AP/AR Netting automatically compares Payables to Receivables and creates the appropriate transaction in each system to net supplier invoices and customer invoices. With this functionality, A receivables user can
You can access the process via:
As we have seen Contra charging has been replaced by AP/AR Netting, lets take a setup walk though to use this functionality.
1.Define netting control account
3.Go to receivables responsibility, receipt class definition form
4. Attach your bank account in this receipt class.
5.Go to system options, transaction and customer tabbed region, there enable 'Allow payment of Unrelated Transactions'check box
6. Create netting agreement
Receipts>Netting>Netting Agreement
7. Enter an Invoice in Payables, validate and run create accounting.
8. Enter a transaction in receivables.
9. Create Netting Batch
Receipts >Netting >Netting Batch
10. Query your netting batch and see the status as Complete. also click on view report icon on right side.click on run push button, you can see the final netting report.
11.Go to view>request>find
You can see 3 concurrent request programs
13.Now Go to Tools >view Accounting, you can see Netting control account (defined in first step a) debited and receivable account credited.
14. Now go to payables and query your invoice number and click the tab view payments. You can see the payment details and copy the document number.
15.Query your copied payment document number.What you can see the payment type as Netting .
16.Click actions button and enable the check box create accounting .
17.Go to tools>view accounting .You can see the accounting entry
- View netted receipt details directly from the receipt
- Create Netting Agreements and Netting Batches
You can access the process via:
- Navigation: Receipts > Netting > Netting Batch
- Navigation: Receipts > Netting > Netting Agreement
- Receipts > Receipts > Action Menu : AP/AR Netting
After Querying a netted receipt, the user can see more details about the batch by selecting AP/AR Netting from the Action menu. This launches the AP/AR Netting batch window. Netted Receipts are created automatically by the AP/AR Netting process and cannot be updated by the user from the Receipts Workbench
1.Define netting control account
Setup>Financials>Flex field>key>values2.Create bank
Setup>payment>Bank and Bank BranchesYou should note ,Payment document is not required for netting bank account.
3.Go to receivables responsibility, receipt class definition form
Setup>Receipts>Receipt classQuery the 'AP/AR Netting' receipt class which is a seeded one.
4. Attach your bank account in this receipt class.
5.Go to system options, transaction and customer tabbed region, there enable 'Allow payment of Unrelated Transactions'check box
6. Create netting agreement
7. Enter an Invoice in Payables, validate and run create accounting.
8. Enter a transaction in receivables.
9. Create Netting Batch
Receipts >Netting >Netting Batch
10. Query your netting batch and see the status as Complete. also click on view report icon on right side.click on run push button, you can see the final netting report.
11.Go to view>request>find
You can see 3 concurrent request programs
- Create Netting batch
- Settle netting batch
- Netting Data Extract
13.Now Go to Tools >view Accounting, you can see Netting control account (defined in first step a) debited and receivable account credited.
14. Now go to payables and query your invoice number and click the tab view payments. You can see the payment details and copy the document number.
15.Query your copied payment document number.What you can see the payment type as Netting .
16.Click actions button and enable the check box create accounting .
17.Go to tools>view accounting .You can see the accounting entry
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