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50 advance payment invoice format for Management

so let's check it out I'm going to close this up go to the balance sheet and run it holding control down if I go into my accounts receivable and check that out so now we've got Anderson down here there's the invoice so notice the invoice still went on the books for the full amount not minus the 300 it went on for the 1365. that makes sense it didn't it didn't this 300 didn't impact the transaction that's being made it's just informational stuff that's useful to have at the bottom of the invoice you can give to the customer okay and then if I go back on up top the other side went to the profit and loss obviously into the products sales if I go into that and scroll down then we've got Anderson got these two items then the other side is going to go into the balance sheet liability for the sales tax clearly no difference or change than a normal invoice that we've seen in the past on that one and then the inventory is going down like normal so I'll do this fairly quickly because we've seen the inventory impacts multiple times and so there's that for Anderson multiple line items because it's using a first in first out method I believe is the rush rationale rationale that's rash Chanel that was rash you know I don't know what I'm talking about this is invoice there's that okay so that looks good and then if I go to the tab to the right and uh run it again Anderson now owes us the 1065. uh and so on this invoice that's outstanding and if I look at the detail internally you see this detail and look how nicely it works from a bookkeeping standpoint so from from an accountant textbook standpoint people are going to say ah people that are focused on the financial statements are going to say I don't like how that negative receivable was there and I get it you know that's what I first learned on this side before I really did the bookkeep inside of things but from the bookkeeping standpoint it's like that's just the total natural thing to do it looks it looks completely right from this side of things so now the next step would clearly be that we expect to be paid on the invoice and so on uh just like normal going forward from this point so let's just take a quick recap over here on uh the customer balance detail because now I just want to point out that if you looked at like this sub Ledger this Anderson looks correct now I have no problem it was just a timing issue where I had that negative receivable but once I've completed the transaction then it looks right no problem we still have these other items where we have Eric music and the Sam The Guitar Man with these negative items here those still look funny from a financial reporting standpoint until we uh record the invoice related to them if they look funny as of the financial statement reporting dates into the month and the end of the year for example then we can fix that temporarily by just doing adjusting entries meaning I could just do an entry to increase the account receivable the other side goes into the liability increase in the liability uh and then I can reverse that so that I can do my financial reporting properly as of whatever data I need to do it and then get it back to this format which is quite useful for internal reporting there's also some other workarounds we might take a look at to try to record these these into unknown Revenue without having to do an adjusting entry which will probably make Financial Accounting people the people that learn the textbook kind of to create the financial statements more happy but uh just as you go but I think it'll be still not perfect for the bookkeeping side I think this works the best you know from the bookkeeping side this looks quite natural looking up this side of things to try to match everything up and that's the side that we want to run most smoothly from the day-to-day purposes and then to my opinion use the the adjusting entries periodically for financial statement reporting I uh is is a good way to go but we'll take a look at another method probably in a future presentation so I'm going to