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Vendor Post Dated Cheques (PDC) Handling in Quick book (QB)

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  Vendor Post Dated Checks/Cheques Entry in Quick Books Enterprise 12.0 PDC Issued Accounting in QB 12 The purpose of this document is to define mechanism for recording and tracking “ Post Dated Cheques/Check” paid to vendors (PDC Issued to Vendors). The whole process is hereby defined step by step using screenshots to make it more clear and to facilitate user. Step-1 Prepare “ Purchase Order” against the desired vendor as shown below in the screen from the PO creation window. Provide the required information and note the “PO No.” to put as reference while making payment to vendor using PDC.   Step-2 Follow the path and open “ Make General Journal Entries” window to record the PDC payment against the desired vendor. Go to > Company Tab > Make General Journal Entries As the PDC cheque as a security document is being provided to the vendor so as per standard he should be debited with the amount mentioned on the cheque. But no funds disbursed from our bank a...
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When Customer is also Supplier - Interparty Receivable/ Payable Adjustment

  Adjustments of Parties Having Dual Nature (Same Party is customer as well as Vendor)   For Example 1.        ABC (Customer)   Balance Rs. 10,000                2.        ABC(Vendor) Balance Rs. 15,000 First adjust Rs.10, 000 of party ABC as a Customer. First create an account in chart of account named as “Clearing Account” with (Other payable/Receivable A/C) nature to adjust the parties balances having customer as well as vendor behavior. But in Quick Books (QB) /Dynamics AX 2012/D365 it be of Liability type. It will be actually contra asset/liability account Go to “General Ledger” and create new General Journal and do following entry. Please note don’t forget to mention the name of respective Customer OR supplier while making Entry. Clearing Account A/C (Dr)             ...
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Pay Bill: Used for Making Payments to Suppliers/Vendors?

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        Pay Bill: Payments to Suppliers/Vendors?      Follow the navigation to record payment to Supplier/Vendor:        Go To > Home Page > Pay Bill Click on show all bills, Bills can be sorted based on due date and specific vendor related can be displayed by selecting desired vendor. From dropdown select relevant Vendor to whom you are making payment. When you select a vendor all the outstanding /Partially Bills paid will appear in this box. If there is any discount offered by vendor then click on this, enter amount and in GL account enter “OTHER INCOMES: DISCOUNT RECEIVED” At the end select the Account from where you want to make a payment. For example, Cash in Hand Or any Bank Account. Click on “Pay Selected Bill”. Click on Pay More Bills Tab for making further payments. In case of tax withheld on payment, first create Journal Entry for the amount withheld and adjust it using “Set Credit” and then make payment against r...
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