Manually drawn creditors cheques must be entered into the system to record the payment details against the creditor balance thus ensuring no duplicate payments are made by the automatic payment process.
Manually drawn cheques are distributed across approved, unpaid or partly paid invoices and credits for a selected creditor. All other relevant details, for example bank account, are defaulted by the system but may be overridden.
Details of each cheque are recorded on the Bank Reconciliation file awaiting confirmation that the cheque has been presented to the bank. This is an optional function.
Cheque numbers can be automatically generated. The Auto-generate Cheque number flag is in a control file and if set to Yes, the cheque number will default and this field is protected and cannot be maintained.
A foreign translation account may be defined on the General Ledger system to which exchange variances are posted. If the General Ledger account is flagged as a Balance Sheet account, the system converts to the foreign currency using the End of Month rate. If the General Ledger account is a Profit & Loss account, the system converts to the foreign currency using the average rate. If this foreign translation account is not defined, the same exchange rate is used for all accounts and allocation amounts.
Each time a payment is processed for a foreign currency the system records the transaction in the foreign currency and at the base currency, using the current exchange rate. Any variances between the exchange rates at payment time and exchange rates used during invoice entry are posted to the Exchange Gains and Losses account.
- In the menu, expand Base Modules > Accounts Payable > Other > Payment Cycle > Other and double-click AP Prompt Payment Entry. APE030A Prompt Payment Entry panel appears.
- Enter the header information and click OK. APE030B Prompt Payment Entry panel appears
- Enter the Payment ref and the Payment amount and click OK. APE030C Prompt Payment Entry panel appears.
- Enter the payment against the selected document by entering a ‘Y’ in the Pay column and the amount.
- Click OK to save the payment.
