
-) line of credit with bank A
-) checking account at bank B
-) savings account at bank B
-) line of credit with bank B
Our main checking account is at bank A.
To get credit advances, we transfer from bank B's line of credit to B's checking account, and then we write ourselves a check from B-checking to A-checking.
Normally, we leave bank A's line of credit alone.
Same with bank B's savings.
The only bank account in Peachtree is the cash account for bank A's checking. Any other banking is done outside Peachtree (I know, I know!).
Now then; the point here is that A-checking is what is in peachtree, but sometimes I need to be able to get money to flow in from out other banking accounts.
______________________________________
What we've been doing is entering each credit draw in TASKS --> RECEIPTS, as a direct revenue from the customer Bank B. Before we save it, we go to the journal entry from Debit Cash Credit Sales to Debit Cash Credit BankCredit. To pay back the line of credit, we make payments to the vendor Bank B, expensing it directly to the line of credit, so the journal entry there is Debit BankCredit Credit Cash.
Pro: The journal zeros out in the end.
Pro: The credit draw is kept OFF the Accounts Payable sheet. The leading officer here is of the opinion that, since this is a credit draw and not your everyday "2% 10 Net 30 Account Payable", it doesn't need to appear on the A/P print-out. (The logic being that while he and I know what's going on, if one of the other.... less than knowledgable... officers tries to print out an A/P report for a banker or a CPA, we don't want the line of credit draws to appear as us Currently Owing them)
Con: Customer Bank B is accumulating a sales history for every credit draw we take. Since we changed the journal entry to credit BankCredit instead of Sales, it's not showing up on the Sales Revenue report; but it's still floating there if we print out a customer report.
______________________________________
An alternative we've been throwing around is to bring the money in through TASKS --> RECEIPTS from the vendor Bank B. This way, when we go to the TASKS --> PAYMENTS screen, the amount we currently owe will be clearly listed. Again, in the receipt screen we would have to change the journal entry to credit BankCredit instead of AcctsPayable.
Pro: Makes more common sense, since we DO owe someone money for something, which is kinda the definition of a vendor.
Pro: It's a lot easier to keep track of how much we've borrowed to date. When we pay back credit advances, we simply apply the payment to the outstanding receipts (since when you enter a Receipt from a vendor, it appears on the Payments screen as being owed).
Con: If you open up the Aged Payables report, even though the journal entry was changed so that AcctsPayable was NOT credited, the vendor receipt still appears on the report. This is bad, it seems, because we don't want long-term credit advances to appear on our report of current Accounts Payable.
~~~
*takes in a deep breath, and hands you an double-stuf oreo for reading this far*
So... bringing the money in as revenue from a customer starts playing tricks with our customer files.
Bringing it in from a vendor causes our Aged Payables and such to show us in worse shape than we are.
Anyone have any other ideas on how we can bring the money into our cash account?
Godspeed,
~ Red
~~~
Short version: Is there a way to enter cash inflows from sources other than regular customers and vendors?
Long version to follow:
Our company has:
-) checking account at bank A
-) line of credit with bank A
-) checking account at bank B
-) savings account at bank B
-) line of credit with bank B
Our main checking account is at bank A.
To get credit advances, we transfer from bank B's line of credit to B's checking account, and then we write ourselves a check from B-checking to A-checking.
Normally, we leave bank A's line of credit alone.
Same with bank B's savings.
The only bank account in Peachtree is the cash account for bank A's checking. Any other banking is done outside Peachtree (I know, I know!).
Now then; the point here is that A-checking is what is in peachtree, but sometimes I need to be able to get money to flow in from out other banking accounts.
______________________________________
What we've been doing is entering each credit draw in TASKS --> RECEIPTS, as a direct revenue from the customer Bank B. Before we save it, we go to the journal entry from Debit Cash Credit Sales to Debit Cash Credit BankCredit. To pay back the line of credit, we make payments to the vendor Bank B, expensing it directly to the line of credit, so the journal entry there is Debit BankCredit Credit Cash.
Pro: The journal zeros out in the end.
Pro: The credit draw is kept OFF the Accounts Payable sheet. The leading officer here is of the opinion that, since this is a credit draw and not your everyday "2% 10 Net 30 Account Payable", it doesn't need to appear on the A/P print-out. (The logic being that while he and I know what's going on, if one of the other.... less than knowledgable... officers tries to print out an A/P report for a banker or a CPA, we don't want the line of credit draws to appear as us Currently Owing them)
Con: Customer Bank B is accumulating a sales history for every credit draw we take. Since we changed the journal entry to credit BankCredit instead of Sales, it's not showing up on the Sales Revenue report; but it's still floating there if we print out a customer report.
______________________________________
An alternative we've been throwing around is to bring the money in through TASKS --> RECEIPTS from the vendor Bank B. This way, when we go to the TASKS --> PAYMENTS screen, the amount we currently owe will be clearly listed. Again, in the receipt screen we would have to change the journal entry to credit BankCredit instead of AcctsPayable.
Pro: Makes more common sense, since we DO owe someone money for something, which is kinda the definition of a vendor.
Pro: It's a lot easier to keep track of how much we've borrowed to date. When we pay back credit advances, we simply apply the payment to the outstanding receipts (since when you enter a Receipt from a vendor, it appears on the Payments screen as being owed).
Con: If you open up the Aged Payables report, even though the journal entry was changed so that AcctsPayable was NOT credited, the vendor receipt still appears on the report. This is bad, it seems, because we don't want long-term credit advances to appear on our report of current Accounts Payable.
~~~
*takes in a deep breath, and hands you an double-stuf oreo for reading this far*
So... bringing the money in as revenue from a customer starts playing tricks with our customer files.
Bringing it in from a vendor causes our Aged Payables and such to show us in worse shape than we are.
Anyone have any other ideas on how we can bring the money into our cash account?
Godspeed,
~ Red