Payment drafts-AP post-dated checks

Invoices must be reported as open until post-dated checks reach maturity and clear the bank. Alternatively, reports can show the post-dated checks as open and the related invoices as cleared.

When an accounts payable draft is created, the GL postings are accounts payable (Dr) and draft payable (Cr). After maturity, the postings are draft payable (Dr) and cash (Cr).

Argentina specifics

Checks are a common payment method in Argentina. Checks are documents that are provided by banks to the holder of a current bank account. Checks can be rotated to the carrier or on behalf of an individual or legal entity.

Argentina permits post-dated checks for paying vendor invoices. Post-dated checks can be sent to the bank before maturity. The bank holds the post-dated checks and the check is only cashed on its due date.

How Infor meets the requirement

Post-dated checks (PDC) is a standard feature in Payables solution.

For setup information, see the Financials Setup and Administration Guide.