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Use free text invoices to create a sales invoice with order lines that include the following:.  Ledger accounts[r]

Account

Receivable

Accounts receivable setup Accounts receivable daily procedures

Accounts receivable setup

Payment schedule

The payment schedule defnes how an invoiced amount is split

up into installments that must be paid in specifc intervals

Use payment schedules to pay invoices in installments Defne the following to set up a payment schedule

 Number of installments

 Amount of each installment

 Due date of each installment

Payment schedule

For example:

 An invoice of 10,000 USD is recorded

 Customer paid at 2,000 USD each month until the balance is paid

 During this period the invoice is not considered past due as long as the customer makes the scheduled payments on time This is known

as a fnance plan, or contract payments.

Payment schedule

Accounts receivable > Setup > Payment > Payment schedules

Payment schedule

General tab

 Allocation: total amount outstanding on the invoice due

 Payment per: select the date interval in Days, Months, or

Years The system uses this information when it calculates the due date of each installment

 Change: enter the number of units related to the value in the Payment per feld between the due dates of each installment

 Number of payments: enter the fxed number of installments, if the Allocation feld is set to Fixed quantity.

Payment schedule

General tab

 Amount in transaction currency: enter the fxed amount, if the Allocation feld is set to Fixed amount

 Minimum: enter the minimum installment

 Sales tax allocation : use the Sales tax allocation list to

distribute the sales tax amount on a bill of exchange to the payment schedule installments

Payment schedule

Allocation

 Total: total amount outstanding on the invoice due

 Fixed amount: a specifc, fxed amount is due for each

payment on the specifed payment dates

 Fixed quantity: payment of the total amount is divided into a

fxed quantity of payments

 Specifed: a specifed amount is due on each specifed

payment date

Payment schedule

Payment lines

 Quantity: enter the time interval for each installment

 Amount in transaction currency: if the Allocation feld is set

to Specifed enter the value of the installment as a percentage

of the amount invoiced or as an absolute amount, depending

on the value you select in the Percentage/Amount feld

 Percentage/Amount : select whether the value entered is a

percent or an absolute amount

Payment days

 Use payment days to defne the payment day used for

calculating due date

 The due date always is rounded up to the nearest specifed date

 Payment day can be specifed for one of the following:

• Day in the week

• Day in the month

Payment days

Accounts receivable > Setup > Payment > Payment days

Terms of payment

 Use the Terms of payment form to defne all the terms

of payment that a company and its customers use

 Use a term of payment to calculate the due date based

on the date of the invoice.

Terms of payment

Specify terms of payment for the following:

 Vendor in the Vendors form

 Customer in the Customers form

 Purchase order in the Purchase order form

 Sales order in the Sales order form.

Terms of payment

Accounts receivable > Setup > Payment > Terms of payment

Terms of payment

 Payment method: select select the method to calculate the due date

(Net, Current Month, Current Quarter, Current Year, Current Week, COD)

 Months: enter the number of months to add to the payment method

to calculate the due date

 Days: enter the number of days to add to the payment method to

calculate the due date

 Cash payment: if the COD payment method is selected, select the this

check box to indicate whether customers must make payments in cash and not by check

NOTE: If a term of payment is linked to a payment schedule, the rules set up in

the term of payment are used to calculate the due date of the frst installment

The rules set up in the payment schedule are used to calculate the due date of the following installments.

Cash discounts

Cash discounts are:

 Earned if a customer pays the invoices within a specifed period

 Used for both customers and vendors

 Posted to the ledger account specifed for the cash discount when

an invoice is setled in time to obtain a cash discount

Cash discounts

Accounts receivable > Setup > Payment > Cash discounts

 Check and electronic payments

Methods of payment can be assigned to:

 Customers

 Journals

 Sales orders

Methods of payment

Accounts Receivable > Setup > Payment > Methods of payment

Methods of payment

Payment control

 Use deposit slip must be checked - indicates that the option to use a

deposit slip must be selected

 Offset account has the type bank - verifes that the ofset account type

selected is Bank

 Bank transaction type is mandatory - verifes that a bank transaction

type is selected

Payment fee

Use payment fees to:

 Specify if any additional charges are added to the customer invoice

 Defne fee identifcations, specify bank relations, and identify how to generate fees

Payment fee

Accounts receivable > Setup > Payment > Payment fee

Customer group

Accounts receivable > Setup > Customers > Customer groups

Posting profle

 Posting Profles are common throughout all modules

 In Accounts Receivable posting profles, the summary accounts, are defned for customers Summary accounts are temporary accounts where all invoices are posted to and ofset when the customer pays

 Assign posting profles to:

• All customers

• Groups of customers

• Single customers

Posting profle

 When you post a customer transaction automatically, the system searches for the ledger accounts that are shown in the previous order

 For example if:

• A posting profle line for the customer, this line is used

• No posting profle line exists for the customer, the line specifed for the customer group that the customer is atached to is used

• Neither of these exists, the posting profle line for all customers is

used

Posting profle

 In the Customer posting profles form, you can set up many

customer posting profles

 If all customer transactions are processed together, set up only one posting profle for all customers

Posting profle

Accounts receivable > Setup > Posting profles

Click Accounts receivable > Common > Customers > All customers

Accounts receivable daily

procedures

Use Accounts receivable to track customer invoices and incoming payments.

> Invoice tab > Invoice

 A customer invoice for a sales order is an invoice that

is atached to a sales order.

 The customer invoice fnishes the sales order, packing slip, and sales invoice cycle.

Free text invoices

Use free text invoices to create a sales invoice with order lines that include the following:

 Ledger accounts

 Free-text descriptions

 The entry of a sales amount

Free text invoices

Accounts receivable > Common > Free text invoices > All free text invoices.

Free text invoices

 Recurring free text invoices are used when a customer is to be billed on

a recurring basis

 To create a recurring free text invoice, following these steps:

• Create a Free text invoice template

• Assign the template to a customer

• Generate and post the recurring invoice

Receive and enter customer

payments

Use the payment journal to enter and post payments.

Receive and enter customer

payments

Use the payment journal to enter and post payments.

Payment journal

 After you register, approve, and post the invoice, the customer must pay for the invoice

 When you receive a customer payment, use the payment journal to register it

 You can use payment journals to do the following:

 Enter and post payments

 Make and enter payments according to the terms of payment established with the customers.

Payment journal

 In the Payment journal, you can select the customer invoices to which payments will be recorded by creating the journal's payment lines Several ways to create payment lines

Payment proposal  Searches for payment lines that either are due or have

a maximum date for receiving a cash discount

 Checks open and approved customer transaction

Setlement  Select the specifc invoice lines to setle.

Manual  Create a journal line and enter the payment details

manually.

Enter customer payments  An alternative to manual creation of Payment journal

lines

 Use this form to enter, setle, and save customer payments

Payment journal

 An alternative to manual creation of Payment journal lines is the use of the Enter customer payments functionality

 Use this form to enter, setle, and save customer payments

 You can select Transactions based on the following felds:

• Customer account information

• Customer invoice information, including:

• Open invoice

• Credit note

• Collection leter

Settle invoice and payments

 You can setle invoices and payments if the invoice and payment are not setled when you create the payment

 Several ways to setle

By customers AR > Common > Customers > All customers

Select customers whose open transaction want to setle Action pane > Collect tab > Setle open transaction

By invoices AR > Common > Customers invoices > Open customers

invoices Select invoice want to setle Action pane > Invoice tab > Setle open transaction

Settle invoice and payments

The amount paid is more

than the amount due The system setles the invoice and the payment transaction remains open for the amount by which the

payment exceeded the amount due NOTE: If the over/underpayment feature is being used it can force them to be equal and close the transaction.

The payment amount is

less than the amount due The system subtracts the payment from the amount due and the invoice remains open

The amount paid equals

the amount due

The system generates a payment transaction for the payment amount, and then closes the transaction

Settle invoice and payments

Specify the cross rate

 You can use a cross rate when you setle a payment with an invoice, and the payment and invoice lines are in diferent currencies

 When you select an invoice and a primary payment, you can enter a cross rate for the invoice line

 The cross rate is the exchange rate between the currencies for those transactions as of the setlement date

Reorganizing open transactions

 You or a customer might pay one invoice on multiple dates or use multiple payment methods, such as a check and cash

 When this happens, you can reorganize an invoice into several parts and assign a separate payment method to each part

 After reorganizing the invoice, you can setle each new invoice line with a separate payment

Reverse settlements

When you work with reverse setlements:

 Use the Closed-transaction editing window to edit fully

applied or setled transactions that are in history

 Use reverse setlements if the bank does not honor a payment,

or if you used the wrong date or setlement amount

 An unsetled invoice is considered unpaid and is handled together with collection leters

 The Accounts Payable Coordinator can create an ordinary payment when the balance amount transfers to a vendor account.