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Define invoice schedule contra accounting

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The schedule contra accounting must be defined and is used in order to automate the G/L postings during the creation of the final A/P invoice. This contra accounting will be defaulted to all recurring invoices that are generated from the schedule.

  1. Select the Work with A/P recurring invoices menu item.
  2. On the Schedules panel, select the applicable invoice schedule and click Contra accounting.
  3. On Work with A/P recurring invoices, Schedule contra accounting, click Add.
  4. You access Schedule contra accounting information. Complete the following fields:
    5. Sequence
    Enter the sequence number of the contra accounting entry.
    Pseudo
    Enter a pseudo account to define the G/L posting for the A/P invoice. If you enter a pseudo account, then the contra accounting will automatically be based on that pseudo account and defaulted on all recurring invoices that are generated from the schedule. This can be manually overridden for individual recurring invoices, if necessary. See Change a recurring invoice and its contra accounting.
    Account parts 1-8
    If you did not enter a pseudo account, you must enter the account combination from the Account file to which the transaction is to be posted.
    Amount
    Enter the partial or full invoice amount to be posted to the G/L account defined by the associated pseudo account or account combination. Note: The invoice amount and the contra accounting amount on this panel do not have to balance. Any difference is displayed in Difference in the header. The value in this field is the difference between the Invoice amount and the Allocated amount which is the sum of all contra accounting entries. There are two reasons a discrepancy can occur:
    • The contra accounting is not defined for the whole invoice amount.
    • The invoice amount is the total amount including VAT. You cannot specify VAT amounts in the contra accounting. If needed, this is done during final A/P invoice entry.

    Click OK to update.

    What to do next?
    Now you can let the system automatically generate the associated recurring invoices. Follow the steps in Generate recurring invoices.

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