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PrepaymentsPrepayments
Prepayments
The function for closing of prepayments enables you to select and then close:
- customer receivables with payable prepayments received
- supplier payables with receivables for prepayments issued
The closing is performed by creating a corresponding contra-entry on the
receivables and payables account.
You can enter the following information in the panel for closing of prepayments:
Subject
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If you want to close receivables/payables
for a specific subject, you first select the subject, for which you want to check the
status of prepayments and receivables/payables to be closed. If you left the
field empty, the program shall return a list with subjects that have data
necessary for closing on selected accounts
and a selected type for which data is collected (customers, suppliers). |
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A subject list with data necessary for
closing. By using cursor keys you can shift through records of the
specified subject.
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Customers
Receivables Account
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Here you can enter the account on which you
can
close debit transactions to customer's receivables account. By
default this is the first customer's account that is defined in the parameters (Program
parameters | Financials | General). |
Prepayments Account
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Here you can enter the account where you close credit transactions
to customer's
payables account. |
| Checkbox (Collect) |
By selecting this checkbox you can enable data
collection about customer receivables and payables according to the
entered criteria. See
Items to Be Closed. |
Suppliers
Receivables Account
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You can enter an account where you close credit
transactions to supplier payables account. By default this is the first suppliers's
account that is defined in the parameters (Program parameters |
Financials | General). |
Prepayments Account
|
You can enter the account where you close debit transactions of prepayements receivables. |
| Checkbox(Collect) |
If you select this checkbox, you enable
data collection about supplier receivables and payables according to the
entered criteria. See
Items to Be Closed. |
General
Currency
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If you close receivables/payables in a foreign
currency amount, you have to enter the
currency code. If the field is left empty, you
shall
close receivables and payables in the
primary currency . |
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Collect |
by clicking this button the program collects:
- all customer receivables with payable for prepayment received (if you have selected the (collect) checkbox
in the Customers panel )
- and/or all supplier payables with receivables for prepayments issued that
match the selected criteria (if you have selected the (collect)
checkbox in the Suppliers panel)
Data collected in this way are displayed in the bottom section of the panel (see
Items to Be Closed).
Before the items to be closed are selected the program shall verify:
- whether customer or supplier receivables and payables accounts (that
is if you have selected the checkbox that allows you to collect data for
customer/supplier) are entered. If one of the accounts necessary for posting is
missing, it is impossible to proceed and an error is returned
(see
It is mandatory that you enter receivables and prepayments
accounts!).
- whether subject information necessary for closing of customer or supplier receivables
and payables (that is if you have selected the checkbox that allows you to collect data for customer/supplier) are entered. It
is impossible to proceed and an error is returned if data has
not been entered (see
Subject cannot be left empty!).
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Amount Type
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Here you can select the closing method. For receivables/payables in the
local currency amount
the following checbox In LCY should
be selected.
For receivables/payables in a foreign currency amount you can close them:
- In LCY - as a local currency amount
- In FCY- as a
foreign currency amount
(see Additional Journal Fields in Foreign Currency
Posts ) |
For Due Date in Journal Entry Item Use
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In the outstanding items review and with
interest calculation the document due date from the
journal entry item gives you information about when the post was closed.
- Using the first option will close the document after the closed prepayments
are posted. It can be used when you want to close the document prior to the due
date of receivable or payable.
- Using the second option will close the document in receivables or payables
account (1200, 2200) on that date when receivable or payable to be closed was
due. It can be used when you want to close receivable or payable on the date on
which it is due.
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See Taskbar for a general
description of its functions. |
Related topics:
as well as examples of the entire procedure used in monitoring of prepayments:
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