Consolodate customers and vendors payments in ledger

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Posted on by Taysir Saidi

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Dear All,

Is there any way to cosolodate customers and vendors payments and invoices(Customer=Vendor) to reflected automatically in the ledger accounts (Balance Sheet). i.e. when we do a settlement for customer payment or vendor payment, to be reflected on the ledger accounts, payables or receivable.

It is vital for our company. Our system is Microsoft Dynamics AX 2012 R2

Thanks in advance

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Brandon Wiese 17,788 on at

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The trade receivables and trade payables main accounts are updated anytime a customer or vendor transaction is posted. What more do you want than what happens automatically already?

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Ludwig Reinhard Microsoft Employee on at

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Hello Taysir, Why do you want to offset those transactions immediately? No accounting standard I am aware of allows such a direct settlement without having some separate contracts and regulations in place. Can you check this requirement with your accountants and auditors? Ludwig

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Taysir Saidi 205 on at

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Thanks for your response

The case is as the following:-

Suppose that you have a customer with debit balance 100 $ and at the same time you have A vendor account for the same customer with credit balance 120 $, we need the system to credit custome with 100$ and debit the vendor with 100$ and show in the payable account in ledger the amount of net balance which is 20$. Is there any way to do that automaticaly by any means?

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Brandon Wiese 17,788 on at

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Yes, associate the Customer record with the Vendor record. You can do this from the Customer record under Miscellaneous details, under the Remittance field group.

Then use the Reimbursement function under Accounts receivable, Periodic. That will transfer the balance from the Customer to the Vendor as you have described.

Of course, test it first in a testing environment to make sure you understand how it works.

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Ludwig Reinhard Microsoft Employee on at

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Hello Taysir,

The way Brandon describes is correct in my opinion even though it requires an additional step. That is because offsetting debit and credit balances is typically not allowed without generating an additional voucher.

All the best,

Ludwig

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Taysir Saidi 205 on at

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Thanks to all of you,

It seams that is the only way to do that if it allowed by auditors. Here, I have the question:-

Is it possible to do the reimbursement as of date. Example as on Dec,31, 2015

i.e. Take balances as on specific date and then run the reimbursement????

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Brandon Wiese 17,788 on at

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I don't think the Reimbursement function considers a date parameter.

However, what the Reimbursement function actually does is quite simple and can be done manually. Using a general journal, create a Customer/Vendor voucher (add a Customer line for the customer's balance, and then add a Vendor line for the same amount), and then use Open transactions on both the customer and the vendor to settle old transactions against the new ones. The Reimbursement feature saves a lot of time in that it does all of that automatically and for many customers with little effort, but everything that it does can be done in a General journal.

In your case, use the balance as of 12/31/2015.

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