Thursday, 24 December 2015

Vendor Invoice Payment Release Date

Hi Guys,

A brilliant functionality in Dynamics AX 2012 allows accounts payable users to decide when to process payments. During the invoice recording process users who records the invoice can put the date on which payment can be released.

A future release date defined can be changed by the user allowing accounts payable accountants to process vendor payments on relevant dates.

To see the functionality we will take an example of Accounts Payable Invoice Journal. To create an invoice journal navigate to Accounts Payable > Invoices > Invoice Journal.

Enter one invoice for the vendor and navigate to invoice tab. 

In invoice tab user can enter the release date or simply remove the approved button to process invoice later. System will only allow to process payment for the invoice on invoice release date or later.

Users can update the invoice payment release data from Accounts Payable > Common > Vendors >  All Vendors >  Invoice tab > Settle Open Transactions

Select the invoice and enter / update invoice payment release date in General tab.

On creating a payment you will see invoice will be grayed until the invoice payment release date. 

This process can help accountants to process only approved payments. Same functionality is available through Purchase Order Invoicing or service based invoices created directly via Pending Vendor Invoices.

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