openerp-expert-accounting team mailing list archive

[Narayana Moturi <nmoturi@xxxxxxxxxxxx>]

I agree with Eric to have separate accounts for accepting prepayments / deposits before an invoice is raised and validated - either it could be a e-commerce sales or to an specific industry like Travel - where the agents collects the deposits on a sales order before even creating an invoice.

Cheers,



Naran Moturi 
0433 220 747/ nmoturi@xxxxxxxxxxxx

RU3IX Pty Ltd 
http://www.ru3ix.com.au

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On 21 Nov 2013, at 10:39 am, Eric Caudal <eric.caudal@xxxxxxxxxxxxxx> wrote:

> I am still not completely convinced here about answers received: I am talking about ecommerce sales where usually you get paid before the invoice is validated.
> Can we say it is country dependent (or depending on practices and that it would be advisable anyway to be able to make the distinction and have 2 accounts for those cases?
> I am wondering: anyone has possibility to check on other software (SAP, myOB etc.) and give us an idea of what is done elsewhere?
> Eric Caudal
> CEO
> --
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> <elico_signature.jpg>
> On 11/21/2013 03:27 AM, Robin St.Clair wrote:
>> Hi
>> 
>> It looks to me as if Gustavo and Frederic are talking about Forward Invoicing(Billing), which is not the same thing as Prepayments. Forward Invoicing does get complicated especially in the construction industry.
>> 
>> Robin St.Clair
>> 
>> 
>> 
>> On 20/11/2013 14:37, Gustavo Adrian Marino wrote:
>>> Frederic:
>>> It seems the treatment is different depending on the country
>>> In Argentina, prepayment should be taxed with VAT at the date of the prepayment. In fact, VAT rate for the prepayment could be different as the final VAT of the actual good (and this is a challenge for the proper registration of the whole operation).
>>> That's why it is important for customer to invoice the prepayment separatly from invoice of the actual goods (part of the payment could be considered by the customer as fiscal credit, and thus effective prepayment is reduced - as much as 21% actually!).
>>> I beleive OpenERP should take into consideration the possibility of a different country specific treatment (to be configured or adapted on country specific modules), and thus on prepayment invoice to have posibility of using a different AR account
>>> Regards
>>> 
>>> 
>>> 2013/11/20 Frédéric Clementi <frederic.clementi@xxxxxxxxxxxxxx>
>>> Hi Gustavo, 
>>> Please see my comments below : 
>>> 
>>> 2013/11/20 Gustavo Adrian Marino <gamarino@xxxxxxxxx>
>>> Let me add other reason why prepaid account is used (at least here in Argentina)
>>> 
>>> When you invoice the prepayment, VAT credit could be used by the customer.
>>> No, payment date is not relevant regarding VAT. The VAT is due at the date of the transfer of property witch is in our case the date of delivery. This is why invoices are usually dated at the same date than the delivery.
>>> 
>>>  
>>> That's why at cancellation of the final invoice (the one you send once the goods are actually delivered), you emit a credit note for the prepayment (generating the counter movement to the prepayment, leaving the money to be applied to the final payment and reverting the fiscal debt due to prepayment VAT) and you use the customer credit to cancel the final invoice
>>> 
>>> This mechanism is independent of the fiscal year cut-off and allows you to correctly treat prepayment as a debt you have with your customer till the sending of the goods/services
>>> yes, cut-off entries are totally independant from vat treatment 
>>> 
>>> Regards
>>> 
>>> 
>>> 
>>> -- 
>>> Gustavo Adrian Marino
>>> Mobile: +54 911 5498 2515
>>> Email: gamarino@xxxxxxxxx
>>> Skype: gustavo.adrian.marino
>>>  
>>>  
>>> 
>>> 
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>> 
>> 
>> 
>> 
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