Reviews and corrects ledger-to-subledger alignment in D365 by fixing posting configurations, inventory profiles, reconciliation logic, GL mapping, and critical reporting procedures.
Record a Customer Payment with Wire Fees in Dynamics 365 for Finance and Operations
Posted on: May 21, 2018 | By: Jarrod Kraemer | Microsoft Dynamics AX/365
Authored by: Kelly Dua
Receiving customer payments is one of the most important functionalities that occur in the Accounting Department of any business. Proper recording of cash flow is important for upper management to make business decisions that are critical to the future of the business. Often times, customers are making payments through an electronic wire. When a wire is initiated, most banks charge a fee for this service. Depending on the agreement with the customer, it can be agreed upon that the customer reduce the payment of an invoice by the amount of the wire fee. If this payment is not recorded properly, the invoice balance would remain open on the customer’s account, causing an incorrect receivable amount. Handling this transaction in Dynamics 365 for Operations is quite simple.
1. As with all recording of customer payments in Dynamics 365 for Operations, you will start by going to Accounts Receivable> Payments> Payment journal.
2. Create a new payment journal and go to the Lines to enter the details of the payment.
3. In the lines, fill in the correct date of the wire and choose the customer account in the Account field. Then select Settle transactions.
4. Mark the invoice or invoices that are being applied to the wire and select OK. This will populate the journal with the total amount of the invoices.
5. If it is not already defaulting from your setup, choose Offset account type of Bank. The Offset account should be the bank account that you are posting to. Fill in the payment reference and the make sure to check the Use deposit slip box.
6. Arrow down on the line to create 2nd line. Go to the General tab and change the Account type to Ledger.
7. Switch back to the List tab and in the Account field select the ledger account you are using to record wire fees. In the Debit column, fill in the amount that was charged by the customer for the wire fees.
8. Verify the Offset account type, Account and Use deposit slip are populated the same as the first line.
9. Once complete, you can post the journal. After posting, go to Functions> Deposit slip on the journal. This will group the payment together for posting to the bank so that the payment will show up as the true amount of cash received.
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All the best!
Logan Consulting
www.loganconsulting.com
