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  Chapter 11: Accounts Receivable Setup 11-1 CHAPTER 11: ACCOUNTS RECEIVABLE SETUP Objectives The objectives are: ã   Create a payment schedule. ã   Create terms of payment. ã   Create a payment day. ã   Set up a cash discount. ã   Create a payment fee. ã   Create a method of payment. ã   Set up customer groups. ã   Set up posting profiles. ã   Create a new customer. Introduction This course introduces the setup procedures and defaults you can use throughout the Accounts Receivable module. Accounts Receivable offers extensive functionality to set up different customer  payment options. This includes the following: ã   Payment schedules ã   Payment days ã   Terms of payment ã   Cash discounts ã   Methods of payment ã   Payment fees This course also explains Customer setup so you can process customers and customer transactions quickly and efficiently.  Financials I in Microsoft Dynamics ®  AX 2012 11-2 Payment Schedule Use payment schedules to pay invoices in installments. To set up a payment schedule, define the following: ã    Number of installments ã   Amount of each installment ã   Due date of each installment A payment schedule consists of consecutive payments in set time intervals. The  payments can be a: ã   Set amount ã   Specified number of payments wherein the amount owed is divided to create equal payments For example, an invoice of 10,000 U.S. dollars (USD) is recorded. The customer  pays 2,000 USD each month until the balance is paid. During this period the invoice is not considered past due as long as the customer makes the scheduled  payments on time. This is known as a finance plan, or contract payments. Procedure: Create a Payment Schedule Perform the following steps to create a payment schedule: 1.   To access the Payment schedules  form, click Accounts receivable , click Setup , click Payment , and then click   Payment schedules . 2.   Enter a name as identification of the payment schedule in the Payment schedule field. 3.   Enter a description in the Description  field. 4.   Click the General FastTab. 5.   Select an allocation method in the Allocation list: o   Total - the total amount outstanding on the invoice is due. o   Fixed amount   -  a specific, fixed amount is due for each  payment on the specified payment dates. o   Fixed quantity   -  payment of the total amount is divided into a fixed quantity of payments. o   Specified   -  a specified amount is due on each specified date. If Specified  is selected, the payment schedules and amounts must  be defined on the Payment   lines  tab.  Chapter 11: Accounts Receivable Setup 11-3 Depending on the value you select in the Allocation list, the General and  Payment lines  sections enable different fields. FIGURE 11.1 PAYMENT SCHEDULES FORM Procedure: Create a Total Payment Schedule If Total  is selected in the Allocation  list, no other fields are enabled on the General  FastTab.: Procedure: Create a Specified Payment Schedule If you select Specified  in the Allocation  list, Perform the following steps to complete the Payment schedule setup: 1.   From the Payment schedules  form, General  FastTab, in the Payment per  list, select the date interval in Days , Months , or Years.  The system uses this information when it calculates the due date of each installment. 2.   Use the  Sales tax allocation  list to distribute the sales tax amount on a bill of exchange to the payment schedule installments. 3.   Click the Payment Lines  FastTab to define the line information for the payment schedule, designate the number of different payments, and divide the percent of the total that is due in each payment. 4.   In the Quantity  field, enter the time interval for each installment. 5.   In the Amount currency  field, enter the value of the installment as a  percentage of the amount invoiced or as an absolute amount, depending on the value you select in the Percentage/Amount  field. 6.   In the Percentage/Amount  list, select whether the value entered is a  percent or an absolute amount.  Financials I in Microsoft Dynamics ®  AX 2012 11-4 Procedure: Create a Fixed Amount or Quantity Payment Schedule If Fixed amount or Fixed quantity is selected in the Allocation  list, perform the following steps to complete the payment schedule setup: 1.   From the Payment schedules  form, General  FastTab, in the Payment per  list, select the date interval in Days , Months , or Years.  The system uses this information when it calculates the due date of each installment. 2.   In the Change  field, enter the number of units related to the value in the Payment per  field between the due dates of each installment. 3.   If the Allocation field is set to Fixed quantity , enter the fixed number of installments in the Number of payments  field. 4.   If the Allocation  field is set to Fixed amount , enter the fixed amount in the Amount currency  field. 5.   Enter the minimum installment in the Minimum  field. Minimum amounts override calculated payment amo Terms of Payment Use the Terms of payment  form to define all the terms of payment that a company and its customers use. You can also use a term of payment to calculate the due date based on the date of the invoice. Specify terms of payment for each: ã   Vendor in the Vendors form. ã   Customer in the Customers  form. ã   Purchase order in the Purchase order  form. ã   Sales order in the Sales order  form. Scenario Contoso has a standard customer payment term of Net 30 days. If an invoice with a Net 30 payment term ships goods on September 15, and the invoice is dated  November 15, payment is due December 15. With a Net 30 Days settlement, the customer must pay the net due within 30 days of the receipt of goods or receipt of the invoice, according to the settlement. After that date, if the payment is not completed, you may add an interest charge of a specified percent for each month to the invoice along with other services charges.
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