Outstanding balance (Banking and Accounts Receivable)
Control Over Managment Of Outstanding Balances
Through this process, iDempiere manages customers receipts and payments to suppliers. It also manages the bank reconciliation and the management of the cash book, keeping track of all payments in transit, bank charges and the creation of payments by direct transfer.
Account payable
As it was explained in control from requisition until payment , accounts payable can be generated automatically, depending on the supplier's parameterization or depending on the terms of the invoice. Rules can be changed any time, which it gives to iDempiere a big flexibility. The methods for payment are supported by :
Cash : it creates an entry to the cash book of that day.
Checking account: It is the method of payment by default applied to any business partner. It can be changed at any given time.
Credit card: Transactions with credit card can be processed on line . Invoices can be checked out as paid and charges are kept as payment pending of reconciliation. This method may require an external processor for credit cards.
Checks: After selecting the proper bank , you will be able to keep yours checks saved in the system. Invoices are checked out as paid and checks are kept in the system as payment pending of reconciliation.
Allocation
Conciliation Banking
Updating the bank statement information can be done automatically as long as the bank provides services of electronic data transfer although this may vary from bank to bank. Conciliation banking makes it possible to reconcile payments in transit, admission charges or record direct debits for done payments.
Petty Cash
In iDempiere all invoices paid or collected by petty cash are automatically saved in the cash book, thus iDempiere creates a cash journal by day and organization . The models used are:
General expenses: This model generates all the expenses from specified accounts in the cash book.
General Incomes : To record all the incomes from specified accounts in the cash book.
Checking petty cash out: To verify differences between all accounts specified in the cash book.
Transfers: To effectuate an specific bank account transfer, it is constitutions and petty cash reimbursement.
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