Creating GST attributes on customer deposits

Prerequisites:

  • Ensure that an effective date and tax rate are provided on the tax record.
  • Ensure that the output global ledger account is provided on the entity tax code.
  1. Setup Receivables company:
    1. On the Main tab, select the Use IDM Template check box.
    2. On the Entry tab, select the Generate IDM Payment Receipt Upon Release check box.
    3. On the Apply tab, select the Allow Prepayment Tax check box.
    4. Specify a value in the Prepayment Tax Code and the Prepayment Tax Control GL Account fields.
  2. Establish IDM document templates for the Payment Receipt
    1. On the Document Templates tab, select a value in the Payment Receipt field.
    2. In the IDM Email Template section, select a value in the Payment Receipt field.
    3. In the IDM Email Subject section, select a value in the Payment Receipt field.
    4. On the Company Customer page, open the customer record.
    5. On the Main tab, specify the Prepayment Receipt options.
  3. Load external payment data into the ReceivablePaymentImport2 business class.

    Loaded data contains the Prepayment check box and a Cross Reference Number value.

    1. Run the Interface Payments 2 action to create the payment or prepayment data.

      If the Release Batch parameter on Interface Payments 2 is selected, the IDM payment receipt documents are generated.

  4. Manually create external payment data:
    1. On the Payment Batches page, create a payment batch.
    2. Create a customer payment.
    3. Open the payment and click the Prepay button.
    4. On the Reference Type, specify External.
    5. Specify a cross reference number in the Reference field.
    6. Release the payment batch.

      The IDM payment receipt documents are generated.

      For both interfaced and manually created prepayments, these actions are available on the Customer Payments page on the payment batch for released payments: Generate Receipt, Email Receipts, and Print Receipts.

  5. When the payment is released, additional records are created for GST type prepayments:
    • A tax transaction record is created for the calculated tax amount.
    • General ledger distributions are created for the tax output and the tax control accounts.
  6. Apply and process GST-type prepayments.
    • In Cash Application, the prepayment is applied to an invoice and the selections are processed.
    • In the Application Close process, a reversing tax transaction record is created, and reversing GL distributions are created for tax output and tax control accounts.
  7. Process overage GST-type prepayment amounts by refunding using the Accounts Payable interface.
    1. Use the Interface Receivables to Payables process for the overage amount.
    2. In the Application Close process, a reversing tax transaction record is created, and reversing GL distributions are created for the tax output and tax control accounts for the interfaced coverage amount.