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Introduction
This chapter discusses the free text invoice and the payment journal. The chapter also covers various Accounts Receivable transactions used in daily procedures in the Accounts Receivable module of Microsoft Dynamics AX.
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An item number cannot be entered on this kind of invoice; however, the appropriate sales tax information must be entered. The difference between a free text invoice and an ordinary invoice is: On an ordinary invoice: The item number is specified and posted in the ledger. A sales order makes inventory transactions, but a free text invoice never uses items inventory because a free text invoice does not create stock transactions. Free text invoices are often used for selling fixed assets, because the free text invoices calculate the costs or income from depreciating and selling the asset. Refer to the Fixed Assets training manuals to learn more about the fixed asset topic.
On a free text invoice: A ledger account for the sale is indicated on each order line, and the customer balance is posted for each customer group, unless specified otherwise.
NOTE: After a free-text invoice is posted, the program saves a copy as a convenience; however, changes can no longer be made to it.
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2. Open the free text invoice form by clicking ACCOUNTS RECEIVABLE FREE TEXT INVOICE.
ACCOUNTS RECEIVABLEFREE TEXT INVOICE
3. Select in the Customer account list, an account number that is used to identify the customer. It must be specified when a customer is created. 4. Select in the Invoice account list, the account number to invoice if it differs from what is set up in the Customers form. 5. Select the One-time customer check box, if the customer will be invoiced only one time and not be dealt with again. 6. Change the date and currency, only if needed. The date and currency are by default filled in when selecting a customer account.
NOTE: The Invoice field is automatically filled in when the invoice is posted.
7. Select in the Recipient field, on the Invoice tab, the employee who received order. This field is optional.
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2. Enter the line for the invoice. Use the following information to create line information: Description Ledger Account Sales Tax Item Sales Tax Amount Invoice for Desk World 401110 Accept the default Accept the default $1450.00
Challenge Yourself!
Use any of the methods described in this section to create the invoice.
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Payment Journals
When the invoice is registered, approved, and posted, the customer needs to pay for the invoice. When payments are received, use the payment journal to register the customer payment. Using payment journals: Use the Payment journal to enter and post payments. Make payments and enter them into Microsoft Dynamics AX 4.0 according to the terms of payment established with the customers. In the Payment journal there are several ways to create payment lines: Click Payment proposal. Click Functions and select Settlement. Create a journal line and enter the payment details manually.
There are two different methods for selecting the customer invoices to pay by using the Payment journal: The Payment proposal option searches for invoice lines that meet certain search criteria selected The Settlements option is used to select the specific invoice lines to pay
NOTE: All tabs and fields on the Journal window are discussed in the Invoice Register section of this manual.
Payment Proposal
Payments made by customers must be posted to make sure Accounts Receivable information can be reconciled with General Ledger information. Payment proposal searches for payment lines that are either due or have a maximum date for receiving a cash discount. The Payment proposal function checks customer transactions that are open and approved. Only transactions with either a due date or a cash discount date are included in the search. Once the payment lines are generated, edit them in the payment journal.
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2. Select in the Customer payment proposal form, the type of payment proposal to create in the Proposal type field. Create the proposal by due date, cash discount date, or by both due date and cash discount date. Select Per due date to transfer the set of customer payments that are due. Select By cash discount to transfer the set of customer payments that fulfills the criteria for obtaining a cash discount. Select Due date & cash discount to transfer the set of customer payments that fulfills the criteria for obtaining a cash discount and after that to transfer customer transactions proposed after the due date. 3. Click the Select button to select specific customers or a range of customers. 4. Select the Generate check box to open the Edit payment suggestions form with invoices to be paid.
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Payment proposal lines that meet the criteria appear in the lower Payment proposal pane. When selecting a payment proposal line, view the open invoice transactions that contribute to the payment proposal line in the upper Open transactions pane. Inspect each proposal line and the associated open transactions, and make sure they are ready for settlement. For example, when deleting an open invoice from the open transactions lines if unsatisfied with the items and not wanting to pay the invoice.
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11. Click Transfer to move the proposal lines to the payment journal when all the lines proposed are inspected. 12. Continue in the Payment journal lines form, to edit the lines in the payment journal if necessary. 13. Check the balances of company bank accounts to make sure the payments can be made. To view the balances, click INQUIRIES BALANCE CONTROL. 14. Click Validate when satisfied, to validate the payment lines, and then click Post to generate the payments by. Use the Settlement option as a second option for selecting invoice lines to pay.
NOTE: A Customer account and Currency must be entered to choose the Settlements option.
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3. Select the Mark check box to transfer the invoice to the Customer payment proposal form. Mark one or several invoices for settlement.
NOTE: A red mark shows in the Is marked field if a transaction is already marked for settlement.
4. Select the Payment proposal check box and close the form when the invoices are marked for payment. When closing the Open transaction editing form, the Customer payment proposal form prompts and shows the payment proposal and the open transactions. 5. Modify the transactions in the Customer payment proposal form. Click Transfer to move the payment suggestions to the payment journal lines to make the payment. 6. Verify in the Payment journal lines form, the information is correct. After selecting the appropriate invoice lines to pay, generate the payments for these invoice lines. The Generate payment functionality settles the invoice lines and prints the checks to be sent to the customer(s).
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4. Enter values in the relevant fields in the first line on the Overview tab of the Journal voucher form. Some of the fields may be filled in automatically with values from fields in the Journal form.
NOTE: Some journals are more limited, such as the Invoice register form, and not all fields listed in the example are available.
5. Make entries in the following fields: Account Type Account Transaction Text (This is optional, but eases the entry of lines in the journal because the cursor automatically goes to the appropriate Debit or Credit field Enter an amount as appropriate in the Debit or Credit field. Select an Offset Account Type from the Offset account type list. Select an offset account in the Offset Account list. Press the Down Arrow key to create a new line, and then enter information about the next voucher.
6. Click Validate after entering all the voucher lines, and then click Validate (or Validate voucher only). This validates that all the lines (or the selected lines) are ready for posting. Also validate all the journal lines in the Journal form. Post the lines in the Journal voucher form or in the Journal form. 7. Click Validate to validate the payment line, and then click Post.
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Lab 10.2 Settlements: Entering an Accounts Receivable Payment Journal (Cash Receipt)
Scenario: The Global Trade & Manufacturing Company received a payment from Desk World for the sale of the bulbs. Use the following information to create a settlement for the Invoice of the bulbs in Accounts Receivable. Date Account Credit Offset Account Use the system date Desk World 1812.50 140220
Challenge Yourself!
Create a payment journal and then apply the payment.
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2. Select the relevant postings to settle by selecting the Mark check box or click Mark payment.
NOTE: A red icon shows in the Is marked check box if a transaction is already selected for settlement. When the transactions are settled they disappear from this form and are transferred to Closed-transaction editing.
3. Put the cursor on the primary payment line, if any, and select the Primary payment check box. The purpose of a primary payment is for a more correct history or select the basis currency used for cross rate. 4. Click Update. The selected vouchers offset each other. If a voucher is not settled in full, it is recorded as Open. In some cases, it is convenient for an automatic settlement of invoices and payments. For example, if a company needs to handle many small customers who have few payments such as subscribers to magazines. 5. Open ACCOUNTS RECEIVABLESETUPPOSTING PROFILES to make automatic settlement, select the relevant customer posting profile and on the Table tab select the Settlement check box.
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Challenge Yourself!
Create and process an invoice and payment journal. Edit the open transactions.
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Reverse Settlements
When working with reverse settlements: Use the Closed-transaction editing window for editing fully applied or settled transactions that are in history. Use reverse settlements if the bank does not honor a payment, or when the wrong date or settlement amount is used. An unsettled invoice is considered not paid, and is handled together with collection letters.
1. Select CUSTOMERSFUNCTIONSCLOSED-TRANSACTION EDITING from Accounts Receivable. 2. Put the cursor on the line that contains the settlement to reverse. 3. Select a line that contains the settlement to reverse.
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Challenge Yourself!
Remember this is a closed transaction.
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Reimburse a Customer
Working with the reimbursement feature: Use the reimbursement feature to repay customers who have credit amounts because of overpayment or credit notes. The reimbursement feature transfers the balance to a vendor account. The vendor account is set up in the Customer form otherwise a onetime vendor account is created. When the balance amount is transferred to a vendor account, the Accounts Receivable administrator can create a ordinary payment.
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4. Click Select to reimburse specific customer accounts, and specify the customer accounts in the query. To reimburse all customer accounts, click OK. 5. The credit amounts are transferred to the vendor accounts of the customers and are processed as ordinary payments.
NOTE: If a customer does not have a vendor account, the program automatically creates a one-time vendor account for the customer.
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Challenge Yourself!
Remember to modify the parameter so you can reimburse customers. Create an invoice, payment journal, edit the open transactions, and reimburse the customer.
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Conclusion
For efficient management of Accounts Receivable, Microsoft Dynamics AX 4.0 offers a variety of advanced options. For example: Extensive options for credit assessment and credit control. Flexible terms of payment and cash discount.
Each customer can be given a unique credit limit. The credit limits can be applied to only customer balances, or they can include delivered items that have not been invoiced or even sales orders. Decide whether the credit limit applies on the total of the sales order or if each sales order line has to be controlled separately. There is the option to stop delivery when the credit limit is reached or have an automatic warning that can then be overruled. The customer account can be stopped automatically at any step during the collection procedure. Microsoft Dynamics AX 4.0 offers extensive options for editing open transactions, reopening closed transactions and entering renegotiated payment schedules directly into the system. The customer invoice can be viewed and a copy of it can be printed directly from the customer account.
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3. If invoice and payment are not settled at the time the payment is created, where can these be settled?
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2.
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