Transfer Outstanding Balances

Diamond and Premier only

The Sales / Purchase Utilities option allows the facility to transfer invoice balances between accounts, this option has now been extended to allow for the transfer of payments, credits, invoice adjustments and payment adjustment transactions.

Selecting to transfer a credit note or invoice adjustment operates in the same manner as an invoice – asking for the transfer amount, then confirming the transfer VAT code, the amount (and VAT amount) plus the transfer ‘to’ account code before asking to confirm the new transaction due date, reference and description.  As part of the transfer the system will apply the nominal/analysis defaults set within the Application User Facilities.  The transfer of the Credit / Invoice Adjustment will create an invoice on the ‘from’ account and the credit / invoice adjustment on the ‘to’ account.

Selecting to transfer a payment or payment adjustment operates in a similar manner – asks for the transfer amount, the new account code and to confirm the new transaction reference and description.  The transfer of a payment will create a payment adjustment on the ‘from’ account and a new payment transaction on the ‘to’ account, with the reverse if transfer a payment adjustment.

Installation

Application User Facilities 

The ability to transfer payments etc. is enabled automatically on update to Release 6.9 / 2016 but you may wish to review the default nominal and analysis values for invoices and set transfer values for the payments.

To update Installer users can right-click on the menu option for Transfer Outstanding Balancesand select the ‘Configure Option’ facility and move to screen 2 of the parameters.  Alternatively you can selectInstallation from the main menu followed by Application Manager and then Application User Facilities.  Select the required application before selecting Sales/Purchase Transactionsand move to screen 2 of the parameters.

 Invoice / Credits / Invoice Adjustments

Transfer to A/C Code – set default account code for transfer to (this may be useful where transactions are raised to the customer / supplier but processed for payment by a third-party.

Transfer to/from Nominal Code – select the nominal code to be used for the transfer transactions. You can use different accounts for the from/to entry but it is usual to reference the same account, typically a suspense account. 

Transfer to/from General Code – where not using a Nominal Ledger set the transfer from/to general code.

Transfer to/from Analysis Code – set the analysis code to be used for the from/to transactions.

Default Tax Code – set the tax code to be offered by default for transfer – usually set to standard rate. Note as the transfer creates a zero net effect on the VAT liability then the VAT amount is used for ‘memo’ purposes only.

Payments / Payment Adjustments 

Transfer to A/C Code – set default account code for transfer if required. 

Transfer to/from Nominal Code – select the nominal code to be used for the transfer transactions. You can use different accounts for the from/to entry but it is usual to reference the same account.  This would typically be a contra or suspense account. 

Transfer to/from General Code – where not using a Nominal Ledger set the transfer from/to general code.