I have ERP POS with “Credit Card” as Mode of Payment, and because we must set the default account, I set it to “HSBC Savings”. Basically, everytime a customer pays an item with a credit card, the credit card processing company “Chase” will deposit the money into the company bank account called “HSBC Savings”.
But then, I also have purchase invoice with payment method as Credit Card, and that Credit Card mode of payment is linked to an account “HSBC VISA” that is a current liabilities account.
But now everytime I entered a purchase invoice with “Is PAID” option, in the payment section, I select Credit Card as mode of payment, but it will automatically fetched the next value as “HSBC Savings” which I had to set in the default for the POS to work. But I have to changed it back manually from “HSBC Savings” to “HSBC VISA”.
Is it a normal behavior? Or am I missing something?
How can we have the default in purchases credit card using a different default account for sales credit card if both credit card is linked to mode of payment without the ability to differentiate between sales or purchase.
Do I have to create a same mode of payment for each purchase and sale? For example, a mode of payment called “Credit Card Sales” = “HSBC SAVINGS” (default account) and “Credit Card Purchases” = “HSBC VISA” (default account) ?
What you are trying to do is not really consistent with how Mode of Payment is designed to work. Incoming credit card payments made by customers (and then deposited into your savings account) is a different mode of payment than payments you make with your company credit card.
The fact that they’re both “credit cards” is not really the important point here. What’s important is that they have different impacts on your books, exactly like you’re finding. The idea here is that you would have one mode of payment called something like “Customer Credit Card”, pointing to your HSBC savings account and another mode of payment called “Company Credit Card” pointing to your HSBC Visa liabilities account.
On the other hand, I also have a problem and I am not sure what is the difference between (balance sheet):
Stock in hand - Variation of stocks (this happens when I don’t put an opening stock when creating an item, and have Update Stock checked when entering a purchase invoice paid)
and
Stock received but not billed (this happens when I put an opening stock number for an item, but only enter the purchase invoice paid with no Update Stock checked, it will automatically generate an amount in Stock received but not billed. No variation stock is entered.)
A) Should and is there a way I can put the stock FROM Stock received but not billed TO Stock in hand?
B)
B1. Create a New item with Opening Stock 10, valuation rate 0. Then Create a purchase invoice with Item buying price of 2.33$ and set quantity 10. Do not check Update Stock.
B2. Create a New item with No opening stock and no valuation rate. Then Create a purchase invoice with Item buying price of 2.33$ and set quantity 10. Check Update Stock.
Q: Will B1 and B2 perform the same and will not show difference in balance sheets and cost of goods?