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Hi,
Currently our transactions are setup to post as follows
When posting a purchase invoice for an inventory item
Inventory Accrual 1000
Inventory Interim -1000
COG 1000
COG -1000
Inventory 1000
AP -1000
When posting a purchase invoice for an inventory item using a Prepayment Purchase Order
Prepaid 1000
A/P -1000
When posting a purchase invoice for an inventory item using a Prepayment Purchase order AND checking the box that says "Prepmnt. Inc Tax" the entries are weird (one real example)
COG 3138.61
AP -2773.15
Taxes 470.01
Rounding fees 125.11
Prepaid - 835.47
Prepaid -125.11
We have to make a journal entry to remove the amount from rounding fees and also there shouldn't be a remaining balance in COG, it should be in inventory until we sell it like the other purchase transaction except for the amount that is prepaid.
Any help in figuring out was is going on here or where to look for a setting that is causing this would be appreciated.
Sam
Unfortunately, I do not. A quick check doesn't find anything in BCIdeas. You may want to add your request to fix this here.
I hope, even though not what you were hoping to learn, my response has answered your question.
If this is a 100% pre-payment and you were referring to North American tax, you may be running into what Microsoft has warned about in learn.Microsoft prepayments instructions.
Note: We recommend that you do not use a prepayment percentage of 100 in the following cases:
If you are located in North America. Due to how taxes are calculated, a prepayment percentage of 100 can lead to issues with prepayment invoices.
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