Payment drafts-AP
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).
Chile specifics
None
How Infor meets the requirement
For setup information, see the Financials Setup and Administration Guide.
See Setting up cash suspense account and reconciliation account.
See Processing cash.
For processing post-dated checks, see Processing payables for payment drafts.
For processing bills of exchange, see the Receivables User Guide.