Prepayments/GIT - Goods in Transit

Hi Everyone,
i have a question on Prepayment/GIT(Goods in transit) , do i create a bank account name: Prepayment/GIT,
when I a do a prepayment (partial or fully prepaid).
Do I enter a Transfer from my cheque-bank account to Prepayment/GIT bank account. To show money leaving cheque-bank account.
Once I receive the actual invoice with the stock, i will write a cheque from the Prepayment/GIT bank account?
is this the right way to go about this?
Thanks DC
Comments
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If you’ve not received the Bill yet, I would just create a Write Chq to the Supplier, posting to Accounts Payable. This will then sit as a credit which you can apply when you enter the Bill.
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner(AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
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Ballajura, WA
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@Zappy yeah - Luckily the system will prompt for it anyway 😊
Shaz Hughes Dip(Fin) ACQ NSW, MICB
*** Reckon Accredited Partner(AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***
* Regd BAS Agent (No: 92314 015)* ICB-Certified Bookkeeper* Snr Seasonal Tax Consultant since 2003 *
Accounted 4 Bookkeeping Services
Ballajura, WA
(NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
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