Set up postdated checks [AX 2012] CRM:0010106

Set up postdated checks [AX 2012]


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Applies To: Microsoft Dynamics AX 2012 Feature Pack, Microsoft Dynamics AX
2012

Postdated checks are checks that are issued for the purpose of making and
receiving payments on a future date. You can specify whether the check must
be reflected in your accounting books prior to its maturity date. Before you
set up postdated checks, make sure that the Postdated checks configuration
key is selected in the Configuration form.

Complete the following tasks before using postdated checks:

* Set up general ledger parameters.

* Set up a method of payment for postdated checks.

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Use the General ledger parameters form to set up postdated checks.

1. Click General ledger > Setup > General ledger parameters.

2. Click the Postdated checks link.

3. Select the Enable postdated checks check box.

4. Select the Post journal entries for postdated checks check box to
post the financial transactions to clearing accounts for vendors and
customers. This field is available only if you select the Enable postdated
checks check box.

5. In the Clearing account for issued checks field, select a clearing
account for checks issued to vendors. This field is available only if you
select the Post journal entries for postdated checks check box.


Description: NoteNote


A clearing account is a temporary account that contains the amounts in the
postdated checks.

6. In the Clearing account for received checks field, select a clearing
account for checks received from customers. This field is available only if
you select the Post journal entries for postdated checks check box.

7. In the General journal for clearing entries field, select the
journal used to settle postdated check transactions. This field is available
only if you select the Post journal entries for postdated checks check box.

8. In the Transfer postdated checks to this vendor payment journal
field, select the vendor payment journal that the postdated check
transactions are transferred to.

9. In the Withholding tax clearing account field, select a clearing
account that the withholding tax for vendors is posted to.

10. Close the form to save your changes.

_____

Use the Methods of payment - vendors and Methods of payment - customers
forms to set up a method of payment for postdated checks.

1. Click Accounts payable > Setup > Payment > Methods of payment.

-or-

Click Accounts receivable > Setup > Payment > Methods of payment.

2. In the Method of payment field, enter the method of payment for a
customer or a vendor.

3. In the Account type field, select Bank.

4. In the Payment account field, select the bank account that is used
to deduct the invoice amount.

5. Select the Postdated check clearing posting check box to indicate
that the check amount is posted to the clearing account selected in the
Clearing account for issued checks or Clearing account for received checks
field in the General ledger parameters form. The Bridging posting check box
is selected.


Description: NoteNote


A bridging account or a clearing account is a temporary account used to post
a transaction until the time that the transaction is reconciled.

6. Close the form to save your changes.





Thanks,

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Faiqa Usman

Support Manager