Hi, how do we enter direct bank payments like bank charges,interest, nomaly they dot have invoices
Hi, how do we enter direct bank payments like bank charges,interest, nomaly they dot have invoices
1 answer
So Bullet is the same spec as Xero. The difference is for the most common features we have workflows, but for the uncommon uses we have journal entries.
Here is where you can find them we also have some standard workflows for Money Out, one off tax payment, credit card payment etc.
P
Thanks Pete
01 How do i enter on-account payment (its like an advance payment before invoicing - its not allowed to enter bank payment against supplier if there is no invoices or due invoices amount is less than the payment amount)
02. I created temporarily bank account named” BANKKKK” I need to pay a direct bank payment, bank charges. how do I do that. It dosnt come under manual journal entries, ,
03. How do we lock a period after we finalised and not allowed to edit without having the password
04. This is not issue, but there should be a place to record standard nominal account and VAT code when we create a supplier.its like AAA limited the nominal code is purchases and VAT is 23% If not when we enter invoice to AAA every time we have to select those details and getting much time when we have a lot of invoice. Please consider this with your next update
Thank you
Saman
Sure I'll get these answered for you as soon as I can.
Pete
To record a deposit/advanced payment from a client, use a sales credit note (under the Invoices section). When you issue the actual invoice, you can then apply the credit note to the invoice, reducing the amount owed by your client
For bank charges, you could just create a Bill. Then say the bill as paid from the BANKKK bank account.
When a tax period is marked as paid, it is automatically locked (but you can mark the tax period as unpaid if you wish to make amendments to it). There isn't password protection on this, but we do have a multi-user feature which allows you to restrict what areas people can see and use when they login
If you to Invoices > Settings, then click on line items, you can add invoice line items and set default values (like VAT). You can then select these line items when creating an invoice, and the lines will be auto populated from the default values you've entered.
I hope this answers your questions Saman. Let us know what other information we can provide.
John.
Here is some points for your abouve answers yesterday.
01. I was asking about payment out. Sorry i was meaning how do we record if we pay an advance? Sometimes we pay advance without suppliers invoice. How do we record that kind of transaction on the system?
Even you said about sales credit note, where we select bank account (Debit entry that money is in) when we get an advance from client?
02. Its a duplicated work creating always bills for bank direct payments. If we have 100 direct payments we have to create 100 bills. Accounting softwares like Xero has a way to pay direct payments from bank. We have to select the bank account and the nominal expense code straight way. It saves our time rather creating bills for small amounts like bank charges
03. Period lock i agree with multi-user feature
04. I was talking about purchase not about sales default nominal and VAT codes. We have a lot of suppliers and they have categories a lot of expense codes. I was asking if we can put default nominal code and VAT code for each supplier, we can save our time rather selecting nominal and VAT code each time every time when we entering supplier invoices. The default details always appear when we select supplier. So most of the time we have to enter date, amount and invoice number
Thank you
Saman
On (1), would you not create a purchase credit note for that situation? Purchase credit note is under the Money Out section.
On (2), are you saying that in xero, you would pick a bank account, an expense account, and then you enter the dates and values for each charge, essentially doing a bulk create of bank fee bills?
For the deposit that you have paid for, you could (instead of a credit note) create a manual journal entry, where you credit the bank account in question, and debit the assert account you are using to track deposits (you could create a Deposit asset account in the Chart of Accounts section).
However, you can do the following:
Create a credit note for the deposit you paid. Take a note the the category you pick for in the credit note line(s).
Create a Manual Journal Entry. Credit the Bank Account for the amount you paid for the deposit (you'll be prompted for which of your bank account you paid the deposit from when you pick the 'Bank Account' asset account). Debit the account you picked as the category in the credit note.
When you later receive the bill from your supplier, you can assign the credit note to the bill, and then record the payment of the difference.
Just to let you know that we've fixed the bug where renaming the 'Bank Account' account in the chart of accounts stopped it working properly in the manual journal entry page.
John.
While we don't support what you've asked for directly, there are quicker ways to create bills:
On the what's next screen after creating a bill, click on "Enter the details of another bill from XYZ". This will open a new bill with the details of the most recently created bill for that supplier copied in.
If you go to the suppliers screen, and click on the '+' icon beside the supplier, it will create a bill with the details of the most recently created bill for that supplier copied in.
We'll take a look at your suggest though to see if we can make this process easier and quicker.
John.
Well have a look at that and get back to you. It will probably be tomorrow.
Thanks Pete
There isn't always a change to nominal account when you do a bank transfer. For example, if you transfer money from one current account to another, there's no overall change to any nominal account for the transaction, so it won't appear in your nominal reports. If you made a bank transfer from a current account to a credit card account, there would be a change in nominal accounts and you would see the transfer in the nominal reports.