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Ax2009 Enus Finii 04
Ax2009 Enus Finii 04
Introduction
This course describes the processing and setup of advanced customer and vendor
payments in Microsoft Dynamics AX 2009. These advanced payments include
the following:
Bridging accounts
Electronic payments
Centralized payments
Bills of exchange
Prepayments
Also included are several of the options available when you set up a method of
payment, and how to use the ledger accrual functionality to defer costs or income
throughout the year.
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Bridging Accounts
You can post a vendor payment either:
Scenario
Contoso uses bridging accounts for customers who pay by check. They make a
temporary posting until the bank confirms the check is valid and the money is
posted on the bank account. When Contoso receives the confirmation from the
bank, Contoso makes the final postings and reverse the postings to the bridging
account.
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Date - All invoices for a vendor (or customer) with the same due
date are combined.
Week - All invoices for a vendor (or customer) with a due date
in the same week are combined.
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Challenge Yourself!
Help April with Ken's request.
Step by Step
Follow these steps to review the bridging method of payment.
1. Click Accounts payable, click Setup, click Payment, and then click
Methods of payment.
2. Click the line for the bridging method of payment.
3. Note the contents of the fields in the Posting area. Verify that the
Bridging posting field is selected and there is an entry in the
Bridging account field.
4. Close the form.
Follow these steps to review the posting setup for vendor 2003 and assign the
bridging method of payment to the vendor.
1. Click Accounts payable, and then click Vendor Details.
2. Click the line for vendor 2003, and then click the Payment tab.
3. In the Method of payment field, click the arrow to select the
bridging method of payment.
4. Close the form.
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Domestic payments
Foreign payments
When you work with electronic vendor payments, consider the following issues:
Scenario
Several times Contoso experienced either checks lost in the mail when paying
vendors or time-consuming payment handling processes.
To cope with the missing checks and slow payment processing, Contoso decides
to implement electronic payments to vendors. The advantages are as follows:
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Procedure: Process Electronic Vendor Payments Select Vendor Invoice for Payment
Electronic vendor payment starts with selecting the approved invoices for
payment. Follow these steps to select the approved invoices for payment:
1. Click Accounts payable, click Journals, click Payments, and then
click Payment journal.
2. Press CTRL+N to create a new payment journal.
3. Click the Lines button to create the payment journal lines.
4. Verify that the electronic payment method is selected in the Method
of payment list.
Note that the Payment status is currently None. This means it is not
yet sent to the bank.
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Now the payment is generated for all the payment lines using electronic payment,
and the Payment status on the line in the journal automatically changes to Sent.
Procedure: Process Electronic Vendor Payments Receive Confirmation from the Bank
When the bank receives a payment file from a company, it processes the
payment. This means that it transfers the money to the vendors and informs the
company that the payment is completed.
The confirmation from the bank can be either an electronic return file or a printed
list.
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After importing, the Payment status of the payment lines included in the return
file updates to Received.
If the bank cannot send an electronic file but instead sends a printed list, you can
update the payment status manually. From the Payment journal or the Payment
transfer journal, click the Payment status button, and then click Received.
Procedure: Process Electronic Vendor Payments Receive Rejection from the Bank
Follow these steps if the bank rejects the payment file:
1. From the Payment journal or the Payment transfer journal, click
the Payment status button.
2. Then click one of the following:
Rejected - For the rejected payment lines, create a new payment
file and send it to the bank in the same manner files are created
for new payment lines.
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You can post only the payment lines that have the payment status
specified on the method of payment setup.
o
Update the status any time from either the Payment transfer
journal or the Payment journal by using the Payment status
button.
As with any other posting of vendor payments, you can post the
electronic payments either:
o
o
To a bank account, or
In two steps using the bridging account as long as you complete
the correct setup on the specified method of payment.
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5. To confirm the selection of the file, click OK. The payment lines
from the file transfer into the journal lines.
6. Validate and post the payment lines as any other customer payment.
Set up an export file format and a return file format for each method of payment
used for debt collection by the bank.
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Centralized Payments
Organizations that include multiple companies can create and manage payments
by using a central company. This eliminates the need to enter the same
transaction in multiple companies and saves time by streamlining the payment
proposal process, the settlement process, open transaction editing, and closed
transaction editing for cross-company payments.
In a centralized-payment organization, each operating company manages its own
invoice information and payments are received or paid by a central company,
which is known as the payment company. During the settlement process, the
applicable due-to transactions and due-from transactions generate. For ledger
transactions, users can specify which company within the organization will
receive the realized gain or realized loss transactions, and how cash discount
transactions that are related to a cross-company payment are handled.
Scenario
The following examples show how posting is handled in various scenarios. The
following configuration is assumed for all these examples:
Address
book ID
Customer
account
Name
Company
39
8001
CEU
39
8001
CEE
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Debit amount
600.00
Sales (CEE)
Credit amount
600.00
Debit amount
Cash (CEU)
600.00
Credit amount
600.00
Debit amount
Accounts receivable
600.00
Due to CEE
Credit amount
600.00
CEE posting
Account
Debit amount
600.00
Accounts receivable
Credit amount
600.00
Debit amount
Accounts receivable
600.00
Sales
Credit amount
600.00
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Debit amount
Cash
580.00
Accounts receivable
Credit amount
580.00
Debit amount
Accounts receivable
580.00
Due to CEE
Credit amount
580.00
CEE posting
Account
Debit amount
580.00
Accounts receivable
Cash discount
Credit amount
580.00
20.00
Accounts receivable
20.00
Debit amount
Accounts receivable
600.00
Sales
Credit amount
600.00
Debit amount
Cash
580.00
Accounts receivable
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Credit amount
580.00
Debit amount
Accounts receivable
580.00
Due to CEE
Credit amount
580.00
CEE posting
Account
Debit amount
580.00
Accounts receivable
Cash discount
Credit amount
580.00
20.00
Accounts receivable
20.00
Debit amount
Accounts receivable
Credit amount
Sales
Sales tax
Debit amount
Cash
Accounts receivable
Credit amount
626.22 EUR / 768.81 USD
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Debit amount
Accounts receivable
Due to CEE
Due to CEE
Credit amount
626.22 EUR / 768.81 USD
Realized gain
CEE posting
Account
Debit amount
Accounts receivable
Accounts receivable
Credit amount
Accounts receivable
Prerequisites
Before you start to set up Centralized Payments, complete the following setup
procedures:
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Use the same address book ID for the vendor or customer account in
each company by setting up the Global Address book in a virtual
company.
NOTE: If you are using the address book ID to map vendor or customer
accounts across companies, only companies that are included in both the virtual
company for centralized payments and the virtual company for global address
books can be involved in cross-company settlement transactions.
Posting Profiles
When a payment in one company settles invoices in other companies, the posting
profile IDs must be the same in both companies. To ensure that payments are
created correctly, set up a posting profile in each invoice company that
corresponds to the posting profiles that are used in the payment company.
Methods of Payment
When a payment in one company settles invoices in other companies, the method
of payment IDs must be the same in both companies. To ensure that payments
are created correctly, set up a method of payment in each invoice company that
corresponds to the methods of payment that are used in the company that the user
is logged in to.
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Inquiry
In Accounts receivable, the company accounts field has been added to various
inquiries. The company accounts field displays the company of the specific
customer. This is useful for centralized payment information.
Similarly, in Accounts payable, the vendor account and company accounts fields
have been added to various inquiries. The vendor account company accounts
fields display the vendor and company of the specific voucher. This is useful for
centralized payment information.
Reports
The following reports contain cross-company settlement information:
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Payment advice
Prepayments (Deposits)
Accounting practice in many countries or regions requires that prepayments or
deposits from a customer or to a vendor are not posted to the usual summary
accounts for the customer or vendor.
Instead, these prepayments are posted to special ledger accounts for prepayments.
When a sales order or purchase order is made, an invoice is issued to the
customer or vendor. During payment of the invoice, the prepayment and sales tax
prepayment on the prepayment ledger accounts are reversed.
Follow these steps to record prepayments from customers:
1. Set up and post the prepayment to a different ledger account than the
summary account for the customer. This is an accounting
requirement in most countries.
2. Later, when an invoice is issued against this prepayment, allocate the
invoice against the payment directly from the sales order, reversing
the original posting of the prepayment on the prepayment account in
the ledger.
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NOTE: To set up prepayment to vendors, follow the same steps as are outlined in
this topic, but in the Accounts Payable menu.
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Challenge Yourself!
Help Arnie record the prepayment received from customer 4001.
Step by Step
Follow these steps to change the accounts receivable parameters to use the PRE
posting profile for prepayments.
1. Click Accounts receivable, click Setup, and then click Parameters.
2. Click the Ledger and Sales tax tab.
3. In the Posting profile with prepayment field click the arrow to
select PRE.
4. Close the form.
Follow these steps to enter the prepayment of $50,000 for customer 4001 in a
payment journal.
1. Click Accounts receivable, click Journals, click Payments, and
then click Payment journal.
2. Press CTRL+N to add a line.
3. In the Name field, select ARPay.
4. Click the Lines button.
5. In the Date field, enter 12/31/2008.
6. In the Account field, use the arrow to select customer 4001.
7. In the Transaction text field, enter Prepayment.
8. In the Credit field, enter 50,000.
9. Click the Payment tab.
10. In the Prepayment field, select the field.
11. In the Posting profile with prepayment field, notice that the PRE
profile is selected.
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Might cash the Bill of Exchange at its bank before the due date, but
its obligation toward the bank regarding the cashed Bill of Exchange
usually lasts until the customer pays its Bill of Exchange.
A method of payment
Journal names
Posting profiles
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Credit
Sales revenue
Sales tax
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Date
Week
Total
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Credit
Customer revenue
Credit
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Debit
Credit
Bill of Exchange
summary account
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Debit
Credit
Bill of Exchange
summary account
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Credit
Note that when remittance for collection posts, the following entries are
generated in General Ledger:
Debit
Credit
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Credit
When a Bill of Exchange remitted for collection is settled, the following entries
are generated in General Ledger:
Debit
Credit
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Credit
The protested Bill of Exchange now completes a new cycle (redrawn, remitted,
honored).
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Verify that the closed bills with a Protested status are written up and
the corresponding closed bills with an Honored status are written
down in the inquiry Bill of Exchange statistics.
Ledger Accrual
Most common accounting rules require companies to report income when earned
expenses are incurred. Standard practice is to record and recognize revenues and
expenses in the period they are incurred, because of their significance to the
future income and cash flow of the company.
In Microsoft Dynamics AX 2009, the Accrual schemes feature is implemented to
defer the cost or income throughout the year.
Scenario
Contoso decided to defer the cost of the insurance policy throughout the year to
recognize the insurance policy costs at the appropriate time.
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NOTE: The accrual feature posts the whole amount at the same time.
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The insurance policy should be paid monthly and the invoice amount
should be divided into twelve payments.
Challenge Yourself!
Help Phyllis complete the following:
Step by Step
First, create the Accrual scheme.
1. Click General ledger, click Setup, click Posting, and then
click Accrual schemes.
2. Press CTRL+N to create a new accrual scheme.
3. Enter Monthly in the Accrual identification field and Monthly
accrual as the Description.
4. Click the General tab.
5. Enter account number 200110 in the Debit and Credit fields.
6. Click the Voucher list arrow, and then click Base as the
voucher that will be used for all generated transactions.
7. Enter %1 Accrual monthly in the Transaction text field.
8. In the Calendar type field, select Calendar.
9. In the Period frequency field, select Monthly.
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Summary
This course describes how to:
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2.
3.
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Solutions
Bridging Accounts
1. When you use bridging accounts, posting occurs as a two-step process. What
are the two steps?
MODEL ANSWER:
First, the payment posts to a temporary (bridging) account. This means that
instead of debiting cash, the bridging account is debited. The second step is
reversing the activity from the temporary account and posting the payment to
the bank account.
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