Close Rounding Differences and Cash Discounts by Departments and Cost Centers
Whenever posting receivables and payables by departments and/or cost centers (see settings in Administration Panel | Settings | Program Parameters | Financials | General), we would usually like to close posted items by departments and cost centers. To put it differently, if there is department and cost center are specified in outstanding item, you should also specify them in payment of outstanding item.
- closing of contra entry including positive or negative rounding differences or cash discount
- closing of contra entry to revenue or expenses account including postitive or negative rounding differences or cash discount
This way you enable that the line is closed not only regarding the account, subject and linked document, but also for department and cost center.
Check Closing Outstanding Items by Departments and Cost Centers in Administration Panel | Settings | Program Parameters | Financials | General.
Having checked Close outstanding items by departments and cost centers in Administration Panel | Program Parameters | Financials | General the list of open documents departments and cost centers need to be specified in lines. Department and cost center are used in lines where closed rounding differences and cash discounts are recorded.
| Parameter Status |
Criteria Used in Searching Amount of Outstanding Item and Closing |
| Close outstanding items by departments and cost centers (unchecked) |
Account, subject, linked document, currency (closing the summary amount of line according to the three criteria mentioned previously) |
| Close outstanding items by departments and cost centers (checked) |
Account, subject, linked document, currency, department, cost center (closing summary amount of line according to the fiver criteria mentioned previously) |
Closing Rounding Differences by Departments and Cost Centers
Mark the following item on the list:
| Account |
Subject |
Linked Doc. |
Department |
Cost Center |
Debit |
Credit |
Amount |
| 1200 |
Customer & Co |
3 |
Department 1 |
1 |
500 |
499 |
-1 |
A journal entry is created when closing rounding differences:
| Account |
Subject |
Linked Doc. |
Department |
Cost Center |
Debit |
Credit |
| 1200 |
Customer & Co |
3 |
Department 1 |
1 |
0 |
1 |
| 7540 |
Customer & Co |
3 |
Department 1 |
1 |
1 |
0 |