Question

Review Questions D 1. Describe the three methods for recording payments in the Accounts Payable module. 2. Describe the four payment transaction types that are available for entering payments in the Payment Entry form. 3. What information is displayed when you choose Select Mode when selecting documents for payment? 4. If a discount is not available for a payment based on the discount date, can you still enter the discount? If so, how? 5. What types of documents can be applied against documents using the Apply Document Transaction Type? 6. What information is entered for a miscellaneous payment? 7. Explain how you can view transactions that have been applied against other transactions in the Vendor Activity icon.

It is for SAGE 300 2017.

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Answer 1

(1)..You can enter payments in the following ways:

Use the Payment Entry screen to create new payment batches manually, enter payments one at a time, and print single checks for those payments.

You can also issue checks or other payments manually, and then use the Payment Entry screen to record the checks.

Use the Create Payment Batch screen to create batches of checks automatically.

Once you generate payment entries, you can list them, edit them using the Payment Entry screen, print the checks, and post the transactions to vendor accounts

(2)..In most cases, a payment transaction is the information that Accounts Payable needs to print one check for a vendor and update the vendor account with the check information.

However, the Payment Entry screen lets you enter four types of transactions:

Payment. Records a check, cash, or other type of payment of outstanding transactions. You can print the check from Payment Entry or enter the number of a previously written check. The program displays the vendor's outstanding transactions (invoices, debit notes, and interest charges), and you select the transactions you want to partially or fully pay.

Prepayment. Records a check or other type of payment to prepay an invoice. You can print the check from Payment Entry or enter the number of a previously written check. Prepayments pay for a purchase before you have been invoiced for it. When you receive the invoice, you enter it using the Invoice Entry screen, and post it. The prepayment will then be applied against the invoice.

Apply Document. Lets you apply a posted prepayment or credit note to an invoice, debit note, or interest charge.

Micscellaneous Payment. Lets you enter an invoice at the same time as you enter the payment for an Accounts Payable vendors or for a one-time vendor for which you have not set up a vendor.

(3)..You should enter the following payment details:

Document(s) to which you are applying the transaction. How you do this depends on the type of transaction:

For Payment-type transactions, you select documents using one of two selection modes (Select mode or Direct mode).

For Prepayment-type transactions, you specify a document number, purchase order number, or sales order number.

If you are applying a payment or credit note you entered before, select the payment or credit note and the document to which it applies.

If you know the numbers of the documents to which you are applying the invoice, or there is a large number of documents for this vendor, select the Select Mode option. Otherwise, clear this option. Then:

If you are using select mode:

1. Select the type of documents you want to display (All, Invoice, or Debit Note).

ii. Select the order by which to list documents (Document Number, PO Number, Due Date, Order Number, Document Date, or Balance Due).

iii. Enter the starting number, date, or balance, depending on the choice you made for ordering documents.

Tip: Press F5 to use a Finder to select from available options.

iv. Click the Go button, or press F7.

v. For each document to which you want to apply the payment, select Yes in the Apply column. vi. In the Applied Amount field, enter the amount to apply.

(4)..Due Date. Select this option if you want the program to select transactions only on the basis of due dates and not consider discount dates. (The program ignores discount dates when selecting transactions, but still takes the discounts that are available when paying the transactions.)

You must also enter the date on or before which the invoice must be due in order to be paid.

Discount Date. Select this option if you want the program to select transactions only on the basis of discount dates and not consider due dates. (The program ignores due dates when selecting transactions.) You must also enter a range of dates during which the discount must be paid in order for the invoice to qualify.

Due Date and Discount Date. Select this option when you want to pay all transactions that are due on or before a certain date, or that may not be due, but which have a discount available on or before the same date. (The program looks at both due dates and discount dates when selecting transactions.)

You must enter an “on or before” due date and a range of discount date