Closing outstanding items
Closing outstanding items is used to close outstanding receivables/payables with payments. It is used when the closing post (e.g. payment post) is not accompanied by the same linked document as the closing post (receivable for the invoice issued). This closing method should only be used to close outstanding items on the same account for a specific subject.
This process is important, because it enables you to review unpaid, paid and partly paid documents.
The program supports several types of closure:
Below is an example of how to manually close outstanding items in PANTHEON.
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CASE SUMMARY
Anne Accountant, an accountant at Tecta, wants to close the outstanding invoice 22- 3000-0000001 for 3.050,00 EUR issued to Intersport d.o.o. The customer used the wrong reference for the bank transfer, so the payment has not been linked to the receivable when the bank statement was posted. Anne closes the account as follows:
1. Choosing the posting method Manually
2. Entering criteria to display outstanding items
3. Closing the payment closure and receivables
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1. Choosing the posting method Manually
The person responsible opens the window for closing outstanding items by opening the menu Financials | Close | Manually. The form is divided into four sections:
Tecta issued the invoice 22-3000-0000001 to the customer Intersport d.o.o. for 3.050,00 EUR.
The person responsible finds the purchase information in the menu Goods | Issue | Document, the document type 3000 - Sale.
The the customer Intersport d.o.o. settled its payable to Tecta on 6.5.2022 by making a transfer to their bank account.
Because Intersport d.o.o. did not provide the correct payment reference, 223000000001001, the payment was not linked to the receivable when the bank statement was posted.
The person responsible posted the bank statement on 6.5.2022 to the journal entry 4110 - Bank reconcialitation - ADDIKO BANK, as shown in the image below. When posting the statement, the person responsible copied the incorrect reference to which Intersport d.o.o. was referring to, that is 01-2022, to the columns Document and Linked. doc.
The person responsible now starts to close outstanding items.
2. Entering criteria to display outstanding items
The person responsible opens the menu Financials | Close | Manually and the window Close outstanding items - active posts opens.
In the field Subject in the window header, the person responsible enters the name of the customer for whom an overview of outstanding items should be created.
In this case, the person responsible manually enters »Intersport« and selects Intersport d.o.o. from the drop-down list. At this point, the field Name 2 is automatically populated.
In the field Account, the person responsible must enter the account number for which the outstanding items should be closed. In this case, the account 1200 - Short-term trade receivables - domestic market is entered.
Next, the status of the documents to be closed is selected.
The option All is selected, which displays all documents, including closed ones.
The Prim. curr. (Primary currency) limits the closing of outstanding items to a specific currency. The default currency for this field is specified in the program parameters.
The person responsible checks the checkbox Outstanding amounts only, because the program should only show the amount in which the linked document is still open, not the total amount of the document.
For most accounts, the program automatically searches for the Type of the item, for 1200 the program automatically checks the checkbox Receivable.
Once the person responsible has finished entering the general data, the button Search is clicked create a report of the outstanding items for the selected subject.
In the outstanding lines section, the records of the outstanding payables and the outstanding payment are displayed.
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WARNING
The closing amount can be changed manually.
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The person responsible can see that the outstanding receivable relates to invoice 22-3000-000001. On the right side of the window, the inflow of the Intersport payment is displayed.
3. Payment closure and claims
To close the outstanding item, the person responsible double-clicks on the outstanding receivable and payment or right-clicks and selects the option Move selected linked documents entirely to move the lines to the upper section of the window.
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HINT
By clicking the button Automatic, the program automatically closes the outstanding receivable and the outstanding payment if both amounts are equal. For more information, see the chapter Auto-close.
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In the part of the window where the data and functions for closing items are located, the person responsible clicks the button Close.
The two lines are closed, but in the outstanding items in the bottom part of the window, there is still a record of account 22-3000-000001 and a company inflow of 3.050,00 EUR.
This is because the option All is checked in the section Document status of the general data.
Once the person responsible checks the checkbox Open and searches for the data again, these documents are no longer visible.
