just wondering what is the correct way to code Deferred Payments in Cash Manager Rural? The transaction comes through on our RD1 account when initially purchased, and then shows again on the RD1 account when it's actually paid 6 months later.
Thanks in advance!
Not wishing to confuse you further, but it could be worth talking to your accountant about how to code it? I'm pretty sure you can claim the gst when you purchase the item (i.e. the items will show up as being purchased and you can just code them to their relevent code) and then code the 'Portion not yet due for payment' part to deferred expenses, as it acts like a credit.
I hope that makes sense - but it really is probably best to talk to your accountant who can explain it better!
Thanks for your reply Abi
This is what I will do in future. I just find it tricky to know what to do when it comes through automatically on the RD1 statements. From now on I'll just delete that transaction and as you said code it when we actually pay it.
Now just to figure out how to fix December's one so I can finalise our GST!
@Wekanui I am assuming that you are planning on paying/claiming the GST when you have made payment...if that is the case then i would delete the payment now and code the payment as it is paid ..ie when it physically comes out of your bank account. This will make your RD 1 account balance as unless the money has been removed from your bank account ... The balance at RD 1 will not be affected.
I hope this help ...also refer to the Cashmanger Rural help centre 'Understanding financed or deferred payments'