Recording deposits for supplier purchase orders
Bianca_9661963
Member Posts: 1 ✭
We regularly place Purchase Orders with overseas suppliers. These suppliers require a deposit of 20% or 30% in order to produce the goods. How do we best record these payments prior to receiving the goods?
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We have a chart of accounts asset code call Prepaid Overseas Payments. We code all deposit and part payments to this account (there is no GST impact) as usually we will pay 30% on order and 70% when the goods are shipped so in both cases fully paid before the stock arrives. Then when the stock arrives we process a journal to take it into purchases.0
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Hi, I have set up an asset account called "Deposits Paid" and record to that account. When the final invoice is paid allocate to expense account and bring back the deposit amount.
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