Problem: One of the
...
entity's owners
...
made the payment to the Supplier directly on behalf of the company. This amount should be shown on the BS Capital Issued section account.
Solution:Use Mutual Settlement and Other Income documents as shows.
1. Create Mutual Settlement document (Accounting Section) in order to write off the Accounts Payable of the Supplier.
1.1.Transaction Type - : Supplier Debt Adjustment. Account -
Account: any account From PL Income section:
1.2. At Accounts Payable Tab, select the Invoice Received that has been paid (select the document through the "Pick"use Pick option):
See also 7.5.10.5. Mutual Settlements (Supplier Debt Adjustment)
2. Create Other Income Document document (Accounting Section) to transfer the written off amount from Income to Capital Issued account
2.1. Transaction Type - : Reversal:
2.2. At Incomes Tabtab, select Capital Issue GL account in CR, and Income Account in DR:
See also 7.5.3. The Transactions are followingOther Incomes
3. The following transactions are made:
Thank you for being a FirstBIT customer!