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Default Deferred Liability General Ledger Account # (C63)
Purpose: Use this screen to define the default General Ledger number to which you post Deferred Liability.
Number field: Enter the General Ledger account number to which Deferred Liability posts for a prepaid order.
General Ledger account numbers are defined in and validated against the General Ledger Account table.
Deferred liability is cash paid by a customer before an actual order is shipped. You must post this cash to a default deferred liability account until the order is fulfilled (shipped).
When a prepaid order is fulfilled, the system:
• relieves the deferred liability account
• posts cash to the customer's account to whom you are shipping merchandise
The deferred liability account is empty when there are no orders waiting to be shipped.
For more information:
• See Working with G/L Accounts (WGLA) for information on General Ledger account numbers
• See Working with Cash Receipts (WCRT) for information on posting deferred liability