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[Richard Malouin]

Hi,

When you make a “Payment journal”, and you use Payment proposal, in the Advanced parameters, there is a field named : Summarized payment date.

Could someone can give more information on this field? How and why we should use it?
We were told that is should summarized invoices for Vendor payment. But even if we put no date, it’s summarized the invoice information on cheque.

Thanks

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Richard Malouin CPA, CGA
Senior analyst
PSP Investments
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[Donald Jenkins]

Richard, this summarized date field is used as the payment date (check date) when the ‘method of payment’ PERIOD field is set to ‘Total’. When invoices are selected for payment, and the method of payment is set to ‘Total’ the invoices will be summarized into a single payment and the summarized date for the payment will be used as the payment date.  If you don’t specify a date the due date is used as the summary date.

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Donald Jenkins
Avanade, Inc.
Maryville TN
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[Richard Malouin]

Hi Donald,
Thank you for your answer. Just to be sure that i understand, the Summary date will act as “Due date” and “Payment (check date)”, is that right?
And if you want to have different date as “Due date” and “Payment date”, we will use, in Invoice selection criteria, the field “Due date” (for the invoice we want to make a payment) and the field “Minimum payment date” (for the check date), right?

Thanks

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Richard Malouin CPA, CGA
Senior analyst
PSP Investments
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[Donald Jenkins]

Richard: It acts as a ‘payment date’. The Due dates (to/from) is only relative to the open invoice selection criteria of the payment proposal.  By default when an invoice is selected for payment the payment date = due date, except when the ‘method of payment’ is set to ‘total’ (or specific day/week criteria), and a ‘Summary payment date’ is entered into parameters screen of the payment proposal.  If a date is defined, all payments are created on this date. The ‘Minimum payment date’ field is ignored.

The ‘minimum payment date’ is used to specify the earliest payment date.  For example, the From date and To date fields specify a range from September 1 to September 10, and the minimum payment date is September 5. In this case, all invoices that have a due date from September 1 to September 5 have a payment date of September 5. However, all invoices that have a due date from September 5 to September 10 have a payment date that is equal to the due date of each invoice. My experience is that this date must be greater than today’s date.

 

In typical US configurations we set all ‘method of payment’ periods = ‘Total’ (Vendor gets one payment for all invoices)

When the payment proposal is generated the selection dates indicate what ‘due date’ we are paying through (I am selecting all open invoices  with a due date through my next check date)

 

I am entering a ‘Summary pay date’  (the date of the check/ach/wire) (generally todays date), as those payments are going out ‘today’  (if your signing review process takes 2 days then you might ‘date’ them 2 days later, and they are ‘released/mailed’ on that date.

 

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Donald Jenkins
Avanade, Inc.
Maryville TN
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[Andrew Xu]

Summarized payment date is the date of a payment which covers multiple invoices from the same vendor. And only when the methods of payment on those invoices have the period ‘Total’, Summarized payment date will take affect. Because only when the period ‘Total’ invoices can be grouped all together despite of due/cahs discount date.

Minimum payment date is the date user specifies the earliest payment date in the future ( greater than today). And if both Summarized payment date and Minimum payment date are entered, the greater date takes effect.

If I understand you correctly, you want to create payment per invoice, you’ll need to set the period of method of payment to ‘Invoice’. 

Hope this helps.

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Ting Xu
The Jackson Laboratory
Bar Harbor ME
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