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Post Info TOPIC: Supplier accounts
Samilou67


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Supplier accounts
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Can anyone tell me which is the best way to account for supplier advance accounts where the client pays the supplier a lump sum upfront? Should I just set it up like a normal supplier account or as a bank account? Can't decide what is the best way in the long run.

Thanks

Sam



-- Edited by Samilou67 on Tuesday 18th of June 2013 08:39:01 PM

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Sam
GJRobbins


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Hi Sam

If this is a Sage posting then yes I recommend you post it to a normal supplier account as a payment on account. You can then allocate invoices against it as required.

This will aid the supplier statement reconciliations...

HTH

Jeremy



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Cheshire


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I agree with Jeremy (twice in one day!) - Post as a Payment on account and reduce that by invoices as they are being presented

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
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