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Configure Advanced Payables and Receivables


Warning.png   This document is still a work in progress. It may contain inaccuracies or errors.

Contents

Configuration of Accounting information in the Business Partner

The Finance role should be used.

Each payment within the system (receivable or payable):

Navigate to the Master Data Management || Business Partner screen and see two tabs:

To configure the accounts, navigate to the Master Data Management || Business Partner window and switch to the [Customer Accounting] tab. Default configuration should already exist for each general ledger configuration.

APMBusinessPartnerAccountingConfiguration.png

Fields to note:

This configuration process is identical for the supplier and vendors. If this functionality is required for each business partner then these steps will be required for each business partner. However, to make sure newly defined business partners do not require this lengthy process, configure the Business Partner Categories accordingly so that the accounts will be predefined there and that new business partners will inherit them.

Configuration of Payment Methods

As many payment methods as required can be defined. Each payment method can be configured with different business logic for collections and payments. Navigate to the Financial Management || Receivables & Payables || Setup || Payment Method screen.

APRMethodPaymentConfiguration.png

Here is the explanation of the main fields:

These Payment Method  settings can be modified per individual financial account. To do so, use the Financial Management || Receivables and Payables || Transactions || Financial Account screen and see the [Payment Method] tab. The Finance role should be used.

APRFinancialAccountMethodPayment.png

When adding a new payment method to a financial account, the system assigns the default configuration defined for that given payment method. Those default values can be overwritten for each financial account.

Configuration of Financial Accounts

For all cash locations or bank accounts that will be used, a Financial Account record should be entered. To create a financial account as well as configure the chart of accounts behind them, use the Financial Management || Receivables and Payables || Transactions || Financial Account screen:

APRFinancialAccountConfiguration.png

Fields to note:

Bulbgraph.png   The fields that are displayed in this screen depend on what the user has selected within the Type field. Selecting a Cash or Bank option reveal different sets of fields, relevant to the chosen option.

Upon creating a new bank account, the system automatically assigns its accounting based on the defaults configured inside the Financial Management || Accounting || Setup || General Ledger Configuration screen, [Defaults] tab:

APRFinancialAccountDefaults.png

These accounting settings can be modified per individual financial account. To do so, use the Financial Management || Receivables and Payables || Transactions || Financial Account screen and see the [Accounting Configuration] tab. The Finance role should be used to do so.

APRFinancialAccountAccountingConfiguration.png

Here is the explanation of these accounting fields:

It is possible to post the imported Bank Statement. There is checkbox Enable Bank Statement. If the checkbox is selected, two additional fields are shown:

Above accounts will be used for the Bank Statement Posting.
The Bank transitory account should match the "Cleared" payment accounts (payment in/out) in order to get accounting balanced.

The defaults and the individual bank accounts are configured according to national accounting laws.

[Accounting History] is the tab where all the accounting entries related to transactions of the given financial account are displayed.

In the Payment Method tab the payment methods will be entered that are applicable for that particular financial account. When selecting a payment method for a Financial Account, the defaults of that payment method are loaded but can be overwritten to make it specific for that particular Financial Account.

Accounting Entries

The accounting configuration allows the user to decide when he or she wants to recognize the received amount in the bank or cash account. The system can be configured in such a way that the user can decide which account is to be used in each of the steps of the payment cycle (Receipt/Made - Deposited/Withdrawn - Cleared/Reconciled). This allows the user to decide whether an intermediate account or not should be used for the bookings and also when the bank or cash asset should be recognized. A general ledger posting of the Payment Receipt (Using Upon receipt use "In Transit Payment Account") looks like this:

GeneralLedgerScn.png

A general ledger posting of the Payment Receipt (Using Upon receipt use "Deposited Payment Account") looks like:

GeneralLedgerListScn.png

There is a third account (clearing account) that can be defined so that every step in the flow can generate its own accounting entry. Accounting can be configured to decide which steps will generate accounting and which accounts will be used in each of the steps. The user can decide whether the payment event generates accounting or not, whether financial account transaction recognition event generates accounting or not and whether reconciliation events generate accounting or not and as well which account will be used for each event. This configuration can be defined per financial account and payment method as seen in the previous section. Whenever an event is disabled for accounting the document will show the following message when trying to post it:

APRDocumentDisableAccounting.png

Defining alternate matching algorithms

During the reconciliation process, Openbravo uses a matching algorithm to automatically match transactions in a financial account with transactions contained in a bank statement.

You can develop alternate matching algorithms as a Java class implementing the interface org.openbravo.advpaymentmngt.utility.FIN_MatchingAlgorithm. Once developed, you can register that class for usage in the Financial Management || Receivables & Payables || Setup || Matching Algorithm screen.

Configuring Business Partners

Payment Methods

Once the payment methods have been defined, a default payment method to be used on orders or invoices can be assigned to each business partner. To do so, follow these steps:

Payment terms

Please refer to the WIKI configuration manual: http://wiki.openbravo.com/wiki/ERP/3.0/Configuration_Manual/Business_partners#Setting_up_Payment_Terms

Financial Account

Once Financial Accounts have been defined, the default Financial Account to receive a payment from or making payment to can be assigned to business partners.

Bulbgraph.png   Please note that in order for a payment method to automatically receive from or pay to a Business Partner, the default Financial Account needs to be defined. If no Financial Account is defined then an invoice posting for that Business Partner will complete without the payment being automatically received or paid.

In order to associate a default Financial Account:

Payment Execution Process

The Payment Execution Process controls:

It is not possible to change the configuration of the payment run execution processes from the Openbravo user interface. It is, however, possible to view available payment methods:

ExecutionProcessRC4.png

Bank Statement file

To import Bank Statements, several modules are available for the different file formats:

For information about how to develop a module for a different file format:

http://wiki.openbravo.com/wiki/ERP/2.50/Developers_Guide/How_To_Create_Bank_File_Import_Module

Configuration of Write Off Accounts

The Company Admin role should be used.

The configuration of the account where write offs (losses) will be posted to needs to be done within the [Defaults] tab of the Financial Management || Accounting || Setup || General Ledger Configuration screen:

Collections Accounting SchemaRC4.png

Select the correct account within the Write-off field by using the assistant popup dialog that is opened upon clicking the tiny icon to the right of the field.

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