Skip to main content

Paying Invoices with Clearing Payments

Use the clearing payment method to account for intercompany expenses when you do not actually disburse funds through banks. For example, your Facilities group pays the telephone company for your telephone usage. You use a clearing payment to reimburse the Facilities group for your group's telephone expense. Generally, you do not generate a payment document with the Clearing payment method.
Payables accounts for the invoice and payment transactions in the same way it does for all invoice and payments
Creating Clearing Payments
Prerequisites
 i) Define a bank account with at least one payment document that uses a format defined with the Clearing Payment Method.
ii) Enter an invoice for the transaction, and enter Clearing as the payment method.

To create clearing payments:
1. In the Payments window select Manual in the Type field. Enter the Bank Account.
Enter a payment Document Name that uses the Clearing payment method. Enter the payment Document Number.
If you selected a multi-currency payment document, optionally change the payment Currency.
2. Enter either the Supplier Name or Number, and enter the Supplier Site.
Enter the payment Amount.
3. If necessary, enter or adjust other information:
If you are generating a payment document and you need to change the address, and your Allow Payment Address Change Payables option is enabled, adjust the address.
If you record voucher numbers either manually or using Sequential Numbering, enter or review voucher information.
If the payment currency is different from your functional currency, enter exchange rate information. For more information.
4. Choose Enter/Adjust Invoices to navigate to the Select Invoices window. Select the invoices you want to pay. The sum of the invoices must equal the payment Amount you entered. Optionally choose Invoice Overview to see detailed information about an invoice.
5. Save your work. Payables records your payment and updates the invoice(s) as paid.

Comments

Post a Comment

Popular posts from this blog

Applying Prepayments to Invoices

You can apply the available amount of Item type distributions from a Temporary type prepayment to one or more invoices to offset the amount you pay on the invoice(s). If you entered the prepayment as a Permanent type and want to apply it, you can query the prepayment in the Invoices window and change the Prepayment Type to Temporary. If you use Automatic Offsets then your setting for the Prevent Prepayment Application Across Balancing Segments Payables option controls whether you can apply a prepayment to an invoice or expense report with a different balancing segment. Prerequisites The invoice type is Standard, Mixed, or Expense Report. Today's date is on or after the Settlement Date of the prepayment. The invoice date is on or after the date of the prepayment. The prepayment is type Temporary, fully paid, validated, not cancelled, has no active holds, and has not already been fully applied. The prepayment has the same supplier, invoice currency and payment currenc
1 comment
Read more

Application Utilities Lookups and Application Object Library Lookups

Maintain existing and define additional Lookups for your shared Lookup types. You can define up to 250 Lookups for each Lookup type. Each Lookup has a code and a meaning. For example, Lookup type YES_NO has a code Y with meaning Yes, and a code N with a meaning No. Note: In Releases 11.0 and earlier, there were two Lookup features, Special Lookups and Common Lookups. These two features have been merged into one. The new consolidated Lookups feature has Lookups maintained in this form. If you make changes to a Lookup, users must log out then log back on before your changes take effect. Lookups Block Type Query the type of your Lookup. You can define a maximum of 250 Lookups for a single type. User Name The user name is used by loader programs. Application Query the application associated with your Lookup type. Description If you use windows specialized for a particular Lookup type, the window uses this description in the window title. Access Level The access level restricts changes that
1 comment
Read more

Matching Prepayments to Purchase Orders

You can match a prepayment to a purchase order or receipt. The accounting entries for Item distributions on a matched prepayment typically debit a prepayment account that Payables provides. However, during prepayment entry you can override any account that Payables defaults or builds. Payables does not create an encumbrance entry for the prepaid amount when a prepayment is matched to a purchase order. The match is treated like a reservation of the quantity billed. Payables does not calculate the invoice price variance or exchange rate variance at this point. Furthermore, you cannot change the unit price during the prepayment match to purchase order. A final match to the purchase order is not allowed either. When the matched prepayment is applied to an invoice, Payables reverses the matched quantity on the prepayment to reflect the balance of the total quantity matched. The following example illustrates a prepayment application to a purchase order: You contract to attend a $5,000 trade
Post a Comment
Read more