Prepayment is invoice u enter to pay an advance Payment to Expences to a supplier or Employee
Steps for Prepayment : ---------------------------- 1.we have to check Payable options. 2.Create Prepayment Invoice. a.Temporary b.Permanet. 3.we have to apply to Invoice. 4.Pay the Prepayment Amount. 5.Cash Clearing at Cash Management Module.
If the Organization is raising the memo the name is called Debit memo If the supplier is raising the memo the name is called credit memo Here both are Negative invoices
Different types of invoices in Accounts Payable are Standard Invoice,Debit Memo, Credit Memo, Mixed Invoice, Prepayment, PO Dafault, Quick Match, Expense Report Invoice
we are having 2 types of Distributions 1) Full 2) Partial In Full Distribution set we know the exact percentage of distribution and account code combination In partial Distribution we know only account code combination donot know the percentage of distribution
2way match: we match the Invoice with Reciept of Items. check whether both are same in terms of quantiy in the invoice and quantity recieved ie reciept quantity.
3way match: we match the invoice , reciept and PO. Check and match the quantity in Invoice , Reciept and PO are same
4 way match: we match the Invoice, reciept , PO and Inspection check and match the quantity in Invoice, reciept , Po and Inspection are same
Use the Aging Periods window to define time periods for the Invoice Aging Report.
The Invoice Aging Report provides information about invoice payments due during four periods you specify. Payables displays the invoice information in four columns.
Accounting periods are the periods in which you perform your operations.Accounting periods are closed so as to ensure that no accounting entries can be passed in that period after they are clsoed.Suppose you have issued your results without closing your accounting periods and then you chnage some entries in that period thus in turn misleading the public at large.So it is important to close your accounting periods.Also, if accounting periods in Ap are not closed it shall not allow you to run GL.Prior to closng the periods it is important to ensure that all your invoices are validated and no hold exists on any one of them.If hold exists it shall not allow you to run GL.
