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NETTING AP VOUCHERS WITH AR INVOICES USING
In regards to netting AP Vouchers with AR Invoices, this is accomplished with the use of a debit memo and a credit memo. When creating a debit memo in AP to net against an Invoice in AR, fill out the debit memo as you normally would, however, in place of the normal expense account on the second screen of voucher entry use a suspense account. When you create the credit memo in AR, instead of using the normal revenue account on the second screen of invoice entry use the same suspense account. This procedure will allow you to maintain the integrity of the original accounts.
You must have this suspense account defined in the both the Vendor Class and Customer Class files, in place of the normal revenue and expense accounts. Most clients like to setup a seperate Vendor Class and Customer Class specially for this purpose and then default this Class in upon invoice entry and voucher entry. This suspense account must also be present in the GL Chart of Accounts and in the Current Year Balance File. The transaction in Invoice Entry, which is done by the system, is a DR to the suspense account on the second screen and CR to A/R(or other suspense acct. setup in its place) and in Voucher Entry, a CR to the suspense account on the second screen and a DR to A/P(or other suspense account setup in its place).
netapar.doc 10/19/93
