I am developing a piece of software for use in a friends antique
business. I have a problem identifying how to achieve the following in
a double entry accounting system.
An invoice is produced which contains a price + premium + tax(gst).
Also this invoice may contain the following postage, packing, insurance,
discount.
The buyer pays the price + premium + tax(gst)
The price if the lot is held in a trust account.
the premium is paid to the Auctioneer.
the discount is to be applied to the Auctioneer
the postage packing and insurance are cost netural - the money expended
is recouped and the auctioneer pays the amount and recovers the amount.
I then need to receipt the money
the buyer account is credited price + premium + tax(gst)
the money goes to the trust account where the seller pays a commission
and tax for the service. The Auctioneer get the money for the
commission and tax.
The vendors account is credited price - ( premium + tax(gst))
Finally all parties are paid out.
I am hoping someone can give me the correct way to apply these values to
the accounts for a double entry system.
At this stage I am only concerned with the invoice, receipt and payment
of moneys. I will look at credits etc at a later date.
Hoping someone can advise the DR and CR needed for each transaction.
Regards
Jeff
Posted by Jeff Williams on July 9, 2007, 8:02 am
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I should have also said I am only concerned with the GL transactions.
Posted by ChenangoBusinessServices@hotma on July 10, 2007, 9:27 am
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Why??
Get quick books or I'll give you my copy of quicken, its free??
CBS
Posted by Jeff Williams on July 10, 2007, 4:41 pm
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I get this answer all the time.
Quickbooks or Quicken or any other application cannot handle an auction
situation where at each auction bidder numbers start from 1 and there
are multi vendors and there are auctioneer sheets, prices realised etc.
Normal accounting packages are for accounting and not suited to the
specialized market of an auction.
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