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Add an option "Deduct From Payment" for Finance Charge Transaction on AP Documents

In AR, 2 options are available while on AP, Finance Charges are always accounted separately. This is about adding the same functionality in AP as it is available in AR: 

Generation of Finance Charge Transactions for AP Documents

When you release a document with charges in Accounts Payable module, the system generates a batch of transactions that update the cash account, the vendor payable account, and the General Ledger expense accounts specified as an offset accounts. Accounts are affected as shown below.

 

Account Debit Credit
(Bank) Cash Account Payment Amount 0.0
AP Account 0.0 Payment Amount
(Bank) Cash Account 0.0 Charge Amount
Bank Charges and Fees (expense account) Charge Amount 0.0
 

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Generation of Finance Charge Transactions for AR Payments

You can define how the system should record finance charges for the payments made in Accounts Receivable based on whether you select theDeduct From Payment check box for the particular entry type on the Entry Types form, as described below.

If the bank deducts the amount of charges from the payment amounts and displays only the resulting amounts on the statements, select the check box for the entry type. For example, when you release an Accounts Receivable payment, the system generates the following transactions (this example displays only the basic transactions; for the complete list of possible transactions for an Accounts Receivable payment, see Types of AR Payments).

Account Debit Credit
(Bank) Cash Account Payment Amount– Charge Amount 0.0
AR Account 0.0 Payment Amount
Bank Charges and Fees (expense account) Charge Amount 0.0

If the financial institution presents the charges as separate transactions on its statements, you clear the Deduct From Payment check box for the appropriate entry types. The sample batch transactions for an Accounts Receivable payment are shown in the following table.

Account Debit Credit
(Bank) Cash Account Payment Amount 0.0
(Bank) Cash Account 0.0 Charge Amount
AR Account 0.0 Payment Amount
Bank Charges and Fees (expense account) Charge Amount 0.0

 

  • Eric Ratté
  • Feb 16 2016
  • Attach files