Quantcast
Channel: MIP Accounting
Viewing all articles
Browse latest Browse all 1551

How can I pay an invoice from more than one cash account?

$
0
0
How can I pay an invoice from more than one cash account?John_FolmarTue, 06/20/2023 - 18:32
Answer

What cash account A/P Checks come out of is governed by the offset account assignments. You must set the system up to offset FROM the A/P account TO the Cash account. This is done under Maintain>Offset Account Assignments.

Option One

1. Create Offset Account Assignments based on Different Funds.

What cash account A/P Checks come out of is governed by the offset account assignments. You must set the system up to offset FROM the A/P account TO the Cash account. This is done under Maintain>Offset Account Assignments.

          

This offset is unique to a Fund/GL combination. That is, only one offset can exist for each Fund/GL combination.


2. Enter the invoice using the two different fund numbers.

  • Transactions > Accounts Payable > Enter AP Invoices > Create a new session > Enter Invoice

3. Once the invoice is entered and posted you will want to select it for payment.

  • Activities > Accounts Payable > Select A/P Invoices to Pay > Create Session > Select invoice

4. Once Selected for payment you will process the check.

  • Activities > Accounts Payable > Pay Selected A/P Invoices
  1. Select Session from the dropdown menu
  2. Verify your Session Date and check Date
  3. Select Print method

Option Two

1. Use multiple A/P Accounts

You set up multiple A/P accounts and each of them is offset to a different cash account.

  • A = AP account 1 offset to cash account 11001
  • B= AP Account 2 offset to cash account 11002

  

 

2. Follow the same steps in 2 thru 4 above in option one.

  • Step 2 - Enter invoices with the different AP account numbers.

  • Step 3 - select invoices for payment
  • Step 4 - Pay selected Invoices
Additional Information

There is a third way of changing your cash accounts by changing your offset account assignments each time you need to change your cash account. However, you would have to enter two separate invoices to use this method. To do this you would need to go into Maintain>Offset Account Assignments and make the change for each fund that you were going to use. You need to do this prior to printing checks. After the checks have been printed, you would need to change the assignments back. Since this is a manual process with room for error (someone else could print checks or forget to change all the assignments), it is recommended that you use either the multiple Funds or A/P Accounts option.

Article Type
Product Info
Product Line
MIP Fund Accounting
Product Module/Feature
Accounts Payable
Product Version
2023.1
Ranking
No votes yet

Viewing all articles
Browse latest Browse all 1551

Trending Articles