Close Rounding Differences and Cash Discounts
One of the most common tasks is removing records of rounding differences and cash discounts. Here you can also use automatic closing. Functionality can be found on the Financials / Close / Rounding Differences and Cash Discounts.
To close rounding differences you set the highest amount allowed that can still be counted as reversal of rounding differences. The program will nonetheless inspect all documents and if the payment amount and receivable amount differ for less then the selected amount this difference shall be posted to the rounding differences account.
Closing of cash discounts works in a similar way. On the basis of data entered in the subject register (customers or suppliers) or register of subject types the program shall inspect if the invoice has been paid in the period defined and if it actually was it removes records of the difference to extraordinary income or expenses account. It works also for partial payments till cash discount is due.
| Customer account |
The ID of customer account, on which you want to close rounding differences and cash discounts. By default this is the first customer account from the parameters (Program parameters | Financials | General). |
| Supplier account |
The ID of supplier account, on which you want to close rounding differences and cash discounts. PBy default this is the first customer account from the parameters (Program parameters | Financials | General). |
| Subject |
The customer's/supplier's name, for which the closing is performed. If the data is not entered, the closing shall be performed for all subjects. |
| Document |
The ID of document if you want to restrict closing to a specific document. |
| Linked document |
The ID of linked document if you want ot restrict closing to a specific linked document. |
| Currency |
If you want to close posts in a foreign currency, you may enter its code here. If not then the differences shall be closed in local currency. |
| Amount |
You may determine a maximum amount FOR ROUNDING DIFFERENCES that can be posted to rounding differences. |
| Due from |
The list of documents to be closed may be restricted by document's start due date. |
| Due to |
The list of documents to be closed may be restricted by document's end due date. |
| Document from |
The list of documents to be closed may be restricted by document's creation date. |
| Document to |
The list of documents to be closed may be restricted by document's end creation date. |
| Posted from |
The list of documents to be closed may be restricted by document's start posting date. |
| Posted to |
The list of documents to be closed may be restricted by document's end posting date. |
ROUNDING DIFFERENCES ACCOUNTS:
CASH DISCOUNT ACCOUNTS:
| Suppliers |
You may enter the Id of account to which you want to post differences from cash discounts that have been approved by suppliers. It is mandatory to enter the ID of account otherwise the mere search of data to be closed returns an error (see The account for closing of cash discount cannot be left empty!). |
| Customers |
You may enter the ID of account to which you want to post differences from cash discounts that you approved to customers. It is mandatory to enter the ID of account otherwise the mere search of data to be closed returns an error (see The account for closing of cash discount cannot be left empty!). |
| Amount type |
You may select the method of closing. You can close in amounts of primary or secondary currency (or said otherwise by Debit/Credit fields or Debit currenyc/Credit currency fields). |
| Close rounding differences |
This field should be selected of you want to close rounding differences.
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| Close cash discounts |
This field should be selected if you want to close cash discounts. |
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You may select both the rounding differences and cash discounts at the same time. In such a case she program shall:
- according to the entered maximum amount of rounding differences first check whether the outstanding item belongs to the list of outstanding items for rounding differences.
- If the amount of outstanding item is higher than the maximum allowed amount of rounding differences, it shall in the next step check also whether you have agreed with the customer or supplier for cash discount.
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You have to select at least one of the both possible closings: rounding differences or cash discounts. If you do not select the method for closing, this cannot be performed and an error is returned (see Select rounding difference or cash discount!). |
| For due date in journal entry item use |
In the overview of outstanding items as well as in interest calculation the document's due date from journal entry item is information that tells you how the post was closed.
- By use of the first option the document shall be closed when the posting of closed rounding differences/cash discounts shall be performed. It is used when you want to close the document prior to the due date of receivable or payable.
- By use of the second option the document on receivables or payables account (1200, 2200) shall be closed on the same date when receivable or payable to be closed was due. It is used when you want to close receivable or payable on a due date.
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| Close |
By clicking the Close button you are offered all open documents that match the entered criteria for closing (see List of documents to be closed).
For detailed treatment of procedure of closing see example of cash discount and example of rounding difference. |
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See Taskbar for a general description of its functions. |
Department and cost center tab
Just besides tab Accounts we can get Department tab by using arrows as marked below. Accounts for Rounding Differences and Cash Discounts has set the Department and Cost Center as required field. At that tab we can enter Department and Cost Center to be posted for rounding differences and cash discount.
