Ability to change payment method after invoice has been posted
For companies that pay invoices with credit card sometimes and check others, this functionality would enable the company to post and record an invoice as a liability. Then later decided to pay the invoice with a credit card. Especially if an invoice is incurred one month, paid by credit card the next, and then the credit card is paid off in a 3rd month.
Right now invoices have to be either paid by check or CC
1. Enter invoice; debit expense credit a/p
2. Pay invoice; debit a/p credit cash
OR
Invoices paid by CC
1. Enter invoice; debit expense credit CC liability
2. Pay CC; debit CC liability credit cash
New process would add a step
1. Enter invoice; debit expense credit a/p
2. Pay invoice WITH CREDIT CARD; debit a/p credit CC liability
3. Pay credit card statement; debit CC liability credit cash
The assumption is that after each bullet you could post the transaction and close the month if needed.
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Guest
- Dec 20 2017
- Needs review
Related ideas
I agree. I switch payment method sometimes as vendors offer new payment methods, but I don't want to have to delete and record a new invoice just to switch payment method. Also, if the invoice was posted through Expense Management and you delete it in A/P, you would have to re-submit the invoice for approval again in Expense Management. This does not make sense. I end up booking a credit memo and then record a new invoice, but it's time consuming.
Agree - it is a pain to delete an invoice in order to change the payment method. Why can I not just change it to credit card?
When I try, it gives an error "cannot be saved because the distribution didn't change" - yes it did, the liability account is now different...
We also need the ability to change a payment method after an invoice it posted.