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Prepayments/GIT - Goods in Transit

David CastroDavid Castro Member Posts: 3 ✭
in Accounts Hosted

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

  • ZappyZappy Accredited Partner Posts: 4,889 ✭✭✭

    Well I wouldn't. I'd make it a credit on the supplier account. I think youre making it more complicated than it really is. And thank you for your question

  • Acctd4Acctd4 Accredited Partner Posts: 1,520 ✭✭✭

    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 / Reckon Accounts Hosted!)

    * Regd BAS Agent (No: 92314 015) * ICB-Certified Bookkeeper * Seasonal Tax Consultant since 2003 *

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  • ZappyZappy Accredited Partner Posts: 4,889 ✭✭✭

    Shaz you left out the most important bit. You need to put the supplier name in the customer name field on the cheque.

  • Acctd4Acctd4 Accredited Partner Posts: 1,520 ✭✭✭

    @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 / Reckon Accounts Hosted!)

    * Regd BAS Agent (No: 92314 015) * ICB-Certified Bookkeeper * Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services Ballajura, WA

    0422 886 003

    [email protected]

    https://accounted4bs.com/

    (NB: Please mark your post as Accepted Answer/Answered if I have been able to resolve your query as this helps others when seeking solutions!)

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