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  #1  
Old 03-11-2004, 01:05 PM
Imran Rashid Imran Rashid is offline
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Join Date: Aug 2002
Location: Pakistan
Posts: 9
Red face Letter of Credit Accounting entries

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.
__________________
====================
Pak Tire Corp
GPO Box: 187
Faisalabad
Pakistan
dragon@fsd.comsats.net.pk
====================
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  #2  
Old 03-12-2004, 09:08 AM
Imran Rashid Imran Rashid is offline
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Join Date: Aug 2002
Location: Pakistan
Posts: 9
l/c

DONE

CHANGE 15XXX FOR EACH L/C.
FOR ALL EXP POST JOURNAL VOUCHER AS AND WHEN EXP OCCUR
WHEN L/C GOODS REACH THAN ENTER PURCHASE WITH A/P AS 15XXX.
__________________
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Pak Tire Corp
GPO Box: 187
Faisalabad
Pakistan
dragon@fsd.comsats.net.pk
====================
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  #3  
Old 10-02-2012, 12:53 AM
adel adel is offline
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Join Date: Oct 2012
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Letter of Credit Accounting entries

Dear Imran
Al Salam Alaikom Wa Rahmat Allah Wa Barakatoh

Brother I am facing the same problem with Peachtree Quantum and have no idea how to post l/c, our accounting is not linked to our bank account and therefore is not updated when an LC is paid, I calculate all expenses including l/c charges customs and all other expenses and directly add to the total purchase cost and only then make a purchase invoice using the total cost incurred.

It seems that you have found away to fix all of the l/c transactions and would appreciate if you kindly let me know the steps as I am a basic accountant.

May Allah bless you and your family with happiness, prosper, and successfulness Inshallah

Sincerely,

Adel
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