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Creditors Payment

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This function is used to perform payment of unsettled invoices of creditors as well as inquiries and reversals of settlements.

 

The Invoice Selection tab allows you to select all unsettled invoices according to different criteria e.g. Selected Suppliers, Supplier Per Clerk, Settlement Types, Expected Settlement Date, Division, Currency, Invoice Level etc.  An invoice can be settled in one of three ways:

 

Creating a bank transaction to settle an invoice(s),

Using an existing bank transaction, or

Using a credit note/link to settle an invoice(s).

 

The bank transaction and credit note/link details must be selected on this tab.

 

The Inquiries Results tab will display all unsettled invoices according to the specific criteria selected on the Invoice Selection tab. If Allow Payment Goods Inspection on System Configuration is on Creditors Invoices can be paid although goods were not moved from Inspection to Stores. If you are settling with an existing bank transaction the available transaction amount will be displayed or otherwise you can enter the transaction amount you have budgeted for settlements. According to this transaction amount the function can auto suggest which invoices need to be paid according to expected settlement date, in the order from oldest to youngest.

 

The Unsettled Invoices grid will display all the outstanding invoices/lines/links. If an invoice line link needs to be paid partially then the settlement amount can be only be specified per invoice line link. Detail information regarding each link can be obtained in the grid e.g. Advance amount, credit amount, invoice type etc.

 

If the invoices are being settled with an existing bank transaction or credit note/link then the settlement will be applied directly from this tab, and the remittance advice's can also be printed accordingly.  If invoices need to be settled with a new bank transaction then the specific invoices must be selected and the "Process Payment' button can be clicked to move on to the next tab.

 

The Inquiries Results tab also allows you to print a preliminary payment advice as an aid prior to selecting actual Creditors invoices lines for payment. Unsettled invoices will display according to specific criteria on the Invoice Selection tab and the

"Print Prelim. Payment Advice" button can be selected to print/preview an advice. The document will display debits and credits in separate columns with a resulting, Total Per Invoice line, and a Total Amount for the selected Creditor.

 

When inquiring on Invoice Line Link level records where discount is due but not yet taken will be flagged in Red. These records can be selected and applied on the Settlement Discount tab by clicking on the Discount button.

 

The Process Payment tab will serve the primary purpose of settling invoices by creating a bank transaction and settling the invoice(s) with the bank transaction. Specific invoices to be settled must be selected in the Invoice Resultstab, and these invoices will be shown on the 'Process Payment' tab, grouped together per supplier.

 

A payment method, cheque type and bank details need to be selected. The effective date of this to-be-created bank transaction can be specified, meaning that it will be the financial period in which the settlement journals will be processed.

 

A remittance advice can be printed after the settlements have been applied, as well as a cheque list.  If a cheque didn't print correctly due to printer problems then a cheque transaction can be reprinted.

 

The Settlement Inquiry tab has the purpose of unsettling (reversing) settled invoices, and reprinting of remittance advice's.  Can mainly be used also for general creditor settlement inquiries.