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I'm trying to use OpenERP for very basic accounting. Make an invoice with 13% tax, and register a payment when the cheque arrives. Later make payments to bills and have the sales tax get subtracted from tax owed to government. Below our the issues I've had. It's pretty tough to explain without a video so this is what I have so far: http://youtu.be/YLdkq1UtpqI
- Starfleet invoice shows up as accounts receivable AND adds total amount twice to journal
- Treats our subspace transmission fees as an asset
Contract work for Starfleet
Pay tariffs to the Klingon High Command for subspace communications with Starbase 301
Fixed rate $37 + 13% tax
What I would like to do:
1) Open a balance with owner’s cash for $10
2) bill Starfleet and mark the payment to bank account
3) pay the Klingon High Command and treat that as an expense and not a purchased asset
The journal entries view (not to consider this view with the trial balance of accounts) is showing each posting; therefore
as a purchase or a sale are creating a double entry (debit balancing with credit)
it shows 2 lines.
Debit expense account/ credit third party account
Then payments are creating 2 other lignes
debit: third party /credit bank for suppliers or reverse for customers
When you check the Trial balance you can verify that accounts payable and accounts receivable have a zero balance.
Thank you Ad Libitom. This is when a non-accountant tries to use ERP software :)
I am puzzled however why this report is showing a loss when I've had sale of $328 and only one expense at $37. The bank balance at the bottom is finally showing up as correct. That is a huge win!
Account financial report: https://drive.google.com/file/d/0B_Bf2KhKxRriVnZwODk0VlN2QzA
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|Asked: 7/6/14, 1:08 AM|
|Seen: 1451 times|
|Last updated: 3/16/15, 8:10 AM|