Post Reply 
 
Thread Rating:
  • 0 Votes - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Pay Rent Invoice via Owner Loan
04-28-2018, 07:03 AM
Post: #1
Pay Rent Invoice via Owner Loan
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!!!

https://www.linkedin.com/in/eclipsepaulbecker
Visit this user's website Find all posts by this user
Quote this message in a reply
04-28-2018, 05:03 PM (This post was last modified: 04-28-2018 07:13 PM by falkoner.)
Post: #2
RE: Pay Rent Invoice via Owner Loan
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
Visit this user's website Find all posts by this user
Quote this message in a reply
04-28-2018, 09:23 PM
Post: #3
RE: Pay Rent Invoice via Owner Loan
Wow... What an interesting idea!

https://www.linkedin.com/in/eclipsepaulbecker
Visit this user's website Find all posts by this user
Quote this message in a reply
04-29-2018, 03:08 AM
Post: #4
RE: Pay Rent Invoice via Owner Loan
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...

https://www.linkedin.com/in/eclipsepaulbecker
Visit this user's website Find all posts by this user
Quote this message in a reply
04-29-2018, 03:19 AM
Post: #5
RE: Pay Rent Invoice via Owner Loan
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.
Visit this user's website Find all posts by this user
Quote this message in a reply
04-29-2018, 05:13 AM (This post was last modified: 04-29-2018 05:13 AM by VortecCPI.)
Post: #6
RE: Pay Rent Invoice via Owner Loan
Which GL Account should be on the other side of the Bank Account Receipt Entry? prior to paying the invoice?

   

https://www.linkedin.com/in/eclipsepaulbecker
Visit this user's website Find all posts by this user
Quote this message in a reply
04-29-2018, 05:16 AM
Post: #7
RE: Pay Rent Invoice via Owner Loan
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.
Visit this user's website Find all posts by this user
Quote this message in a reply
04-29-2018, 06:07 AM (This post was last modified: 04-29-2018 06:30 AM by VortecCPI.)
Post: #8
RE: Pay Rent Invoice via Owner Loan
Oh... Now I think I understand...

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

Thank you so much!!!

https://www.linkedin.com/in/eclipsepaulbecker
Visit this user's website Find all posts by this user
Quote this message in a reply
Post Reply 


Forum Jump:


User(s) browsing this thread: 1 Guest(s)