Transaction Date vs. General Ledger Date

The starting point for all transactions is the transaction date. In the case of AP Invoices, the transaction date is the Invoice Date.Logically, you cannot post cost to a P&L (3/31) related to an invoice (4/5) that does not yet exist.

With very rare exception, accounts payable invoices should have an invoice date from the supplier based on when they completed the service / shipped the product. Therefore, on the date of vehicle completion, all invoices related to the actual repair should be dated on or before the vehicle completion date, therefore they would be posted as cost of sales as the completion date.

If an invoice is received and dated after repair completion, presumably it would relate to additional costs and / or Vehicle Return (warranty) costs.

Common Points of Confusion

-If the invoice is on a folder, then the cost is

Debit to Inventory (on invoice date)
Credit to AP

-When a folder is invoiced, it is posted to Cost of Sales (date is folder GL completed or delivered date)

Debit Cost of Goods Sold
Credit Inventory

Nothing will ever post in NEXSYIS earlier than the transaction date. Invoices posted after a vehicle is completed will not be back dated.

A/R Deposits

-A/R deposits = Deposit date not the AR Check date

- A/R Financials- use Deposit date -A/R Management- check entered date

You have to manage undeposited payments

Non-A/R Payments

There is a preference setting in NEXSYIS where you designate whether you want to post based on the check date or the deposit date.

Two Transactions

1. On the Check date

Debit Undeposited Payments
Credit the P&L

2. On the Deposit date

Debit Cash
Credit Undeposited Payments