Accounting Finance:Statements-Special Payment Statement (1st Opening Order Statement)

Overview

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

An Account Statement (Special Payment Plan) is used to assist the customer in the reconciliation of initial purchases and payments.
It is important to distinguish between inventory and non-inventory transactions such as share payment and RSG fees.
The initial order calculation is based only on inventory transactions.
Adjustments – a credit adjustment is used to clear all current inventory transactions from the current period and a debit adjustment is used to apply special payment terms. The net result is zero; the adjustments do not affect the customer’s account balance but instead move the due dates into 6 installment periods.
First payment will include 1/6 of initial purchases
Subsequent statements will include 1/6 of initial purchases and all current transactions

Change date of all future dated inventory invoices to current period – ex. due date must be 041006 and discount date (if applicable) must be 041506

1. Select ASW fastpath

2. Select Cash management

3. Select AR cash management tasks

4. Select AR invoicing tasks

5. Select Work with A/R transactions

6. Enter Doc no

7. Highlight transaction

8. Click Change

9. Change Due date (ex. 041006)

10. Change Cash discount 1 days if invoice has discount terms (ex. 041506)

11. Press Enter

12. Press F12 to move back to previous panel

Adjustments – a credit adjustment is used to clear all current inventory transactions from the current period and a debit adjustment is used to apply special payment terms.
The net result is zero; the adjustments do not affect the customer’s account balance but instead move the due dates into 6 installment periods.

1. Select Enter financial transactions