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Introduction
This chapter describes the different Accounts Payable setup options in Microsoft Dynamics AX. It shows setup procedures and defaults used throughout the Accounts Payable module. This chapter covers topics such as payment options, vendor setup and posting profiles. Microsoft Dynamics AX 4.0 offers extensive functionality to set up different vendor payment options. The payment options are global and are used in both the Accounts Payable and Accounts Receivable modules, and includes: Payment schedules Payment days Terms of Payment Cash discounts Methods of payment Payment fees
The vendor setup is also covered to enable fast and efficient handling of vendors and vendor transactions.
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Payment Schedule
Use payment schedules to pay invoices in installments. To set up a payment schedule, define the following: Number of installments Amount of each installment Due date of each installment
A payment schedule consists of consecutive payments in set time intervals. The payments can be a: Set amount Specified number of payments wherein the amount owed is divided to create equal payments
For example, an invoice of $10,000 is recorded. It is paid at $2,000 each month until it is paid off and during this period the invoice is not considered past due as long as the scheduled payments are made on time. This is also known as a finance plan, or contract payments.
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2. On the General tab in the Allocation list, select an allocation method: Total Total amount outstanding on the invoice due. Fixed amount A specific, fixed amount is due for each payment on the specified payment dates. Fixed quantity Payment of the total amount is divided into a fixed quantity of payments. Specified A specified amount is due on each of the specified payment dates. If Specified is selected, the payment schedules and amounts must be defined on the Payment lines tab.
NOTE: Depending on the value selected in the Allocation list, different fields are enabled on the General tab. For example, if Total is selected in the Allocation list, no other fields are enabled on the General tab.
3. In the Payment per list, select the date interval in Days, Months, or Years. The system uses this when calculating the due date of each installment.
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8. Click the Lines tab to define the line information for the payment schedule, for how many different payments there should be and how much of the total should be paid in each payment. 9. In the Quantity field, enter the time interval for each installment. 10. 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 chosen. 11. In the Percentage/Amount list, select if the value entered is a percentage or an absolute amount. 12. Apply the payment schedule to vendors or purchase orders. For example, click ACCOUNTS PAYABLEPURCHASE ORDER. On the Price/discount tab, select a payment schedule in the Payment schedule list. To change the payment schedule setup on, for example, a purchase order, click ACCOUNTS PAYABLESETUPPAYMENT SHCEDULE. The payment plan is expanded into a worksheet for the purchase order, where the amount per payment, the number of payments, or the specific payments can be changed. Any rounding is included in the last payment on the post schedule. Payment schedules can also be attached to terms of payment. The terms of payment determine the due date of the first installment. The due date of the following installments is calculated based on the information set up in the Payment schedules form.
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Terms of Payment
Use the Terms of payment form to define all the terms of payment used by a company and the vendors. Use a term of payment for calculation of a due date based on the date of the invoice. Specify terms of payment for each: Vendor in the Vendors form. Customer in the Customers form. Purchase order in the Purchase Order form. Sales order in the Sales order form.
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3. In the Months field, enter the number of months to add to the payment method to calculate the due date. 4. In the Days field, enter the number of days to add to the payment method to calculate the due date. 5. In the Payment schedule list, link a Payment schedule to the term of payment. The payment schedule defines how an invoiced amount is split up into installments that must be paid in specific intervals.
BEYOND THE BASICS: If a term of payment is linked to a payment schedule, the rules set up in the term of payment are used to calculate the due date of the first installment. The rules set up in the payment schedule are used to calculate the due date of the following installments.
6. In the Payment day list, select a payment day used for calculation of due date. Refer to the procedure about Payment days to learn how to create payments days.
NOTE: Use the Language text option to translate the search name into more languages. For example, if a French language text is created the text is shown on invoices for all vendors set up with French as the language.
7. Attach the terms of payment, for example, to purchase orders or vendors. For example, click ACCOUNTS PAYABLEPURCHASE ORDERS. On the Price/discount tab, select the terms of payment in the Terms of payment list.
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Payment Days
Use payment days to define the Payment day used for calculation of due date. The due date is always rounded up to the nearest specified date. Payment day can be specified: For a specific day in the week For a specific day in the month
1. In the Payment day field, enter a short identification of payment day(s) and enter a description of the payment day identification in the Description field, on the Overview tab. 2. On the Payment day lines tab, select between Week and Month in the Week/Month list. If Week is chosen, select a weekday from the list, and if Month is chosen, enter a day between 1 and 31. Set up the payment day in the Terms of Payment form on the Setup tab to define the payment date used for calculation of the due date.
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Challenge yourself!
Remember to assign the new Term of payment to the vendor.
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Cash Discount
Use of cash discounts: Cash discounts are earned if a company meets the vendor payment terms on time, or are given to customers when they pay their invoices within a specified period of time. Cash discounts are linked to the Customer, and Vendor tables. They are applied to sales, and purchase orders. If an invoice is settled on time to obtain a cash discount, the system automatically posts the cash discount to the ledger account specified for the cash discount.
The three cash discounts follow each other as the payment comes closer to the cash discount date, however, only one cash discount is granted.
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1. Enter in the Cash discount field, an alphanumeric code for the cash discount. For example, 7D4 to indicate the company receives a four percent discount if payment is made seven days before the due date. 2. Enter in the Description field, a brief description for the cash discount, for example, 7 days 4% Discount for the discount code 7D4. 3. Select in the Next discount code list, the cash discount code used when the criteria for obtaining the current cash discount is exceeded. This makes it possible to define a set of cash discounts, which follow each other. 4. Select in the Net/Current list, on the Setup tab, the method applicable for the cash discount. The method specified, together with the value given in the Days field and or Months field, is used to calculate the last date that payment can be made to receive any cash discount available. 5. Enter in the Months field, the number of days during the period of time when the cash discount is applicable. 6. Enter in the Days field, the number of days during the period of time when the cash discount is applicable.
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8. Select in the Account received list, the ledger account for posting cash discounts received from vendors. 9. Specify in the Cash-discount administration list, on the Settlement tab, in ACCOUNTS PAYABLESETUPPARAMETERS, whether an obtainable cash discount should be regarded as a payment on account if the cash discount is not deducted correctly when the invoice is settled. EXAMPLE: Invoice total = $105.00 Obtainable cash discount = $10.50 Amount to be paid considering the cash discount = $94.50 Amount actually paid to the vendor = $95.00. If the Cash Discount administration parameter is set to Unspecific, the invoice is settled, and the difference of 0.50 is automatically posted to the ledger account specified for cash discount differences. If this parameter is set to Specific, the invoice is settled, and the difference of 0.50 is automatically posted in the Purchase ledger as a payment on account. 10. Set up the cash discount in the Vendors form, in journals or purchase orders.
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Payment Fee
Use payment fees to: Specify if there are any extra charges added to the vendor invoice. For example, with regard to promissory notes a vendor might add a fee for issuing a promissory note or a company can be charged a Vendor bank remittance fee. Define fee identifications and specify bank relations and how to generate fees.
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6. Select in the Grouping list, what kind of bank information is that is required to start the fee: Table The fee is valid for the bank account selected in the field Bank relation. Group The fee is valid for the bank group selected in Bank relation. All The fee is valid for all the bank accounts.
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8. Select in the Method of payment list, a method of payment used for the actual payment fee.
NOTE: If the company agrees with the bank to specify the payment, select the payment specifications in the Payment specification list.
9. Select in the Currency list, the currency that activates the fee. Only transactions with this currency can activate the fee. If blank, all currencies activate the fee. 10. Select in the Percentage/Amount list, the calculation method. Select among Amount, Percent, and Interval. 11. Enter in the Fee amount field, the size of the fee in the percent of the payment or the amount for one payment. 12. Select in the Currency list, the currency code for the fee. 13. Set up additional information on the General tab: Minimum Enter the minimum transaction amount to activate the fee. Maximum Enter the maximum transaction amount to activate the fee. From date Enter the From date for date interval for fee calculation. To date Enter the To date for date interval for fee calculation. Minimum fee Do not apply the fee if it is calculated to an amount less than the minimum fee. Sales tax group If a financial cost is selected, a sales tax group and an item sales tax group can be selected to generate the relevant taxes. Item sales tax group If a financial cost is selected, a sales tax group and an item sales tax group can be selected to generate the relevant taxes.
NOTE: If sales tax is calculated, the net amount is posted on a ledger account, and the sales tax amount on a sales tax account.
14. For the selected payment fee setup line, enter fees that are dependent on the interval between the remittance and due dates on the Interval tab:
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15. Set up the payment fee in the Methods of payment form. Refer to the topic about Methods of Payment to learn how to use methods of payment.
Methods of Payment
Many companies offer several methods to pay invoices due, such as: Credit Cash in advance Bill of exchange Check and electronic payments
In the Methods of payment form, specify all the methods of payment the company uses to pay its vendors. For each method of payment, enter information that tells the system how payments should be summarized and posted.
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3. Enter in the Description field a description of the method of payment. 4. Enter in the Days of grace field, the number of days the vendor gives to make the payment after the specified method of discount, and still give a cash discount. 5. Select in the Payment status list, the payment status required to post a payment with this method of payment. 6. Select in the Account type list, the type of offset account that is used for payments.
NOTE: The most common account type is Bank.
7. Select in the Payment account list, the liquidity account for payment. 8. Enter in the Bank transaction type list, the transaction type for a bank account. The transaction type is marked on every transaction generated in the payment proposal.
NOTE: This field is only active when the account type is Bank.
9. Select the ledger account used for fees in the Fee account list if there are fees included in the method of payment. 10. Specify on the File format tab, the file formats to use with this Method of Payment. Use the following table to complete the File formats tab:
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Return format
NOTE: If the format list is empty, click the Setup button and select from the available formats.
10. Select the validation for the method of payment on the Payments control tab. Validation is executed in the journals upon posting when the payment method is used. Select one of the following validation methods: Payment reference Checks that a payment reference is filled in. Bank transaction type Checks that a bank transaction type is selected. Offset account has the type bank Checks that the offset account type selected is Bank. Check number Checks that the check number is filled in. Payment specification Checks that the payment method's specification is filled in. Payment Checks that a payment identification is filled in. Note Checks that a note follows the payment.
11. If a method of payment is created for promissory notes, specify on the Promissory note tab whether the promissory note should be drawn when a Purchase Order is posted by selecting the Draw promissory note check box. If selected, a promissory note is automatically drawn when a purchase order invoice is posted. 12. Set up the method of payment in the Vendors form, in journals or purchase orders. The set up of methods of payment is global. This means the setup of payments can be used in both Accounts Payable and Accounts Receivable.
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Challenge Yourself!
The key is to attach the appropriate Terms of payment and Cash discount to the vendor.
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Vendor Groups
Using vendor groups: Use vendor groups to set up certain information that always defaults when entering a new vendor. For example, use the vendor group to set up automatic posting to General Ledger accounts for consumption generated by vendor transactions. Also, set up ledger accounts for the automatic transactions generated for receipt and issues of inventory. However, refer to the training material on Trade and Logistics to learn about automatic posting for inventory related transactions. In the Vendor group form, set up any number of vendor groups. At least one vendor group must be set up, because a vendor group must be specified when setting up a new vendor.
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1. Enter a short name for the vendor group in the Vendor group field. Use this name for the vendor group anywhere in Microsoft Dynamics AX 4.0, whenever required to specify a vendor group. 2. Enter in the Description field, the full name of the vendor group. The name acts as additional specification of the vendors included in the vendor group. To view the name of the vendor in all dialog boxes in which vendor group is shown point the mouse at the vendor group and wait until the name is displayed. Alternatively, select the list box from the field. 3. Specify in the Terms of payment list, a payment term that corresponds to the default time interval between the purchase of an item and the invoice due date. Use the Terms of payment list for cash flow forecasting. For example, the payment term is used for coverage of vendor payments based on one purchase budget per vendor group.
EXAMPLE: A purchase budget is set up for vendor group X and then a purchase of $10,000.00 is budgeted for June 15. A payment term is then specified that corresponds to the current month + 30 days. On this basis, coverage is arranged so the budgeted item price of $10,000.00 is due for payment on July 30.
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Challenge Yourself!
The key to this lab is setting up automatic posting.
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When posting a vendor transaction automatically, the system searches for the ledger accounts shown in the previous order. If, for example, there is a posting profile line for the vendor, this line is used. If no posting profile line exists for the vendor, the line specified for the vendor group that the customer is attached to is used. If neither of these exists, the posting profile line for all vendors is used. If a posting profile line for all customers is not specified, the system uses the summary accounts that were created in System accounts GENERAL LEDGERSETUPPOSTINGSYSTEM ACCOUNTS.
In the Vendor posting profiles dialog box, set up any number of vendor posting profiles. If all vendor transactions are processed together, set up only one posting profile for all vendors.
ACCOUNTS PAYABLESETUPPOSTING PROFILES
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8. Select in the Summary account list, the account number of the ledger account that is used as the vendor summary account for the vendor(s) to whom the posting profile relates. If an invoice register and invoice approval journal are used, all vendor invoices recorded as having arrived but not yet approved are posted in the Arrivals account and the Arrivals offset account. When these invoices are approved, the debt is transferred to the vendor summary account. If the company does not use an invoice register and invoice approval journal, all vendor invoices are updated directly in the vendor summary account.
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11. Select in the Offset account list, the ledger account number that is used for offsetting unapproved vendor invoices that are updated through the Invoice register. The offset account acts as the offset account for Arrival and therefore contains yet unapproved vendor purchases. 12. Set up in ACCOUNTS PAYABLESETUPPARAMETERS on the Ledger and Sales tax tab, default values for posting. In the Posting profile list, select a standard vendor posting profile. Use the standard posting profile if no other posting profile is specified. A posting profile must be specified for every update of a vendor transaction. The standard posting profile must be created in the Vendor posting profile form. Use the Vendor posting profiles form to set up the posting profiles that control the posting of vendor transactions to the General Ledger. When a vendor transaction is recorded, select a posting profile that differs from and takes precedence over the posting profiles set up for transactions in this form.
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Challenge Yourself!
Automatic settlement and Cancel are check boxes on the Table restrictions tab.
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The base data automatically appears as the default for all transactions involving the vendor. Default information can always be changed.
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1. Enter a Vendor ID using up to 10 characters in the Vendor Account field, and a vendor name using up to 30 characters in the Name field. The Vendor account is automatically generated by the system if the Vendor account number sequence is specified in ACCOUNTS PAYABLESETUPPARAMETERS on the Number sequences tab. Some companies prefer to enter the number sequences manually. To do this, select the Manual check box on the General tab in the Number sequences form. Be careful with using numbers that can be changed, such as telephone numbers. 2. Enter in the Search name field, the name to use when searching for the vendor; if not entered, the system uses the Name field by default.
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6. Select in the Language list, on the General tab, the language that is used for all external documents such as purchase orders. The language code is mandatory and automatically copied from Parameters when a new vendor is created. This is a very strong feature that makes it possible to set up the terms of payment in another language other than the company language to accommodate the vendor or customer. 7. Enter in the Credit rating field, the credit rating of the vendor. It is used only for statistical purposes. 8. Enter in the Credit limit field, the maximum outstanding amount allowed in the balance of the vendor's account. This amount is always stated in the default currency. As part of updating purchase orders or invoices, configure the system to check whether an account is over its credit limit in ACCOUNTS PAYABLESETUPPARAMETERSCREDIT RATING TAB. If an account is found to be beyond the credit limit specified, the update is stopped.
NOTE: The system does not validate credit limit if the field is entered with zero value.
9. Block a vendor account manually in the Stopped list, by selecting one of the following: No No blocking. All forms of transaction are possible. Invoice The account is blocked for invoice postings. All All transactions are blocked.
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11. Select in the Buyer group list, a buyer group to create links between vendors, employees, and items/planned orders when purchases and productions are created. For example, use buyer groups to determine which employees are associated with the current buyer group and to change the buyer group if an employee changes area of responsibility. 12. Select in the Customer account list, a customer account number if vendor is also a customer and the function is used. 13. Select in the Number sequence group list, a number sequence for internal numbers on purchase invoice and purchase order credit note. If the field is empty the purchase order number is used. 14. Select in the Account type list, the account type where you offset the vendor transactions. In the Offset account list depending on the value in the Account type, select the account where to post the transaction. 15. Specify in the Sales tax group list, whether tax should be calculated on the invoice. Select the Prices incl. sales tax check box to include sales tax when informing vendors about purchase prices. 16. Enter on the Address and Contact info tabs, the vendor address and contact details. If a vendor has more than one address, such as invoice, delivery, purchase, alternative delivery address, or SWIFT, enter additional addresses by clicking SETUPALT. ADDRESS in the Vendors form. Additionally, enter address, contact information, and parameters for access from the Internet for external contact persons associated with customers, vendors, and projects by clicking SETUPCONTACT PERSON in the Vendors form.
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NOTE: If alternative delivery addresses are in different states or countries, make sure to enter the appropriate tax group for each alternative address. Tax groups must be associated with a delivery address.
17. Enter in the Vendors form, on the Payment tab, information that determines how payments are handled on the invoices entered in Accounts Payable. 18. Set up specific dimensions for a vendor on the Dimensions tab. Throughout Microsoft Dynamics AX 4.0, dimensions are an excellent method to group data in different ways. If dimensions are designated for a vendor, those dimensions automatically default for transactions made using that vendor. These defaulted values can be changed when the transaction is being entered. Refer to the chapter about General Ledger Setup for more information about Dimensions.
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Challenge Yourself!
Create a new vendor.
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Conclusion
Payment options in Microsoft Dynamics AX 4.0 are flexible to accommodate different business processes: Terms are defined based on the number of months and, or days, or on a current period (for example, current month or current quarter), and with or without additional months or days. Terms of payment can be set up for cash payment where the payment posts automatically when the invoice is issued. Advanced payment schedules can also be set up and used as terms of payment based on a variety of factors including: Percentage allocation of the actual invoice amount. Allocation based on a fixed number of installments. Combining amounts and percentages of the invoice amount.
Similar to the terms of payment, cash discounts can be set up based on a: Current period Number of net days
If it is required, the cash discounts can be set up as mulHINTle (for example, 10 days 3% and 30 days 1%). The user decides if special ledger accounts are needed for posting. Microsoft Dynamics AX 4.0 can be set up to handle the cash discount with or without sales tax to comply with the tax legislation in various countries.
Grouping vendors is a method to categorize information so that it is meaningful. Set up automatic posting rules for vendor transactions to make sure the transactions hit the correct accounts. To become aware of situations and trends more quickly group vendors with a common identifier to view and analyze financial causes more detail. For example, group vendors by the types of products purchased from them or by the dollar volume of purchases.
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