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I need to pay invoices without affecting my bank balance

I need to pay invoices without affecting my bank balance

I need to pay invoices without affecting my bank balance

(OP)
I am new to Peachtree, and am setting up our new company from the first of the year.  I have entered my customer invoices, but now they show open when they have really been paid.  How can I have these invoices show as Paid, without affecting my bank balances (I have already balanced my bank statements for Jan - July)?

RE: I need to pay invoices without affecting my bank balance

Quote:

I need to pay invoices without affecting my bank balance

If you figure out how to do this, please post it!  I am VERY interested.

To be serious for a moment, I am sure there is a way to do this, hopefully a Peachtree expert will be along shortly.

Software Sales, Training, Implementation and Support for Macola, eSynergy, and Crystal Reports
www.gainfocus.biz

Quote:

"If the phone doesn't ring, it's me".....Jimmy Buffet

RE: I need to pay invoices without affecting my bank balance

One of the eliments in the pay screen is the checking account.  Set up a cash account for this and use that as the bank account.  Then you can balance that out against owners equity.  Right now I'm assuming your liabilities are over stated so you should be able to get in balance.  Probably a lot of tricking accounting, however.

It is also possible that in your case you want to use credit memp's to close the invoices.  Depends on how you set things up.  I.E. did you bring in the money? and the bills.

If this works keep in mind that Peachtree remembers the last "checking account" used.  You'll want to be carefule to get it back to the right one. when you are done.  

Remeber to document in case you get audited.  What your income statement.

Bill Couture
http://www.sbtbill.com

RE: I need to pay invoices without affecting my bank balance

Additionally, if you are just setting up a new system you should only have entered the OUTSTANDING (not paid) invoices.  You could have entered a customer history that would not have affected your AR.

Bill has a good idea of setting up an account that you can use to "wash out" all the invoices that have been paid but not marked paid.

I'm wondering how you balanced your bank account?  Did you just enter the deposits against your sales account?  If so, then your sales are definitely overstated because when you billed the customer a credit was posted to sales and a debit to A/R.  When you posted the deposit that posted a credit to sales and a debit to the bank.  You've now credited your sales account twice for the same sale/income.

HTH

Leslie

Essential for database developers:
The Fundamentals of Relational Database Design
Understanding SQL Joins

RE: I need to pay invoices without affecting my bank balance

Good point maybe should wash out againt AR instead of owners equity.  Peachtree is a great package but you still have to know accounting to use it.  Quickbooks pertends you don't which is why it seems like half the Quickbooks set ups I see are goofed up.

Bill Couture

RE: I need to pay invoices without affecting my bank balance

That's one of the reasons that I like Peachtree over Quickbooks, it's more of an accountant's package.  

Like you, almost every QB setup I've seen is wrong.  And the liabilities , especially PAYROLL taxes, are NEVER correct!  And QB doesn't make it easy to correct those kinds of issues.

RE: I need to pay invoices without affecting my bank balance

(OP)
OK, so after reading all of your tips (thanks very much), I decided to delete the invoices.  (I didn't enter those invoices until after I had balanced my checking accounts.)  So, now I need to somehow enter those sales numbers so my sales for the year are correct.  Any suggestions?

RE: I need to pay invoices without affecting my bank balance

Enter the transaction as GL adjustments.

Bill Couture

RE: I need to pay invoices without affecting my bank balance

I'm still wondering how you balanced your bank accounts....you must have recorded the deposits right?  What account did you make the credit to offset the debit of the deposit to checking?

Leslie

Essential for database developers:
The Fundamentals of Relational Database Design
Understanding SQL Joins

RE: I need to pay invoices without affecting my bank balance

(OP)
I used Sales Income - really the only account I have set up for incoming cash

RE: I need to pay invoices without affecting my bank balance

that's where you should be recording the sale, not the cash...you record the cash into the bank account.  Have you solved your issue yet?

Leslie

In an open world there's no need for windows and gates
www.ubuntu.com

RE: I need to pay invoices without affecting my bank balance

(OP)
I think so...  I have deleted the invoices and entered the sales as a journal entry.

RE: I need to pay invoices without affecting my bank balance

(OP)
So now I have a new question...

When we receive an order for our product, I generate an invoice and at the bottom of the invoice, there is an arrow that allows you to record payment made toward invoice.  I have been doing that, making sure I put that into the correct bank account, but then when I download my bank information, if I made a deposit with more than one check, I cannot manually match them to what Peachtree has put in my account. There has to be a way to do this?

RE: I need to pay invoices without affecting my bank balance

I'm guessing you mean when you are reconciling the bank account?

Leslie

RE: I need to pay invoices without affecting my bank balance

(OP)
yes, when reconciling my bank statement...

RE: I need to pay invoices without affecting my bank balance

Peachtree takes all the "deposits" for a single day and lumps them together in the reconciling view.  So, if you have applied payments to 4 invoices on the same day and they total 255.35, peachtree expects that you have taken all the money to the bank on that day and you will have a deposit at the bank for $255.35

So you just need to make sure that you have the correct date on the receipt for the deposit so that peachtree can calculate your deposits correctly.  I think that if you make the payment in the invoice that the invoice date will be the deposit date (I'm not positive about that and I don't have a peachtree installation to check right now).

HTH
Leslie

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