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In work I type up the purchases onto Excel. I have a few queries.
1. What date do I type? Is it the invoice date, or payment date?
2. Do I type in the value of the invoice or the amount paid? If I type in the amount paid how will the debtors be calculated? Or is it OK just to type in the amount paid? eg invoice was £5,000, but £1,00 was paid. I just type in £1,000 is that OK?I’m not even sure if this is the right area so would appreciate any comments.
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wannabeacct,
1. Invoice date is used for generating the payment date based on the terms of payment agreed with supplier and I assume this is for creditors ledger.
2. If you are trying to generate the debtors list, I assume you want to calc your debtors position and aeging. If this is the case, you use the unpaid value as amount.
Thanks quadri78.
I’m just asked to type up the purchases and then the accountants prepare the accounts. So i’m not even sure they need the debtors list!
I think though I must be typing the wrong thing as surely they will still need to know the debtors.If you are typing in purchase invoices and payments you will end up with creditors (payables) information, not debtors (receivables).
It is not clear what your system is and why you are asked to use Excel rather than an accounting package. However, I highly recommend that;
1 You enter the invoice information, including its date (not the payment date or date you are typing)
2 When the payment is made enter that amount and its date. Presumable you have to tie this up in some way to the invoice you are paying.
The problem is that if you just type in the net figure (invoice less payments), then your work is very hard to trace back to the original invoice and payment details. From time-to-time, tracing back will be required because, apart from anything else, you are almost bound to make typing errors when dealing with a substantial volume of transactions.
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