February 2014 / PhreeBooksR36RC3snapshot
Author – Charles

Other than being used to highlight Vendor Invoices that haven’t been received, the USER MODIFIED ‘Toggle Status’ highlighting setting can be used to signify something (you define) in your Sales and Purchase process.

CUSTOMERS > Sales Quotes Manager – ‘Toggle Status‘:
A line entry in the ‘Manager’ display can be highlighted in light blue (Toggled On/Off) by the PhreeBooks User by clicking an icon on the far right of the line entry.

CUSTOMERS > Sales Order Manager – ‘Toggle Status‘:
A line entry in the ‘Manager’ display can be highlighted in light blue (Toggled On/Off) by the PhreeBooks User by clicking an icon on the far right of the line entry.

PB User – “Waiting on Parts, Not Started, Waiting on Customer”
PB User – “We use the system of toggle status to show which SO’s have not been filled yet”

CUSTOMERS > Sales/Invoices Manager:
No highlighting used (I think !).

VENDORS > Request for Quotes Manager – ‘Toggle Status‘:
A line entry in the ‘Manager’ display can be highlighted in light blue (Toggled On/Off) by the PhreeBooks User by clicking an icon on the far right of the line entry.

VENDORS > Purchase Order Manager – ‘Toggle Status‘:
A line entry in the ‘Manager’ display can be highlighted in light blue (Toggled On/Off) by the PhreeBooks User by clicking an icon on the far right of the line entry.

DP – “I use it (Toggle Status) after I receive a confirmation on a Purchase Order from my vendors verifying the delivery date and pricing.”

VENDORS > Purchase/Receive Inventory ManagerLight Blue Highlighting:
This oustanding Vendor Invoice entry is STILL ‘Waiting for invoice‘ (number). PhreeBooks will not let this outstanding Vendor Invoice be paid in BANKING > Vendor Payments until an invoice number is entered.

VENDORS > Vendor Credit Memo ManagerLight Blue Highlighting:
This outstanding Vendor Credit Memo entry is STILL ‘Waiting for invoice‘ (number). PhreeBooks will not let this outstanding Vendor Credit Memo be repaid in BANKING > Vendor Refunds until an invoice number is entered.

All Inactive entries, when displayed, are displayed Highlighted in Light Pink:
CUSTOMERS > Customer Manager
VENDORS > Vendor Manager
INVENTORY > Inventory Manager

Post any comments to the Forum.

creditcards… from a Forum post in 2008  

Accounting for and paying your Credit Card bill is dealt with in Vendors and Entering Expenses.

If you ever buy stock or services using a Credit Card AND you want to track these purchases with a Vendor account (as opposed to a CC Vendor Expense Account), then the following post by Dave is the way to set it up.

How to Handle Credit Cards in PhreeBooks

by Dave Premo

Here’s how I account for credit cards.

1. Create a GL ‘analysis’ account (called Credit Card Payable) of type Accounts Payable (in the CoA).
COMPANY > Module Administration > PhreeBooks Module > Chart of Accounts
…   click on white ‘blank page’ icon – top LHS

2. You have two basic possibilities when credit cards are used.

(a) You buy inventory that is of type stock, master stock, or assembly (bascially items that are tracked in an inventory type account (for cost of goods sold purposes). For this type of transaction, receive the items as usual through the Vendors -> Purchase/Receive screen, enter the invoice number and save.

Since it was charged to a credit card, you want to post the payment to the newly created ‘Credit Card Payable‘ account through the Banking -> Vendor Payments screen. On this screen select the Credit Card Payable account as the Cash Account. This will post the payment to a payables account (and show up on the balance sheet as money owed) and close the purchase.

(b) You purchase an item or service that is not tracked in an inventory account:

If the purchase is through a regular Vendor that is in PhreeBooks and you want visibility as to the history with that vendor, treat the purchase as option (a) above. This will post the purchase to the correct accounts and pay the bill leaving the purchase price as a payable.

If the purchase is infrequent or you don’t care about tracking the Vendor transactions  (say office supplies), you can record the purchase when entering the bill from the credit card company (credit card as a Vendor Expense Account) and charge it to the correct GL account (step 3).

3. When the statement is received from the credit card company, charges are entered through Vendors -> Purchase/Receive payable to the credit card company. Each line item from the credit card (they can also be combined for simplicity by gl accounts, purchase types, vendors, etc.) represent the charges on the statement.

For option (a) type purchases, the charge needs to offset the Credit Card Payable account from step (a) – they were received in an inventory account, charged to a payable account and that payable account will be relieved from a cash account when the credit card bill is entered in VENDORS > Purchace/Receive **. Whereas option (b) charges can be charged directly to the expense account they apply to (like office supplies, auto expense, shipping supplies, etc.). The purchase can be saved and when the bill is due can be paid through Banking -> Vendor Payments like other bills received from you vendors.

This method allows for tracking of inventory items for cost purposes yet flexibility for one-time purchases without creating vendor accounts for everyone you buy from. This will also track how much you pay your credit card companies. If you pay interest on the credit card balance, enter the interest as a line item on the credit card statement (charged to a ‘interest paid’ expense account) and it will add up with the rest of the charges.

Bank loans are handled differently. You need to check with your accountant as how to enter them but they are usually accounted for as a General Journal entry each month with separate accounts for interest and principle.

Dave

**  In this step in the CC Purchase/Receive, you need to make sure that for all type-(a) transactions, instead of selecting a normal expense-tracking type Gl account (like office supplies, auto expense, shipping supplies, etc.) or inventory, you need to select the new Credit Card Payable GL account (and ‘none’ for Tax Rate). This will cancel out the ‘payment’ in step (a) and cleverly allow the payment of the CC in full, as per normal (BANKING > Vendor Payments). Also, no SKU entry for these type-(a) transactions in the CC Purchase/Receive.

Please post any comments or alternative suggestions to the Forum.

PhreeSoft Store – Extensions

December 2013 / PhreeBooksR36RC3

Currently available for PhreeBooks:

  • Cash on Delivery / Direct Debit / Check, Money Order
  • Authorize.net
  • FirstData Gateway
  • LinkPoint Gateway
  • Elevon
  • PayPal

HowTo create a new Payment Method:

required