FAQs (Frequently Asked Questions)

Q = Question
A = Answer

Monies

Q - We are buying material and the vendor is requiring money up front (aka pre-pay). How do we handle this?
A - Refer: Payables-Prepay

Q - We are selling material and we are requiring the customer to pay us up front (aka cash in advance). How do we handle this?
A - Refer: Receivables-Cash In Advance

Q - We sold material to a vendor/customer and we bought something from that vendor/customer. In other words, we have an invoice to them and they have an invoice for us. How do we handle this?
A - This process/scenario is called a "Contra" - see Payables-Contra

Q - We have a refund from a vendor. How to we deposit this?
A - Refer: Payables-Refund

Q - We paid for Freight (or something else) on a company credit card and we have accruals for expected invoice, how do we reverse them?
A - A company credit card is just like a checking account. After creating the account, write a check from that account against the freight invoice/payable.

Q - We want to just write a check that has nothing to do with any inventory.
A - Go into Write Checks and select an "expense" account for the "Other Account". Selecting an account other than an AP account won't force you to select payables.