Hi. I have a question for the above. Scenario as per below:
a. Customer purchased gift packs from us via our website.
b. Payment received through our bank account
c. accumulated amount will be used to purchase the gift packs from our suppliers.
d. COS and delivery cost will be used from the amount we received in step (a.)
I understand that this payment will be posted under Current Liability account first before we can recognized as revenue.
My question is :
1. Can I have a step by step guidelines to post the above scenario?
2. How do we pay the COS and delivery cost using the amount that is under the current liability account?
3. Why is my product/service that we linked the income account to the Current Liability Account did not appear under its account history?
Thank you.
