When entering payments or payment adjustments, you can enter the payment amount and any discount taken.The ledger normally stores the amount of the payment discount on the same transaction record as the payment itself – in the PAY-DISC data item. This option controls whether a separate transaction record is to be generated for the discount – this can make analysis and enquiry simpler.
Occasionally small amounts of money may be left on a transaction, or an allocation of credits and debits may balance for all but a few pence. It may not be worth chasing such a small amount, and you wish to clear this from the ledger. This feature allows you to write off such a balance in an allocation action.
As a precaution when using the above feature you may specify a percentage here, above which the program will not allow you to write off the balance. This option applies for invoice, credit note and invoice adjustment transactions.
This option allows entry of the maximum percentage, of outstanding value to total, up to which the outstanding balance for payment and payment adjustment transactions can be written off.
A number of facilities exist to mark the dates, reference numbers and an alphabetic letter against allocations as you make them. In certain circumstances this may still not be adequate to allow subsequent audit of allocations – particularly if it is common to make partial allocations, where the allocation details shown on a transaction are only for the last allocation.
In these circumstance you can ask the system to create a log file of allocations by entering the pathname of the allocation log file here – usually ???-SAL.DFD for sales ledger, ???-PAL.DFD for the purchase ledger (replacing ??? with the current company id).This file can then be reported using the Report Generator or your own ProFiler routines. A BASE-SAL.DFD and BASE-PAL.DFD is supplied as the template for the log file when creating the live file (via DataFiler).
An allocation option allows you to write off the balance of an account as a bad debt. UK VAT regulations allow you to claim back the VAT on such transactions provided the debt is sufficiently old (a period determined by the UK Customs & Excise). This allows you to write the VAT element of the write-off to another VAT code for reporting purposes. Enter the tax code you wish to use (this code must exist within the VAT table).
Enter here the nominal ledger code against which bad debts are to be posted. It is normal to have a balance sheet provision for bad debts, and that would normally be the code you wish to use.
Primarily used within the Sales Order Processing and Point-of-Sale systems where this option exists for use in retail operations to prepare sales invoices and accept more than one type of payment in settlement – credit card, cheque, cash, etc. This table can also be used to analyse payments entered within the sales ledger.
When set a pop-up form allows entry of up to fourteen pay types.
Type – descriptive text for payment entry type – i.e. cash, cheque, etc. If using the payment analysis for sales order processing or point-of-sale procedures you may want to include a type ‘on-account’ and omit the default bank account for this.
Bank A/C – enter the nominal analysis code to use for the payment type.
Surcharge – not applicable for sales ledger input, applying to sales order processing and point-of-sale procedures this option allows entry of a percentage surcharge to the payment transaction – i.e. 2/5% for visa transactions etc.Note that this is a internal charge and does not refer to the charges made by (say) VISA for processing – their charges are calculated by them and deducted from their eventual payment to you.
Fixed Charge – also only applying for sales order processing and point-of-sale this option allows an alternative fixed charge for a payment method – i.e. £0.50 for cheque payments.
These prompts allow you to specify default values that are applied when new accounts are added.Note that the line and overall discount percentages are used for transaction entry in the invoicer and order processing systems, and not direct entry into the ledger itself.
Set if you want every invoice to be flagged with the status of U-unauthorised as it is entered into the system.
This allows you to manually confirm the status code (U-unauthorised, D-disputed) onto a transaction as you enter it into the purchase ledger. The default is blank, unless you set the previous parameter.
The purchase ledger calculates tax on a line-by-line basis as you enter its analysis, but many invoices do not show this value and, if the document total does not match the accumulated line-by-line value, then the accumulated value must be changed to agree.
If you leave this option blank then the calculated tax amount is shown on each analysis line, and you would need to adjust one of the line values so that the accumulated VAT amount matches that on the invoice document.
If you set this option then no calculated tax is shown on the analysis lines, but it is still calculated and accumulated for confirmation at the end of the invoice procedure. If correct, you can accept this value, if not, you can overwrite it and the system will automatically adjust one, (usually the analysis line with the largest value), of the analysis lines so the accumulated tax agrees with the confirmed total.
Article ID: 1343
Created On: Mon, Jul 2, 2012 at 2:08 PM
Last Updated On: Mon, Jun 19, 2023 at 3:45 PM
Online URL: https://kb.datafile.co.uk/article/system-profiles-screen-2-excluding-compact-1343.html