Purchase Invoice - Journal Voucher

[Antreas A]

Hi, 

1. Purchase Invoice - Accounting entries for a typical purchase is :

Debits :

- Expense of Asset (net total excluding VAT)

- Taxes (VAT amount only)

Credits:

- Supplier (Total amount including VAT)

So you have to enter an expense or an asset account for each row in the items table, the problem is that in the items table you can only see the categories of all expenses (Items / Point 5 / Expense Head). The fixed assets are not included.

2. Journal Voucher - Many times it may not be necessary to accrue an expense, it can be directly booked against an expense account. In this case, how can the VAT be recorded in the Purchase VAT control account ?

Any help?

[Nabin Hait (ERPNext)]

1. Purchase Invoice - Accounting entries for a typical purchase is :

Debits :

- Expense of Asset (net total excluding VAT)

- Taxes (VAT amount only)

Credits:

- Supplier (Total amount including VAT)

So you have to enter an expense or an asset account for each row in the items table, the problem is that in the items table you can only see the categories of all expenses (Items / Point 5 / Expense Head). The fixed assets are not included.

To select an asset / liability account in “Expense account” field, mention “account type” as “Expense Account”.

2. Journal Voucher - Many times it may not be necessary to accrue an expense, it can be directly booked against an expense account. In this case, how can the VAT be recorded in the Purchase VAT control account ?

In Journal Voucher you can select as many row as you need.

Any help?

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[Antreas A]

Hi Nabin, 

Thanks for your prompt response.

As a company we don't have a Warehouse. 

How can we purchase a table, or PC or any other fixed asset and to go to correct account?

When i open new account under Fixed Asset 

 Accounts

•  Application of Funds (Assets)
• Fixed Assets
  
• 
  

and the account type is "Fixed Asset" on the "Expense Head" i cannot see this account

Can you advise please?

On Tuesday, September 2, 2014 9:33:11 AM UTC+3, Nabin Hait wrote:

1. Purchase Invoice - Accounting entries for a typical purchase is :

Debits :

- Expense of Asset (net total excluding VAT)

- Taxes (VAT amount only)

Credits:

- Supplier (Total amount including VAT)

So you have to enter an expense or an asset account for each row in the items table, the problem is that in the items table you can only see the categories of all expenses (Items / Point 5 / Expense Head). The fixed assets are not included.

To select an asset / liability account in “Expense account” field, mention “account type” as “Expense Account”.

2. Journal Voucher - Many times it may not be necessary to accrue an expense, it can be directly booked against an expense account. In this case, how can the VAT be recorded in the Purchase VAT control account ?

In Journal Voucher you can select as many row as you need.

Any help?

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[Nabin Hait (ERPNext)]

Recommended workflow would be:

1. Create a warehouse for fixed asset item, I think there is already a default warehouse named “Fixed Asset Warehouse” , you can use that.

2. Create Purchase Receipt when items are arriving in your place and receive the item in “Fixed Asset Warehouse”.

3. While making Purchase Invoice, select expense account as “Stock Received But Not Billed”.

Assuming you have enabled “Perpetual Inventory” system.

If you are not using perpetual inventory system, then select newly created “Fixed Asset” account in Purchase Invoice. While creating new account set account type “Expense Account”.

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