Prepayments/GIT - Goods in Transit

David Castro
David Castro Member Posts: 3

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

  • Acctd4
    Acctd4 Accredited Partner Posts: 1,934 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    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 ! ***

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  • Acctd4
    Acctd4 Accredited Partner Posts: 1,934 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    @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

    0422 886 003

    [email protected]

    https://accounted4.com.au

    (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!)