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Pay Rent Invoice via Owner Loan - Printable Version

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Pay Rent Invoice via Owner Loan - VortecCPI - 04-28-2018 07:03 AM

Okay then... For you accounting geniuses...

I have an invoice existing for rent due and one of the owners just paid the rent with a personal check.

What is the best way to manage this in webERP? I already have quite a few Shareholder Loans entered in the system so can I do this via journal entries that record the loan and show the invoice paid? I want it nice and clean and in the books.

I am WAY out of my league on this one so any help is GREATLY appreciated!!!


RE: Pay Rent Invoice via Owner Loan - falkoner - 04-28-2018 05:03 PM

Hi Paul, one way to do this would be to designate the directors loan account as a bank account, and then do a payment from that "bank account".

Tim


RE: Pay Rent Invoice via Owner Loan - VortecCPI - 04-28-2018 09:23 PM

Wow... What an interesting idea!


RE: Pay Rent Invoice via Owner Loan - VortecCPI - 04-29-2018 03:08 AM

Okay... I tried this and I am having no luck...

If I receive monies int the new account which GL account should I choose on the other side? If I choose RENT what happens when I pay the rent from the invoice using this account? Won't RENT show a double payment entry?

I am no accountant so I apologize if my questions are silly...


RE: Pay Rent Invoice via Owner Loan - falkoner - 04-29-2018 03:19 AM

Hi Paul you simply pay the supplier invoice from that bank account as a supplier payment. No need for anything else the invoice will be cleared and the loan account will show the correct credit balance.


RE: Pay Rent Invoice via Owner Loan - VortecCPI - 04-29-2018 05:13 AM

Which GL Account should be on the other side of the Bank Account Receipt Entry? prior to paying the invoice?

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RE: Pay Rent Invoice via Owner Loan - falkoner - 04-29-2018 05:16 AM

You don't need a receipt. Just pay the invoice from the directors loan account which you designate as a bank account and the GL will be correct.

I feel you are over thinking it.


RE: Pay Rent Invoice via Owner Loan - VortecCPI - 04-29-2018 06:07 AM

Oh... Now I think I understand...

I guess I was WAY over-thinking it!!!
BRILLIANT and simple solution!!!

Thank you so much!!!