A/P Open Entry Reconciliation Workspace
Use this workspace to reconcile open accounts payable entries, one vendor at a time, totally or in part.
These entries include payments, vendor credit memos, vendor invoices, and currency adjustment entries.
You can reconcile an open entry totally or in part.
A payment or vendor credit memo with information is displayed in the tab of this workspace, along with information about the relevant vendor. Any other open entries, for example, vendor invoices, currency adjustment entries, and other payments and credit memos of relevance to the current vendor, are displayed in the sub-tab of this workspace. A currency adjustment entry is a manually entered entry with a zero currency amount, because it only affects the vendor's balance in base currency. You can reconcile open entries with each other or against the payment/credit memo displayed in the tab. You can thus reconcile several payments and credit memos related to the same vendor in one operation.
When you have entered and approved a payment/credit memo, you can find the next payment/credit memo by using the search function. If other payments/credit memos exist for the current vendor, and these are not affected by the reconciliation that you just performed, they are displayed in the sub-tab of this workspace when you turn to the next payment. If all payments/credit memos for a specific vendor are reconciled, the first payment/credit memo for the next vendor is displayed.
Manual reconciliation of entries can lead to the creation of G/L entries that are ready for posting. These correspond to exchange rate variances and cash discounts, of which the former can occur if the rate of the two entries differs when the entries are reconciled with each other. A case like this is illustrated by the following example:
A vendor with standard currency DEM (German Mark) sends a vendor invoice of 100 DEM when the exchange rate is 380. At the time of payment, the rate has gone up to 385, which leads to an exchange rate variance of 5 DEM. Posting information of exchange rate variance is accumulated in a vendor journal that can be posted from the Posting workspace in the G/L module. The posting reference to exchange rate variance accounts is specified by means of a dimension combination in the Posting References workspace in the G/L module. Exchange rate variance can be organized in departments.
If a vendor invoice is reconciled totally with a payment or a credit memo, and a difference between the remainder in standard currency and the amount reconciled in standard currency occurs as a result of this reconciliation, Maconomy creates a cash discount. The difference is transferred as a cash discount. The posting reference to cash differences is specified by means of a dimension combination in the Posting References workspace in the G/L module.
In the Posting workspace in the G/L module you can enter a specific vendor invoice for payment. If you do this, payment of the invoice automatically leads to the reconciliation and closing of the vendor invoice entry when it is posted.