Accounting Entries for Draft Payments
When a payment is made with the draft (EFT, customer, or supplier) payment method, it's necessary to post accounting entries to the draft clearing account. This should only be done when the payment has a post status of U (unposted) and has a draft status of C (created) or A (approved).
Action: Voucher Entered and Posted
|
GL Business Unit |
Distribution Account Type |
Foreign Amount |
Foreign Currency |
Monetary Amount |
Currency Code |
|---|---|---|---|---|---|
|
DEU01 |
Expense Distribution |
10000 |
EUR |
10000 |
EUR |
|
DEU01 |
Accounts Payable |
(10000) |
EUR |
(10000) |
EUR |
Action: Payment Entered and Posted, Discount Not Taken
The system credits the draft clearing account instead of the cash account.
|
GL Business Unit |
Distribution Account Type |
Foreign Amount |
Foreign Currency |
Monetary Amount |
Currency Code |
|---|---|---|---|---|---|
|
DEU01 |
Accounts Payable |
10000 |
EUR |
10000 |
EUR |
|
DEU01 |
Draft Clearing |
(10000) |
EUR |
(10000) |
EUR |
Action: Payment Settlement Date Reached, Discount Not Taken
Once the draft reaches the settlement date, the system reverses the draft clearing account and credits the cash account. This is only done when the payment has a posted status of P (posted). a draft status of A (approved); and the settlement date is on or before the posting date.
|
GL Business Unit |
Distribution Account Type |
Foreign Amount |
Foreign Currency |
Monetary Amount |
Currency Code |
|---|---|---|---|---|---|
|
DEU01 |
Draft Clearing |
10000 |
EUR |
10000 |
EUR |
|
DEU01 |
Cash Distribution |
(10000) |
EUR |
(10000) |
EUR |
Action: Payment Entered and Posted, Discount Taken
When a discount is taken, the system subtracts the discount amount from the draft clearing amount and posts the difference to the discount earned account.
|
GL Business Unit |
Distribution Account Type |
Foreign Amount |
Foreign Currency |
Monetary Amount |
Currency Code |
Calculation |
|---|---|---|---|---|---|---|
|
DEU01 |
Accounts Payable |
10000 |
EUR |
10000 |
EUR |
|
|
DEU01 |
Draft Clearing |
(9800) |
EUR |
(9800) |
EUR |
10000 - (10000 * .02) |
|
DEU01 |
Discount Earned |
(200) |
EUR |
(200) |
EUR |
10000 * .02 |
Action: Payment Settlement Date Reached, Discount Taken
Once the draft reaches the settlement date, the draft clearing account is reversed, and the cash account is credited. This is only done when the payment has a post status of P (posted), has a draft status of A (approved), and the settlement date is on or before the posting date.
|
GL Business Unit |
Distribution Account Type |
Foreign Amount |
Foreign Currency |
Monetary Amount |
Currency Code |
Calculation |
|---|---|---|---|---|---|---|
|
DEU01 |
Draft Clearing |
9800 |
EUR |
9800 |
EUR |
10000 - (10000 * .02) |
|
DEU01 |
Cash Distribution |
(9800) |
EUR |
(9800) |
EUR |
10000 - (10000 * .02) |