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Update Brotherton Accounting

steffeydev 2025-02-12 18:12:21 +00:00
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Brotherton-Accounting.md

@ -33,8 +33,8 @@ Company Structure:
- "Undeposited Funds" under "Current Assets" of type "Cash"
- They can specify the default income account on an item, or by editing the item on the invoice to specify the income account for that item. If they do neither, the income account will be "Sales" by default (or whatever is set as the "Default Income Account" in the company settings).
- For each company, the "Default Cash Account" should be changed from "Cash" to "Undeposited Funds"
- Under "Mode of Payment" doctype, select each type and set the default account to "Undeposited Funds" for each company. That way, nomatter what mode of payment is selected for the payment entry, the "Account Paid To" will be set to "Undeposited Funds". Customize the mode of payment list to only the modes that are actually accepted for each company.
- For each company, go to the company settings > Accounting and check "Book Advance Payments in Separate Party Account", then select "Customer Deposit" as the "Default Advance Received Account". This will change the "Account Paid From" field on a payment linked to a sales invoice when a payment entry is first created/saved.
- Under "Mode of Payment" doctype, select each type and set the default account to "Undeposited Funds" for each company. That way, nomatter what mode of payment is selected for the payment entry, the "Account Paid To" will be set to "Undeposited Funds". Customize the mode of payment list to only the modes that are actually accepted for each company.
### ERPNext Flow
@ -54,5 +54,4 @@ Company Structure:
### Pending questions / unknowns
- Who needs access to Payment Entry directly, which would mainly be used for entering cash and checks? How does the current ERPNext flow for entering cash/checks work for them when the customer pays more than they owe, thus resulting in a credit on the account?
- How do we handle the Customer Deposit / prepay flow and move the funds once the invoice is made? In the prepayment we can have the money go to the Customer Deposit account, but I don't think there is a mechanism to move prepayment amount once it is attached to an invoice. We may be able to automate that via a journal entry created when an invoice is submitted with a pre-payment attached. Once challenge is that a payment entry want to be paid from an AR account to a bank or cash account, which doesn't support the current workflow of pre-payment crediting a liability account and debiting a cash account.
- Is there ever payment that comes in that can't be linked to an existing sales order or invoice?