hi all,
My Supplier Payment terms is 90% immediate against job completion and 10% as retention which will be paid after 6 months from date job completion. When i creating invoice i need to capture retention account head seperately as below, but when i generate supplier ledger report system should show the balance as 100/-.
Expenses account Dr. 100/-
Supplier Account Dr. 90/-
Supplier Retension Account Dr. 10/-
If anybody knows the solution - please help
regards
Hariharan
retention amount should have seperate account code
Hi
If you are planning to credit retention amount to separate general ledger account while booking/creating supplier Invoice, then it is not possible. Because, you can have multiple accounts in expense which is your debit distribution. But for liability which is your credit distribution, you can not assign more than one liability account.
But you can create a separate site for "Retention", and then book 10% amount separately to another general ledger account. And this will help you to track retentions per invoice/per supplier. So you will book one invoice twice, for 90% amount with normal site and again for 10% amount for retention site.
Hope this workaround will be helpful to you.
Regards
Dhananjay
[quote]hi all,
My Supplier Payment terms is 90% immediate against job completion and 10% as retention which will be paid after 6 months from date job completion. When i creating invoice i need to capture retention account head seperately as below, but when i generate supplier ledger report system should show the balance as 100/-.
Expenses account Dr. 100/-
Supplier Account Dr. 90/-
Supplier Retension Account Dr. 10/-
If anybody knows the solution - please help
regards
Hariharan
<i><div align="right">Originally posted by hariTV
If you are planning to credit retention amount to separate general ledger account while booking/creating supplier Invoice, then it is not possible. Because, you can have multiple accounts in expense which is your debit distribution. But for liability which is your credit distribution, you can not assign more than one liability account.
But you can create a separate site for "Retention", and then book 10% amount separately to another general ledger account. And this will help you to track retentions per invoice/per supplier. So you will book one invoice twice, for 90% amount with normal site and again for 10% amount for retention site.
Hope this workaround will be helpful to you.
Regards
Dhananjay
[quote]hi all,
My Supplier Payment terms is 90% immediate against job completion and 10% as retention which will be paid after 6 months from date job completion. When i creating invoice i need to capture retention account head seperately as below, but when i generate supplier ledger report system should show the balance as 100/-.
Expenses account Dr. 100/-
Supplier Account Dr. 90/-
Supplier Retension Account Dr. 10/-
If anybody knows the solution - please help
regards
Hariharan
<i><div align="right">Originally posted by hariTV
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- Location: India
Hai Dhanujay, thanks ur reply for retention amount and paid to supplier.
I have faced the same question in one interview. However i think it is just like work around. and i have given answer to interview to raise a stand. invoice for retention of withholding amount and in description we have to mention that i.e refund to supplier towards withholding tax amount retention.
Anyhow , please send necessary setups if possible.
Murthy
I have faced the same question in one interview. However i think it is just like work around. and i have given answer to interview to raise a stand. invoice for retention of withholding amount and in description we have to mention that i.e refund to supplier towards withholding tax amount retention.
Anyhow , please send necessary setups if possible.
Murthy
i am facing the same problem,after doing a lot of brain storming i finally come to the point is that
1- If we attach or apply WHT code for retention then we can not apply the real WHT as you can apply it only once
2-if i go for Dhananjay solution then redundancy of work will kill the user
and invoice will remain open unless u dont pay it.
3-the other solution which come to my mind is that in one invoice we will book 2 distribution lines one for expense & other for retention and in payment schdule retention invoice amount will be place on hold....but difficulty is that retention code in gl is a liability account if we transfer it in to GL we have to adjust it by passing another entry for adjustment....am i right or not
1- If we attach or apply WHT code for retention then we can not apply the real WHT as you can apply it only once
2-if i go for Dhananjay solution then redundancy of work will kill the user
and invoice will remain open unless u dont pay it.
3-the other solution which come to my mind is that in one invoice we will book 2 distribution lines one for expense & other for retention and in payment schdule retention invoice amount will be place on hold....but difficulty is that retention code in gl is a liability account if we transfer it in to GL we have to adjust it by passing another entry for adjustment....am i right or not
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