Example 3 - Payable On Due Date, Customer Makes A Partial Payment
In the following example a customer is billed and a partial payment is received prior to the bill due date. The bill review batch process is responsible for creating the settlement adjustment for any outstanding holding amounts on the bill's due date. The accounting method in this case is Payable On Due Date.
Event
GL Accounting
Tax Payable Balance
Tax Holding Balance
Bill segment created
A/R 110
Revenue <100>
Tax Holding <10>
0
(10)
Payment received
Cash 27.50
A/R <27.50>
0
(10)
Adjustment created on bill due date
Tax Holding 10
Tax Payable <10>
(10)
0