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Accounts payable > Journals > Invoices > Vendor invoice pool excluding posting journal details. Vendor invoice pool excluding posting details.[r]

Account Payable

Accounts payable setup Accounts payable daily procedures

Accounts payable 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

 It is paid to vendor at 2,000 USD each month until the balance is paid

 During this period the invoice is not considered past due if the scheduled payments are made on time This is known as a fnance plan, or contract payments.

Payment schedule

Accounts payable > 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

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 payable > 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.

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 payable > Setup > Payment > Payment days

Cash discounts

Cash discounts are:

 Accrue if a company meets the vendor payment terms on time

 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 payable > Setup > Payment > Cash discounts

Payment fee

Use payment fees to:

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

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

Payment fee

Accounts payable > Setup > Payment > Payment fee

Methods of payment

Accounts Payable > Setup > Payment > Methods of payment

Methods of payment

Payment control

Methods of payment

Payment control

 Payment reference is mandatory - verifes that a payment reference is

entered

 Payment note is mandatory - verifes that a note follows the payment

 Payment ID is mandatory - verifes that a payment identifcation is

flled in

 Payment specifcation is mandatory - verifes that the payment

method's specifcation is entered

 Check number is mandatory - verifes that the check number is

 At least one vendor group must be set up, because a vendor group must be specifed when you create a new vendor

Vendor group

Accounts payable > Setup > Vendors > Vendor groups

Posting profle

 Posting Profles are common throughout all modules

 In Accounts Payable posting profles, the summary accounts, are defned for vendors Summary accounts are temporary accounts where all invoices are posted to and ofset when the vendor is paid

 Assign posting profles to:

• All vendors

• Groups of vendors

• Single vendor

Posting profle

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

 For example:

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

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

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

Posting profle

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

vendor posting profles

 If all vendor transactions are processed together, set up only one posting profle for all vendors

Posting profle

Accounts payable > Setup > Posting profles

Click Accounts payable > Common > Vendors > All vendors

Accounts payable daily

procedures

Use Accounts payable to track vendor invoices and outgoing expenditures.

Receive and enter invoices

Review and approve invoices

Pay invoices Setle invoices

and payments

Accounts payable daily

Receive and enter invoices

Invoice register

AP > Journals > Invoices

> Invoice register  Use this procedure to enter and post the invoices.

 Another user will approve and post the invoices.

Vendor invoice pool excluding posting details

AP > Journals > Invoices

> Vendor invoice pool

excluding posting

journal details

 Use this procedure to enter the invoices only.

 Another user will approve and post the invoices

Invoice journal

AP > Journals > Invoices

> Invoice journal  Use this procedure to enter and post the invoices

without approval

Accounts payable daily

procedures

Use Accounts payable to track vendor invoices and outgoing expenditures.

Receive and enter invoices

Review and approve invoices

Review and approve invoices

Invoice register

 AP > Journals >

Invoices > Invoice approve journal

 Use an approval journal to approve.

 Invoice excluding posting

 AP > Journals >

Invoices > Invoice journal

 Use a invoice journal to approve.

Invoice register

Use invoice register to pre-register invoices when they arrive at the company and transfer them to an invoice pool for approval that include the following information:

Invoice register

Accounts payable > Journals > Invoices > Invoice register.

Invoice register

Invoice lines

Invoice approval journals

After posting the lines of the invoice register, the postings display in the invoice pool

The following applies to the invoice pools:

 The invoice pool displays the relevant information about the invoices awaiting approval

 The invoice pool holds invoices originating from a purchase order that originate from an invoice register

 Click the Purchase order buton to select and approve the purchase orders

Accounts payable > Journals > Invoices > Invoice approval journals

Invoice approval journals

Vendor invoice pool excluding posting

Accounts payable > Journals > Invoices > Vendor invoice pool excluding posting journal details.

Vendor invoice pool excluding posting

details

Invoice journal

A third option for processing incoming invoices is to enter

them directly into the invoice journal

 By default, the user who is logged in and who enters the journal lines approves the invoices

 The invoice journal is designed for users to enter the invoices they receive from vendors without using the approval journal As soon as the user enters the incoming invoices, the user can post

Accounts payable > Journals > Invoices > Invoice journals.

Accounts payable daily

procedures

Use Accounts payable to track vendor invoices and outgoing expenditures.

Receive and enter invoices

Review and approve invoices

Pay invoices

Pay invoices

After you register, approve, and post the invoice, it is time to pay the invoice.

Use the payment journal to enter and post payments.

Accounts payable > Journals > Payments > Payment journal

There are two methods for selecting the invoices to pay through the payment journal:

 The Payment proposal option searches for invoice lines that meet

selected search criteria Invoice number

 Use the Setlements option to select the specifc invoice lines to pay.

Pay invoices

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

 Verifes vendor transactions that are open and approved

Setlement  Select the specifc invoice lines to pay.

Manual  Create a journal line and enter the payment details

manually.

Accounts payable daily

procedures

Use Accounts payable to track vendor invoices and outgoing expenditures.

Receive and enter invoices

Review and approve invoices

Pay invoices Setle invoices

and payments

Settle invoices and payments

You can setle the payment and invoice if a payment was entered and posted, but not yet setled with an invoice.

Several ways to setle

By vendors AP > Common > Vendors > All vendors

Select vendor whose open transaction want to setle Action pane > Invoice tab > Setle open transaction

By invoices AP > Common > Vendors invoices > Open vendor invoices

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

Settle invoice and payments

 Five basic steps involved with processing a prepayment for a purchase order include the following:

 Create the purchase order

 Set up the prepayment

 Post the prepayment

 Make a payment

 Setle the prepayment against the fnal invoice

Edit open transactions

 If a payment was entered and posted, but not yet setled with an invoice or other transaction, you can setle the payment and

invoice by opening the Setle open transactions form from the Vendor form.

Reverse a closed transaction

Consider the following when you work with reverse setlements:

 Use the Closed-transaction editing form 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 use the wrong date or setlement amount

 Note that a setlement is not a transaction, but it is a link between the payment and the invoice

 Note that the system considers an unsetled invoice unpaid