Well, I solved this problem. In case anyone is interested, here is how I did it (total kludge, BTW).
To recap, we typically sell to customers on terms of 50% with order, 50% payment before shipment. So, we create a deposit billing when we get the order. Then, we create an advance billing a few weeks before we plan to ship. The advance billing should show the total amount of the order less the deposit. Vista/Vantage does not let you give credit for the deposit on the advance billing, though. So, here is the solution:
- I created a new sales tax code called "Deposit Credit".
- When I enter an advance billing, on one of the lines I enter the deposit credit as a negative amount, using the deposit credit sales tax code.
- I modified my invoice form to recognize that the deposit credit is not a sales tax item and display it appropriately.
- The problem I now have is that the sales order still shows that the customer not only has a deposit credit equal to half the order, but they also have an advance billing credit equal to the entire order. To solve that problem, I create a miscellaneous invoice. On a line of that invoice, I enter a sales tax item using the deposit credit sales tax code. The amount is equal to the credit I recorded on the advance billing. Then, because this is a miscellaneous invoice, I can record the amount of the deposit against the invoice. The result is a zero dollar invoice which we keep and do not send to the customer.
- One more thing. I have a separate GL account assigned to the deposit credit sales tax code. As a check on the data entry, I review my group edit list to ensure that the debit equals the credit in this account.
Thom Rose
Controller
Electric Mirror LLC
HOTEL LUXURY
"The World Leader in Back-lit Mirrors & Mirror TV Technology"
T 425 776-4946
F 425 491-8200
A 11831 Beverly Park Rd, Bldg D, Everett, WA 98204 USA
www.electricmirror.com<http://www.electricmirror.com>
free, and no responsibility is accepted by Electric Mirror LLC for any loss or damage arising in any way from its use
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Thomas Rose
Sent: Thursday, August 21, 2008 6:50 AM
To: vantage@yahoogroups.com
Subject: {Disarmed} RE: {Disarmed} RE: [Vantage] Invoicing - deposit credit on advance billing
Perhaps I have a setting wrong. I can modify the deposit applied in a miscellaneous invoice or a shipment invoice. However, when I am doing an advance billing invoice, the Less Deposits line on the header tab is grayed out and it will not accept an entry.
Thom Rose
Controller
Electric Mirror, LLC
T 425 776-4946 ext. 1024
A 11831 Beverly Park Road, Building D, Everett, WA 98204 USA
www.electricmirror.com<http://www.electricmirror.com/>
From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>] On Behalf Of Edward F. Fox, Jr.
Sent: Thursday, August 21, 2008 5:16 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>
Subject: {Disarmed} RE: [Vantage] Invoicing - deposit credit on advance billing
I'm not sure I completely understand, but the deposit is linked to the
header. To modify the amount of deposit applied or not applied can be done
in header update.
Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone 401-596-0162 Fax 401-596-1050
www.maxsonautomatic.com
_____
From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com>] On Behalf Of
Thomas Rose
Sent: Wednesday, August 20, 2008 6:51 PM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com>
Subject: [Vantage] Invoicing - deposit credit on advance billing
We typically sell to customers on terms of 50% payment before work begins,
and then 50% before the product ships. On the pre-shipment invoice, we need
to show the detail of what will be shipped. But, there is a problem making
this fit into Vista/Vantage. Let's take the example where we sell 100 of an
item for $10 apiece. We invoice the customer for $500. Now, a few weeks
later, we are preparing to ship the first 50 items that were ordered. So, we
issue a second invoice to the customer, for 50 items at $10 apiece and a
credit for half of the deposit, $250. (We only give credit for half the
deposit, because we are only invoicing for half the order).
In Vista/Vantage, the first $500 invoice is simple - a deposit invoice.
However, the second invoice should be an advance invoice. When I try to
create the advance invoice, I have no problem invoicing for the 50 items.
But, I cannot give credit for the deposit amount. Vista/Vantage insists that
any line item must be greater than 0, and there is no place to give credit
for the deposit.
I could do this as a miscellaneous invoice. However, if I do that,
Vista/Vantage records a sale for the items, even though they have not yet
shipped.
I can't do a second deposit invoice because I can't show the item details on
a deposit invoice.
Has anyone else faced this scenario? Any ideas for a workaround?
Thom Rose
Controller
Electric Mirror, LLC
T 425 776-4946 ext. 1024
A 11831 Beverly Park Road, Building D, Everett, WA 98204 USA
www.electricmirror.com<http://www.electric <http://www.electricmirror.com/>
mirror.com/>
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]
To recap, we typically sell to customers on terms of 50% with order, 50% payment before shipment. So, we create a deposit billing when we get the order. Then, we create an advance billing a few weeks before we plan to ship. The advance billing should show the total amount of the order less the deposit. Vista/Vantage does not let you give credit for the deposit on the advance billing, though. So, here is the solution:
- I created a new sales tax code called "Deposit Credit".
- When I enter an advance billing, on one of the lines I enter the deposit credit as a negative amount, using the deposit credit sales tax code.
- I modified my invoice form to recognize that the deposit credit is not a sales tax item and display it appropriately.
- The problem I now have is that the sales order still shows that the customer not only has a deposit credit equal to half the order, but they also have an advance billing credit equal to the entire order. To solve that problem, I create a miscellaneous invoice. On a line of that invoice, I enter a sales tax item using the deposit credit sales tax code. The amount is equal to the credit I recorded on the advance billing. Then, because this is a miscellaneous invoice, I can record the amount of the deposit against the invoice. The result is a zero dollar invoice which we keep and do not send to the customer.
- One more thing. I have a separate GL account assigned to the deposit credit sales tax code. As a check on the data entry, I review my group edit list to ensure that the debit equals the credit in this account.
Thom Rose
Controller
Electric Mirror LLC
HOTEL LUXURY
"The World Leader in Back-lit Mirrors & Mirror TV Technology"
T 425 776-4946
F 425 491-8200
A 11831 Beverly Park Rd, Bldg D, Everett, WA 98204 USA
www.electricmirror.com<http://www.electricmirror.com>
free, and no responsibility is accepted by Electric Mirror LLC for any loss or damage arising in any way from its use
From: vantage@yahoogroups.com [mailto:vantage@yahoogroups.com] On Behalf Of Thomas Rose
Sent: Thursday, August 21, 2008 6:50 AM
To: vantage@yahoogroups.com
Subject: {Disarmed} RE: {Disarmed} RE: [Vantage] Invoicing - deposit credit on advance billing
Perhaps I have a setting wrong. I can modify the deposit applied in a miscellaneous invoice or a shipment invoice. However, when I am doing an advance billing invoice, the Less Deposits line on the header tab is grayed out and it will not accept an entry.
Thom Rose
Controller
Electric Mirror, LLC
T 425 776-4946 ext. 1024
A 11831 Beverly Park Road, Building D, Everett, WA 98204 USA
www.electricmirror.com<http://www.electricmirror.com/>
From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>] On Behalf Of Edward F. Fox, Jr.
Sent: Thursday, August 21, 2008 5:16 AM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com>
Subject: {Disarmed} RE: [Vantage] Invoicing - deposit credit on advance billing
I'm not sure I completely understand, but the deposit is linked to the
header. To modify the amount of deposit applied or not applied can be done
in header update.
Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone 401-596-0162 Fax 401-596-1050
www.maxsonautomatic.com
_____
From: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com> [mailto:vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com>] On Behalf Of
Thomas Rose
Sent: Wednesday, August 20, 2008 6:51 PM
To: vantage@yahoogroups.com<mailto:vantage%40yahoogroups.com><mailto:vantage%40yahoogroups.com>
Subject: [Vantage] Invoicing - deposit credit on advance billing
We typically sell to customers on terms of 50% payment before work begins,
and then 50% before the product ships. On the pre-shipment invoice, we need
to show the detail of what will be shipped. But, there is a problem making
this fit into Vista/Vantage. Let's take the example where we sell 100 of an
item for $10 apiece. We invoice the customer for $500. Now, a few weeks
later, we are preparing to ship the first 50 items that were ordered. So, we
issue a second invoice to the customer, for 50 items at $10 apiece and a
credit for half of the deposit, $250. (We only give credit for half the
deposit, because we are only invoicing for half the order).
In Vista/Vantage, the first $500 invoice is simple - a deposit invoice.
However, the second invoice should be an advance invoice. When I try to
create the advance invoice, I have no problem invoicing for the 50 items.
But, I cannot give credit for the deposit amount. Vista/Vantage insists that
any line item must be greater than 0, and there is no place to give credit
for the deposit.
I could do this as a miscellaneous invoice. However, if I do that,
Vista/Vantage records a sale for the items, even though they have not yet
shipped.
I can't do a second deposit invoice because I can't show the item details on
a deposit invoice.
Has anyone else faced this scenario? Any ideas for a workaround?
Thom Rose
Controller
Electric Mirror, LLC
T 425 776-4946 ext. 1024
A 11831 Beverly Park Road, Building D, Everett, WA 98204 USA
www.electricmirror.com<http://www.electric <http://www.electricmirror.com/>
mirror.com/>
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]
[Non-text portions of this message have been removed]