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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: Directly to the final bank account By using a bridging account for a two-step posting
In the first step of the two-step posting: Post the payment to a temporary account or a bridging account. This means the payment is recorded on the vendor account as usual, but the offset account is the bridging account instead of the bank account. Posting to a temporary or bridging account makes the reconciliation of the bank account less time consuming because the transactions recorded by the company but not yet recorded by the bank are not included in the reconciliation. Those transactions are temporarily posted to the bridging account. The second step of the two-step posting occurs when a company receives notification from the bank that indicates the payment is completed. In it you reverse the posting on the temporary account and post the payment to the bank account.
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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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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When you work with electronic vendor payments, consider the following issues: How to set up Microsoft Dynamics AX 2009 for electronic vendor payments How to process electronic vendor payments
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: Electronic payments help promote a more secure payment method. Paper checks can be lost, stolen, or delivered to the wrong address. When money is electronically paid to the account, it cannot go astray. Electronic payments are more efficient. Electronic vendor payment is deposited directly into a bank account. This saves days of processing and delivery time.
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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. None - This returns those payment transfer lines to the payment journal where new electronic payment files can be generated.
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For electronic payments, the status usually is set to Approved. o Update the status any time from either the Payment transfer journal or the Payment journal by using the Payment status button.
From the Payment transfer journal: o o o Create a new journal for only the approved payments to post into. Post bank charges regarding the payment directly from this journal by using the Payment fee tab. Set up a default ledger account directly on the method of payment to handle any fees.
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: The company accounts are Contoso Entertainment USA (CEU) and Contoso Entertainment Europe (CEE). CEU is the payment company. The Post cash discount field in the Intercompany accounting form is set to Invoice company. The Post currency exchange gain or loss field in the Intercompany accounting form is set to Payment company. The global address book is used to provide the mapping of customers and vendors across multiple companies. Contoso maintains a single global address book record, address book ID 39, for Silver and Black Services. This global address book record is mapped to a separate customer account in each company. Customer account 8001 8001 Name Silver and Black Services Silver and Black Services Company CEU CEE
Address book ID 39 39
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Payment is received and posted in CEU for customer 8001. Account Cash (CEU) Accounts receivable (CEU) CEU payment is settled with CEE invoice. CEU posting Account Accounts receivable Due to CEE CEE posting Account Due from CEU Accounts receivable Debit amount 600.00 600.00 Credit amount Debit amount 600.00 600.00 Credit amount Debit amount 600.00 600.00 Credit amount
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Payment is received and posted in CEU for CEU customer 4000 Account Cash Accounts receivable Debit amount 580.00 580.00 Credit amount
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Scenario - Centralized Payment with Cash Discount and Realized Exchange Rate Gain
CEU posts a payment for CEU customer 8001, Silver and Black Services, for an open invoice in CEE. The invoice has a cash discount available and a sales tax transaction is generated. The payment is settled with the open CEE invoice. A currency exchange gain transaction is generated during the settlement process. The cash discount is posted to the invoice company (CEE) and the currency exchange gain is posted to the payment company (CEU). Exchange rate for EUR to USD as of the invoice date: 1.2062 Exchange rate for EUR to USD as of the payment date: 1.2277 Free text invoice is posted and a tax transaction is generated in CEE for customer 4000. Account Accounts receivable Sales Sales tax Debit amount 638.22 EUR / 769.82 USD 600.00 EUR / 723.72 USD 38.22 EUR / 46.10 USD Credit amount
Payment is received and posted in CEU for customer 4000 Account Cash Accounts receivable Debit amount 626.22 EUR / 768.81 USD 626.22 EUR / 768.81 USD Credit amount
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Prerequisites
Before you start to set up Centralized Payments, complete the following setup procedures: Create company accounts Set up General ledger parameters Set up Accounts receivable parameters Set up intercompany accounting
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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.
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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: Customer payments report Bill of exchange journal report Vendor payments report Promissory note journal report Free Text Invoice Payment advice Payment advices and check stubs
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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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To use the Bill of Exchange functionality, set up: A method of payment Journal names General Ledger accounts Posting profiles
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FIGURE 4.9 ACCOUNTS RECEIVABLE PARAMETERS FORM, LEDGER AND SALES TAX TAB
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An invoice generates the following entries in General Ledger: Debit Customer summary account Credit Customer revenue
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Note that when remittance for collection posts, the following entries are generated in General Ledger: Debit Remit for collection account Credit Bill of Exchange account
NOTE: If several transactions are selected for settlement in the Open transactions editing form with various due dates, the latest is selected for all transferred transactions. If several transactions are selected through the Payment proposal button, and then Proposal by due date, the date entered in the Date of payment field is selected for all transferred transactions and overrules due date. If several transactions are selected for settlement with various methods of payment, all marks are removed.
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When a Bill of Exchange remitted for collection is settled, the following entries are generated in General Ledger: Debit Ledger account for the bank used Credit Remit for collection account
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The protested Bill of Exchange now completes a new cycle (redrawn, remitted, honored).
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2. Categorize the following items: _____ 1. What accounts are updated when you post a free text invoice for a customer? _____ 2. What accounts are updated when you issue a bill of exchange at the request of the customer? _____ 3. What accounts are updated when you sell the bill of exchange to the bank? _____ 4. What accounts are updated when the customer remits the payment to the bank? a. Debit the cust. summary accnt. that has posting type of "customer balance" and credit the "customer revenue" accnt. b. Debit the Bill of Exchange Summary accnt. and credit the Customer Summary accnt. c. Debit the ledger accnt. for the bank used and credit the Remit for Collection accnt. d. Debit the Remit for Collection accnt. and credit the Bill of Exchange Summary accnt.
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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4. If Single or Multiple is selected in the Voucher list, select a Number sequence code for the voucher numbers. 5. Enter a Transaction text that can be used on all the accrued transactions, for example %1 means Main voucher number. Refer to the Help for additional clarification. If no text is written in this field, the transaction text from the main voucher is used. 6. In the Posting date list, select when the accrued transactions should be posted: Beginning, Middle, or End.
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NOTE: The accrual feature posts the whole amount at the same time.
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Challenge Yourself!
Help Phyllis complete the following: Set up an Accrual scheme. Use the Accrual scheme in a journal.
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: Create and process a bridging account method of payment Set up electronic vendor payments Process electronic vendor payments Set up electronic customer payments Receive electronic customer payments Create a file for debt collection by the bank Set up prepayments for customers and vendors Create the prepayment Post the prepayment Set up a bill of exchange Process the bill of exchange Create a bill of exchange Create and apply accrual schemes
Microsoft Dynamics AX 2009 offers a variety of functionality to handle customer and vendor payments with basic or more advanced functionality.
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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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