1, Setup in Vendor Posting Group
Map the G/L Account for "Deposit Account"
Note: Customized field for CN Asia, the purpose of the G/L Account is use for book the payments made in advance to Vendor
NOTE: The process of payment received in advance from customer is similar with payment made to vendor. The Received in advance account is need enter in Customer Posting Group |
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2. Process for payments made in advance to Vendor.
*All the transaction are required Dimension Value for Invoice No.
Step | Description |
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Stage 1 - Payments made in advance to Vendor. | |
1 | Use either General Journal or Payment Journal to book the entry for payment made to Vendor. *Tick the check box "Deposit Entry" for the entry with account type is "Vendor". For the Dimension Part, enter the SalesOrder Code (Same No. for SO & PO for drop shipment) Enter the Invoice Code (optional) |
2 | After Post the journal => The result in General Ledger Entry
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3 | => the result in Vendor Ledger Entry
Note: Check box "Deposit Entry" for indicate the Vendor Ledger Entry is for deposit / Check box "Open" for indicate the entry is not applied for related payment yet. |
Stage 2 - Use the Deposit for offset the Account Payable it generated from posted purchases invoice | |
4 | To offset Vendor invoice with the deposit paid Use General Journal to offset the Vendor invoice by deposit. Entry 1 - Vendor ledger Entry it recorded is "Deposit Entry" - Select Vendor and then click on the field named "Applies-to Doc. No"... Find the Deposit Entry that has been entered, then enter the offset amount into the field named "Appln./ Amount to Apply" (for example, the deposit 5,000 has paid to the vendor, use 4,000 to offset the invoice.) **IMPORTANT NOTE - DO NOT manually input amount on the journal line. ALWAYS input on Apply Vendor Entries page and let system carry the amount to journal line for you. Entry 2 - To select the document to be applied by the deposit -Select the Posted Invoice No. that used to offset the Deposit made If the deposit is not able to offset all the Invoice Due, bank account / GL account is used to offset the balance. |
5 | G/L Entries after posted the General Journal for the Deposit Offset ** With the setup in Currency Card, System will auto-create Exchange Difference if the “Deposit” and “Invoice” entry with exchange difference. (Below total currency losses = 125) Vendor Ledger Entry after posted General Journal for Deposit Offset **if apply the deposit entry partially, the remaining amount to be shows the balance. |