Net Invoices

Overview

The "Net Invoices" display enables invoices and credit memos (positive and negative invoices) to be offset and thus closed. Either Accounts Payable or Accounts Receivable invoices may be netted. AP invoices will be netted when "Net invoices" menu option is selected from the Accounts Payable menu or AR invoices when selected from the Accounts Receivable menu. The netting process is similar for both types of invoices. When all invoices and credit memos selected for the specified vendor or customer sum to zero the invoices will be closed when the net session is posted. Related general ledger control accounts for the invoices (AP or AR trade) will be relieved in the ledger. A zero amount check (or cash receipt in the case of accounts receivable netting) is created for each vendor or customer to document the invoices closed by offset with credit memos. (The zero dollar check is not printed.)

Data entry tips

Type "?" in a promptable line edit and press TAB to view and/or select a code value. Click on the desired code in the related selection display to select the code value.

Processing

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Enter a "Ledger" to begin invoice net processing. The ledger is used to determine the accounting period represented by the "Net date" for the resulting net general ledger journal. The "Net date" will default to the current date. You may override this date if user security permits (i.e. "Change check date" is checked on user profile). Type a vendor (or customer) ID in Vendor (or Customer if accounts receivable) or prompt via "?", press TAB. Open invoices for the vendor or customer will be displayed in "Open Invoices". Click an invoice/credit memo item and select "Net invoice" The selected item appears in "Net invoices".

Select invoices for additional vendors or customers. Click "Post" to finalize netting of invoices. An error message will be displayed for any customers or vendors having selected items which do not net to zero. Items selected for netting causing non-zero sum may be removed by click on the item in "Net invoice" and selecting "Remove invoice". The message "Scheduling invoice net proccess " will be displayed upon successful posting of invoices. A completion status message will be received in the main application window when the related gl journal backgound posting process has completed. Upon exit from the application (browser close) any invoices selected for netting that were not posted are released.

Net fields

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