Track Vendor Purchase Payments
Checkout creates General Journal Entries for AccountEdge or QuickBooks. Because these General Journal Entries are not attached to a Vendor card within AccountEdge (or QuickBooks), users are unable to track terms or payments associated with the purchase in the accounting software.
In AccountEdge, there are two ways to record, track, pay and report vendor purchases created in Checkout. The first is to simply use Spend Money transactions, paying the vendor from the regular cash account, posting the payment to the Accounts Payable account. This will have the effect of reducing both the cash and AP accounts by the amount of the transaction. Payments will not be recorded in the History area of the vendor card, nor will they be available in the Vendor Payment History report (Purchases > Payments). The payments will be shown as part of the total amount paid to the vendor in the Vendor Payments report (Purchases > Payments).
The other method requires the use of an intermediate liability account. Checkout would be configured to post purchases to this account. In AccountEdge, a bill would be created representing the Checkout purchases. The bill would be posted to the intermediate account. The layout would be Service or Professional. Information in the description field would reference the Checkout purchase. This will reduce the liability in the intermediate account, increasing it in Accounts Payable. When the bill is paid, the the cash and AP accounts will be reduced by the amount of the transaction.
The benefits of this second method include the ability to track AP vendor purchases created in Checkout, vendor payment reporting, and recording of vendor payment history.
No special steps are required to implement the first method. The following steps are required to implement the second method:
Create a new Liability Account for the Checkout general journal entries (under the Accounts Payable header account if that header account exists). Name this account AP Checkout.
Configure Checkout to post purchases to the AccountEdge AP Checkout account. Do this by setting the the creditors account in Checkout to AP Checkout.
After the Journal Entries are imported into AccountEdge, bills can be created representing the Checkout purchases.