Bailment Accounts Payable Processing
Purpose
During manual Bailment Account creation, allow the payout of
asset invoices to a third party supplier instead of a Distributor.
Provide the ability to pay:
- a third-party supplier the full asset purchase price
- an international supplier the full asset
purchase ex GST. GST will be payable by
the bailment account associated distributor.
Access
- Bailment Dealer | Accounts Tab |
Process
When a payable client is selected during the manual (only)
creation of a bailment account the following will take place:
- The asset purchase price ex GST will be compared
to the available credit of the Distributor associated with the bailment
account. If there is insufficient credit
an error will display.
- Asset purchase transactions will post to the
associated payable account, from where they may be paid out.
Payout Rules
If a domestic supplier:
- Both the net asset value and GST will be paid to
the supplier. A single transaction line
will be created on the payable invoice for the gross value of the asset.
If an international supplier:
- The net asset value will be posted to the
supplier. A single transaction line will
be created on the payable invoice for the net value of the asset.
- The GST portion will be posted to the
distributor account associated with the bailment account being created.
Related Articles
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