Close Rounding Differences and Cash Discounts
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 in menu Financials | Close | Rounding Differences and Cash Discounts.
Iis divided into five parts.
This section contains basic criteria that can be used for closing rounding differencies and cash discounts.
| 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. |
| Name 2 |
The customer's/supplier's name 2 entered in field Name 2 in Code of subjects, 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. |
| In LCY |
This value is marked by default. It means that the differences shall be closed in local currency. |
| In FCY |
If In FCY is marked, you must also enter code of currency in field Currency for closing posts in foreign currency. |
| Amount |
You may determine a maximum amount FOR ROUNDING DIFFERENCES that can be posted to rounding differences. When amount is zero, it is colored red. To close rounding differences and cash discounts automatically 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. |
| 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. |
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. Here you can choose between two options as decribed below:
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.
In this section, you can set up accounts you want to post differencies from Cash Discount Accounts and Rounding differencies acc. Closing of cash discounts works in a similar way as closing rounding differencies. 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. Below you can find description of all fields that can be found here:
| 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). |
| Roundings acc. Positive |
You may enter the ID of account to which you want to post positive rounding differences. It can be entered by first posting. It is mandatory to enter the ID of account otherwise the mere search of data ro be closed returns an error (see The positive and negative rounding differences account field cannot be left empty!) |
| Roundings acc. Negative |
You may enter the ID of account to which you want to post negative rounding differences. It may be entered by the first posting. It is mandatory to enter the ID of account otherwise the mere search of data ro be closed returns an error (see The positive and negative rounding differences account field cannot be left empty!) |
| 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. |
| Grace period (for cash discount only) |
with this setting you can quick extend perid for cash discount set on financial subject. Example. If subject has 5 days for cash discount, you can prolong current setting to 6 if you enter 1 to grace period ( 5+1=6) |
| Roundings acc. Positive |
You may enter the ID of account to which you want to post positive rounding differences. It can be entered by first posting. It is mandatory to enter the ID of account otherwise the mere search of data ro be closed returns an error (see The positive and negative rounding differences account field cannot be left empty!) |
| Show only Paid Candidates |
This option is shown only in combination with Close Rounding Difference. With this option marked, Pantheon will collect only candidates for rounding differences that invoice was already paid.
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HINT
You have to select at leaste one of the botsh possible closings: rounding differencies or cash discounts. If you do not select the method of closing, this cannot be performed and an error is returned (see Select rounding difference or cash discount!) functions.
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3.1 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:
| Dept. |
Accounts for Rounding Differences and Cash Discounts has set the Department as required field can be set up here. |
| Cost Ctr. |
Accounts for Rounding Differences and Cash Discounts has set the Cost center as required field can be set up here. |
In this section, you can set up basics for: Document Type in which posting should be done, Target dates, Posting dates etc.
| Create |
Creates a new journal entry. In this case, you need to provide the document type, period date and posting date that can be entered below. |
| Append |
Appends posts to the existing journal entry. In this case, an existing journal entry must be selected, to which the program appends posts. |
| Document Type |
It is MANDATORY to enter data required for creating a journal entry. |
| Target Date |
It is MANDATORY to enter the period date of the journal entry. |
| Posting Date |
Enter the posting date of the journal entry. |
| Post on side defined by account |
With this option Pantheon post all posts for rounding differences (positive and negative) to the closing side of an account (receivables on credit side and payables on debit side) |
| Sellect All |
By clicking this button you select all the documents from the list to be posted.
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| Deselect All |
By clicking this button you deselect all the documents from the list to be posted. |
| Posting |
By clicking this button you launch journal entry creation for posting Closing rounding differencies and cash discounts. |
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HINT
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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This section contains two tabs that are used within Close Rounding differencies and cash discounts.
| Posts |
This tab shows candidates for postings by selected criteria. Read more about the tab in Posts chapter. |
| Errors |
This tab shows errors that can appear by doing postings of closing rounding differencies and cash discounts. Read more about the tab in Errors chapter. |
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HINT
In tab Posts only postings from Journal entry that are not marked as Record only will be shown.
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