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Prepayments/GIT - Goods in Transit
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?