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Prepayments

 Prepayments

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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 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).

A subject list with data necessary for closing.

By using cursor keys you can shift through records of the specified subject.

 

Customers

Receivables Account 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

Account number for prepayments received from customers. 

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

Payables Account 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 Account number for given prepayments to suppliers.

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 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 .

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!).
Amount Type Here you can select the closing method. For receivables/payables in the local currency amount the following checkbox 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

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.
Detailed By

There are options: Document and Due Date or none.

Program collect candidates for closing, if neither of these options is marked, by account, subject and linked document. If we want to see detailed entries that we want to close, mark Document or/ and Due Date (if entries have the same document but different maturity date).

000001.gif See Taskbar for a general description of its functions.

 Related topics:

as well as examples of the entire procedure used in monitoring of prepayments:

000001.gif For example of prepayment closing by departments and cost drivers see Close prepayments by departments and cost centers.


 

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