double entry
Hello,
it is correct to think that because of the double entry principle,
and because of the format of easy books software, all purchases
that are not paid immediately after ( cash paid), inclusive loans,
finance credits, etc, we must open a supplier account to whom we
made the payments? Hope my question makes sense. Thank you in
anticipation for you reply.
Regards and happy new year.
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Support Staff 1 Posted by Admin on 08 Jan, 2013 09:56 AM
Yes, if a payment is made immediately, you can just enter a transaction between your bank account and an expense account. But if you have credit agreements with suppliers, and you want to record the tax point as the date of the original sale/purchase and make the payment later you can use supplier accounts.
See http://easybooksapp.com/invoices
fernandocachola closed this discussion on 08 Jan, 2013 01:03 PM.