Settings and activity
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4 votes
Freya Pieroz
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7 votes
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3 votesFreya Pieroz
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31 votesFreya Pieroz
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2 votes
An error occurred while saving the comment Freya Pieroz
commented
If you need to alter the accounts payable on your balance sheet to make it look like you have less owing than your bills payable would suggest, the easiest way to do this is with a bill credit note. Increasing accounts payable is done with a bill. Altering accounts receivable is likewise done with invoices and invoice credit notes.
I would assume for the accounts receivable, you want to journal something like a provision for doubtful debts. I usually get around this by creating a credit note for the debt that is doubtful but not applying it. This reduces the accounts receivable balance without removing the potential for the invoice to be paid, and ensures that everyone with access to the accounts can see that you are aware of and following up on it. Before it actually gets applied to the unpaid invoice, the line item Provision for Doubtful Debts gets changed to a Bad Debts Expense, but nothing else needs to be. If it actually gets paid, you edit the credit note to have zero value so that there is a record that you considered this debt doubtful but that it got paid (customers who cause you to doubt them are not good customers).
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2 votesFreya Pieroz
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151 votesFreya Pieroz
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3 votesFreya Pieroz
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5 votesFreya Pieroz
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8 votesFreya Pieroz
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2 votesFreya Pieroz
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3 votes
Thanks for your idea here, Rob. I've made sure to share this back with our Payroll product team. We appreciate your desire to prevent fraud, however there are also employee laws that implicate this process. It's something we're keen to track demand in here, but want to be upfront that there are no immediate plans for developing this.
Freya Pieroz
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26 votesFreya Pieroz
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10 votes
Hi team, while there's not a preset option for end of this month you'll find you can simply type the number e.g '31' into the due date field to populate the date for the current month.
Toward the end of 2024 we also made some improvements to the calendar picker within new invoicing so you can now easily access the calendar without having to click 'pick another date' which may also help some in the idea here.
Freya Pieroz
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2 votesFreya Pieroz
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4 votes
An error occurred while saving the comment Freya Pieroz
commented
This might take a bit of coding if you wanted it to take into account public holidays in your area - not only does that change by country, but also by state (where applicable). For example, in November this year, Victoria and Tasmania had 21 business days whereas all other Australian states and territories had 22, so you'd need to specify which state's public holidays apply to the bill.
It would be easier to code weekdays, but I don't think that's what you're asking for.
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3 votesFreya Pieroz
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4 votesFreya Pieroz
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3 votes
An error occurred while saving the comment Freya Pieroz
commented
We use the Account Watchlist for this - we set up all our clients with PAYG Payable, Superannuation Payable, and Wages Payable in the Watchlist as a minimum. The GST account can easily be added to the Watchlist for monitoring. It's also a quick way to check if these critical bills have been paid yet.
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42 votesFreya Pieroz
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Would you be able to explain how MACRS (as defined by the IRS), differs from the straight line depreciation and reducing balance depreciation methods used in the rest of the world? A quick read through tells me that MACRS:GDS is basically reducing balance, and MACRS:ADS is basically straight line depreciation, it's just the effective life that changes (eg the Australian Tax Office says that the effective life of a tractor is 12 years and it looks like the IRS defines it as 3 years when using MACRS?)