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Old 08-22-2017, 06:53 AM
Drucilla Drucilla is offline
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Removing invoice

A pleasant morning to all. I am new to peachtree and this forum. One of the customers for the company I am working for could not pay an outstanding invoice. Instead they gave our company a lighting tower in place of payment. How do I account for this on peachtree? What do I put to show this invoice have been paid or how to remove it? Please help.
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Old 08-22-2017, 01:17 PM
jdierkhising jdierkhising is offline
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Go to Receive Money and select that customer and check off the customers invoice(s). Then select the Apply to Revenue tab and enter the total amount and a negative amount and change the GL account in the rows to be where you would have coded the purchase of the tower too (assuming it is not inventory). Enter a fake check number and save it. Make sure the end results is a 0.00 receipt of money and the rest should take care of itself. You may also want to enter a proper description.
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Old 08-22-2017, 02:37 PM
SteelerFan SteelerFan is offline
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On your next receipt, remember to change it back to your cash account. Otherwise when you go to balance your checkbook you'll wonder where the money is! (It will have gone into your capital equipment account.)
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Old 08-24-2017, 01:58 PM
Drucilla Drucilla is offline
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Smile Removing Invoice

Good afternoon and thank you for your response. Can I do a credit memo for the invoice instead? The lighting tower has not been coded or entered in at all into peachtree and I don't believe they want to. The lighting tower is not working. I'll await your respond before I proceed. I did everything you suggested but stop before entering that fake cheq. number out of fear.
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Old 08-25-2017, 07:55 AM
jdierkhising jdierkhising is offline
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The Credit Memo would be doing the same thing, you would need to code the credit to a GL account, but then you would need to also apply the credit to the invoice to remove both from the sub ledger. My receipt write off basically saves a step but in the end they both would have the same result.

So coding the write off is the question, if you don't want to realize the barter trade of the light tower then this seems to be a bad debt write off. You would code either the Credit Memo or the Receipt to Bad Debt in this case.
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  #6  
Old 09-06-2017, 06:47 AM
Drucilla Drucilla is offline
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Smile Removing Invoice

Thank you ever so much.
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