Accounts Payables Continued.

1. Set up a new payment bank account

2. Create a new pay group for 30 days payment term
3. Create, validate and post invoices in the month of December 2021 with 30 days payment term.
4. Schedule a payment batch for your bank account and pay group.
5. Process payment batch on February 4 to see whether all invoices with same payment terms go
processed.
6. Complete the payment batch processing and confirm whether all check numbers were
generated and you can query payment status for invoices that have been processed.
7. Post payment journals in GL
8. Came back to AP and void a few payments that you just posted. Check and confirm the results
9. Enter credit memo against one of the AP invoices you have entered earlier – example if your
invoice was for $1000, process a credit memo for $200. Validate approve and post
10. Make a manual payment for this invoice by automatically adjusting the credit memo
11. Post all payment entries in GL

Basics Concepts of Accounts Receivables

1. Create a new Customer with one Ship-to site and multiple Bill-to sites
2. Enter a manual AR invoice for this customer and approve – amount $120,000 with three items
lines that are due for payment in Jan, Feb and March 2022
3. Enter a deposit invoice (advance) for this customer for $12,000 and approve
4. Process receipt for the deposit invoice and apply against the deposit (i.e. receive the advance
payment)
5. Post all above entries in GL
6. Process a credit memo against the invoice you entered in step 2. The credit memo should
reduce the AR invoice item line #2 by 25%. Approve the credit memo