Accounts Payable Flashcards
Accounts Payable
Set up the Electronic Reporting framework to use payment formats
Go to Organization administration > Workspaces > Electronic reporting.
On the Localization configurations page, in the Related links section, select Electronic reporting parameters.
On the Attachments tab, set the following parameters:
In the Configurations field, select the File type for USMF company.
In the Job archive, Temporary, Baseline, and Others fields, select the File type.
Activate the Electronic Reporting configuration provider
Go to Organization administration > Workspaces > Electronic reporting.
On the Localization configurations page, in the Configuration providers section, select the Microsoft tile and then select the Set active button to activate the selected ER provider.
Import the standard Electronic Reporting format configurations
Go to Organization administration > Workspaces > Electronic reporting.
On the Localization configurations page, in the Configuration providers section, select the Microsoft tile and then select Repositories to view the list of repositories for the Microsoft provider.
On the Configuration repositories page, select the repository of the Global type, and then select Open. If you’re prompted for authorization to connect to the Regulatory Configuration Service, follow the authorization instructions.
On the Configuration repository page, in the configuration tree on the left pane, select the ISO20022 Credit transfer format configuration.
Select Import to download the latest version from the Global repository to the current Finance instance.
Now, you can access a list of standard electronic payment formats among the list of different electronic report formats (such as ISO20022 Credit transfer per countries/regions or SWIFT). On the Methods of payment page, in the Accounts payable and Accounts receivable modules, you can select the payment formats according to your business requirements.
Invoice Register & Invoice Approval(Set posting profile)
Account payable - Setup - Posting profile Set the arrival account & offset account
Invoice Register & Invoice Approval Journal (Accounting Entries)
Arrival account credit and offset account debit, arrival account debit and offset account credit, Supplier account credit and purchase account debit
Invoice Register & Invoice Approval Journal steps
First create invoice register then once approved by the approver it will be displayed in invoice pool, then go to Invoice Approval - click on find voucher - select and add voucher. then post the voucher.
What’s the difference between Vendor Invoice, Invoice Register, Invoice Journal
Vendor Invoice is for book invoice against Purchase order. Invoice register is two step process - first process (Register) is not allow to directly post to supplier & Purchase account (Arrival & Offset account) Second process (Invoice Approval) reversal of Arrival & Offset account then Supplier & Purchase.
What is accrued purchase report
is the report of product receipts which are not invoiced as of the specified cutoff date
Vendor Invoices can only be created from purchase order?
Vendor invoice can reference purchase order line and without referencing purchase order lines.
What is global transactions? How to access it?
Global transactions allow you to list all transactions of supplier on both legal entities. Both entity suppliers should link to same party ID. To access global transactions - account s payable - all vendors -vendors - Action tab - Transactions - Global Transactions
How to create accounts payable credit memo?
Create invoice register, only you have to do reversal (Debit the supplier & Credit the purchase account) NOTE: please create new voucher series with CR Prefix.
Create purchase return type voucher which enters negative qty, book receipt and book invoice which will be credit note.
Steps to create recurring periodic invoice for vendor
- Create invoice template - Accounts payable-Invoices -Recurring Invoices - vendor invoice template
- Link vendor invoice template to vendor
Account Payable -All Vendors -Vendor - Invoice tab - Setup - Recurring Invoices - New - Specify the Invoice template - specify the schedule
