![]() You can override this value when entering transactions.Ĩ.Ĝhoose a Transaction Status of Open, Closed, Pending, or Void. If you are defining a 'void' transaction type, do not check this box.Ħ.Ğnter the payment Terms to use for transactions with this transaction type.ħ.Ĝhoose a default Printing Option for transactions with this transaction type. This check box must be checked if the class is Deposit or Guarantee. The default is the value you specified for the Open Receivables option. ![]() To be able to post transactions with this type to your general ledger, check the Post To GL check box. When you review and approve the item, you can then change the transaction type to Final (a transaction type that you define with Open Receivable set to Yes) which will update your customer's balances.ĥ. This transaction type does not update your customer balances. ![]() For particularly sensitive debit memos, credit memos, on-account credits, chargebacks, and invoices that you may want to review, you can define a transaction type called Preliminary with Open Receivable set to No. Suggestion: You can use the Open Receivable option to implement an approval cycle for any temporary or preliminary debit memos, credit memos, on-account credits, chargebacks, and invoices that you may use in your business. If you are defining a 'void' transaction type, set Open Receivable to No. Receivables also includes these transactions in the standard aging and collection processes. If Open Receivable is set to Yes, Receivables updates your customer balances each time you create a complete debit memo, credit memo, chargeback, or on-account credit with this transaction type. If this transaction type's class is not Deposit or Guarantee, indicate whether you want transactions with this type to update your customer balances by checking or unchecking the Open Receivable check box. See: Define Your Commitment Transaction Types.Ĥ. If you choose Deposit or Guarantee, Receivables sets Open Receivable and Post to GL to Yes, Allow Freight, Tax Calculation, and Allow Overapplication to No, Creation Sign to 'Positive Sign,' and Natural Application Only to Yes. Choose from the following classes: Invoice, Chargeback, Credit Memo, Debit Memo, Deposit, or Guarantee. Navigate to the Transaction Types window.Ģ.Ğnter a Name and Description for this transaction type.ģ.Ğnter a Class for this transaction type. The figure below shows how these rules affect your applications.ĭefine payment terms To define a transaction type:ġ. For example, if you apply a $500 receipt to a $400 invoice, you overapply the invoice and reverse its sign (from positive to negative). Overapplication indicates whether you can overapply transactions using this type. For example, invoices have a positive balance, so to reduce the balance due you need to create a negative application (such as apply a receipt). Natural Application refers to the type of application, either positive or negative, that a transaction requires to become closer to zero. The Natural Application Only and Allow Overapplication options determine how applications can affect the balance due for transactions using this type. Natural Application and Allow Overapplication Rules Then, as long as there is no activity against the transaction and it has not been posted to your general ledger, you can make it invalid by simply changing the transaction type to 'Void'. Suggestion: To be able to void a debit memo, credit memo, on-account credit or invoice, define a Void transaction type with 'Open Receivables' and 'Post to GL' set to No. You must define your invoice transaction types before you define your commitment types.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |