Accounting Finance:Inventory Invoices-Working with Adjustments with Pre-defined Contra Account

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Course Objectives

By the end of this course, you will be able to:

  • Understand what contra accounting means
  • Understand what pseudo account means
  • Make adjustments into supplier account

Contra Accounting and Pseudo Account

  • The income part of contra accounting is controlled by the document type. If a document type has a pre-defined pseudo account, the system will automatically post the remaining invoice amount, after any tax postings, along with the control account posting. This way you never see which accounts the system uses, and you get no option to override the account.
  • A pseudo account is used as a reference and connection to the actual account numbers.

Entering the Adjustment

1. Select ASW Fastpath
2. Select Cash Management
3. Select A/P Cash Management Tasks
4. Select A/P Invoicing Tasks
5. Select Enter Financial Transactions
6. Enter Voucher type 30
7. Enter Batch amount
8. Press Enter

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9. Enter Document type
10. Enter Supplier number
11. Enter Supplier invoice no
12. Enter Supplier invoice dte
13. Enter Transaction amount
14. Enter Due date or Terms of payment
15. Press Enter to confirm

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16. Select Transactions to settle adjustment (optional)
17. Select Maintain item settlement to enter a different amount than transaction amount (optional)
18. Select Selection to enter document #s
19. Select Settlement difference to apply differences OR
20. Select Cancel settlement and F11

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21. Press F12 to re-display the entry panel

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22. Press F3 when completed

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23. Press F3

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24. Mark Close batch
25. Change Printer queue to LP05
26. Press Enter

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27. Press Enter

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