Purchase Invoice (Direct) - Is there any possibility to toggling for Vendor or Customer selection.
As we purchase from customer also, but don't want customer new code in vendor master.
regards,
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Yes, It is better to create new separate posting group (Customer & Vendor Posting Group).
You can mention the new GL Account whether in Assets or Liabilities, as you want this account to appear in the chart of accounts, as i recommend to be in Accounts Receivable.
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Hi,
it is a very common question and the answer is simple - no. What other companies do, is posting invoices to both - customer and vendor ledgers. When the payment comes in, you'd post 3 lines on the journal: first line for the customer invoice(s), second line for the vendor invoice(s) and the third line for the actual bank payment. Posting this journal will close all selected invoices.
After trying a couple of times it becomes very straightforward and companies are very happy to manage it this way.
I wouldn't bother with creating new posting groups, as the purchase invoice should create a normal AP ledger. However, if you don't want the invoice to sit there, you could post the GL journal (very similar to the one described above) to apply purchase invoice to the sales invoice straight after the purchase invoice is posted.
Hope that helps.
Robertas
Hi Ahmed,
I have one doubt. For this process should need to create separate posting group and need to create one g/l account where both of the transactions will stayed. Now doubt is where i will mention this GL Account in Charts of Account in asset side or liability side ? because this is for both type of transactions ?
Thanks
You have to create the customer as a vendor with the same name to be able to make purchase from your customer.
Therefore you have to assign the same financial account for both (Customer Card & Vendor Card) in Customer Posting Group (Accounts Receivable account), and Vendor Posting Group (Accounts Payable account).
By following the last procedures, you can be able to view the Customer/Vendor reconciliation from the report called "Reconcile Cust. and Vend. Accs"
If my answer helps to resolve your issue, please verify it by clicking Yes.
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