Recording payment of an invoice with quantities

You can track quantities for income or expense accounts for information purposes, without affecting inventory. To record the payment of an invoice with quantities:

1. Select Transaction Entry from the Transactions menu. The Transaction Entry dialogue box opens.
2. Select Withdrawal from the Transaction type drop-down menu.
3. Enter the transaction Date.
4. Select the Bank account.
5. Enter a Reference to identify the transaction throughout AgExpert Analyst.
6. Enter a Description, such as the business name, or click the arrow to select a previously entered description.
7. Enter the Total amount of the invoice.
8. Select Expense (EX) from the Type drop-down menu.
9. Select the applicable Account. The Inventory Details dialogue box opens. Enter the following:
10. Click OK to record the inventory detail.
11. Enter the remaining transaction details:
    1. Transaction detail type - select Expense (EX)
    2.  Account – select the applicable account
    3. Memo – enter a description, for example, Fuel purchases - Bulk
    4. Quantity – enter 0
    5. Amount – enter the amount deducted for marketing
    6. Tx - select GST in amount (PST Exempt)
    7. GST - enter the GST
    8. PST - enter 0

The transaction should be balanced. To view the balanced debit and credit entries, click Recap. Click Record to record the transaction. 

Last updated on April 5, 2013 by FCC AgExpert