Safety Deposit

Good morning / Afternoon all
Here is the scenario:

In december we received an invoice for rent for $8,000, and a Safety
Deposit Note for $8,000 my AP clerk registered the Safety Deposit Note
as an invoice in order to create a check from AP module i need to
mention that this company uses multicurrency and Dollars are not the
Functional Currency (that's why she couldn't create a miscellaneous
check in the first place).

Now we receive another invoice for rent for $8,000 that its going to
be paid with the deposit. My AP clerk registered the Invoice on the
module. Right now on GL we don't owe nothing to our vendor but on the
module we have a balance how can we clear that balance? since this
transaction was created last year?

Thanks all
0
fhillyer (101)
8/1/2008 5:32:05 PM
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Forget about multicurrency! Not sure I understand. If you received a rent 
invoice in December for $8,000 and a safety deposit note for $8,000 (which 
was entered as an invoice) and you cut a check for $8,000 to cover the safety 
deposit. How could you not have a balance in December. If you receive another 
invoice for $8000, it would appear you owe the leasing company $16K. Am I 
missing something?

In addition, lets assume that was not the case and you enter the December 
invoice for $8,000, then cut a check for $8,000 for the safety deposit (this 
would explain why your AP balance in December showed zero), and now you get a 
new invoice for $8K, then I guess is time to pay up!

Best regards,
--
MG.-
Mariano Gomez, MIS, MCP, PMP
Maximum Global Business, LLC
http://www.maximumglobalbusiness.com


"Fhillyer" wrote:

> Good morning / Afternoon all
> Here is the scenario:
> 
> In december we received an invoice for rent for $8,000, and a Safety
> Deposit Note for $8,000 my AP clerk registered the Safety Deposit Note
> as an invoice in order to create a check from AP module i need to
> mention that this company uses multicurrency and Dollars are not the
> Functional Currency (that's why she couldn't create a miscellaneous
> check in the first place).
> 
> Now we receive another invoice for rent for $8,000 that its going to
> be paid with the deposit. My AP clerk registered the Invoice on the
> module. Right now on GL we don't owe nothing to our vendor but on the
> module we have a balance how can we clear that balance? since this
> transaction was created last year?
> 
> Thanks all
> 
0
MarianoGomez (3441)
8/1/2008 8:09:05 PM
I made the point on multicurrency because i found that when using
another currency as the primary for transactions other in dollars you
cannot issue a miscellaneous check in dollars
only in your functional currency (at least i don't know how to change
a checkbook for miscellaneous check).

In december we received the invoice and the deposit note and a check
was issued for $16,000
in payables we selected the invoice and deposit note to cut a check
applying this 2 documents.

we now receive an invoice for rent and normally this invoice was paid
with the deposit note.
but in our payables module we don't have something to apply this
invoice and clear the amount oustanding.

My first thought was to cancel the payment enter the original invoice,
and the deposit note as a credit note and now apply that CN to this
invoice but
the accountants in mexico they dont want to see a credit note because
the deposit note for them is not a credit note.


0
fhillyer (101)
8/1/2008 9:02:48 PM
Precisely my point! If the deposit note was entered as a invoice, the 
additional $8K credit that you would have had from the check is no longer 
available. 

December IVC                8,000
Deposit Note                   8,000 <--- entered as an invoice
Check                           16,000 <--- applied to December IVC and 
Deposit Note
August IVC                     8,000  <--- nothing to apply to

What should have happened was:

December IVC                8,000
Deposit Note                  (8,000) <---- note credit value
Check                            (8,000) <---- invoice applies to deposit, 
check is excess
August IVC                     8,000   <----- Check pays August invoice

It sounds you are stuck now with entering a credit memo which is what you 
should have done in the begining with the deposit note, since I guess you 
don't owe anything.

Best regards,
--
MG.-
Mariano Gomez, MIS, MCP, PMP
Maximum Global Business, LLC
http://www.maximumglobalbusiness.com


"Fhillyer" wrote:

> I made the point on multicurrency because i found that when using
> another currency as the primary for transactions other in dollars you
> cannot issue a miscellaneous check in dollars
> only in your functional currency (at least i don't know how to change
> a checkbook for miscellaneous check).
> 
> In december we received the invoice and the deposit note and a check
> was issued for $16,000
> in payables we selected the invoice and deposit note to cut a check
> applying this 2 documents.
> 
> we now receive an invoice for rent and normally this invoice was paid
> with the deposit note.
> but in our payables module we don't have something to apply this
> invoice and clear the amount oustanding.
> 
> My first thought was to cancel the payment enter the original invoice,
> and the deposit note as a credit note and now apply that CN to this
> invoice but
> the accountants in mexico they dont want to see a credit note because
> the deposit note for them is not a credit note.
> 
> 
> 
0
MarianoGomez (3441)
8/1/2008 9:37:12 PM
Thank you Mariano, i will advise the accountants to follow up in a way
or another physically we don't owe anything and it has to do on how
they entered transactions.


0
fhillyer (101)
8/1/2008 10:00:28 PM
Reply:

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