Payment Differences may be handled directly from the bank statement. To do so, payment difference reasons must be setup. A payment difference reason determines how the payment difference is posted in the general ledger.
6 predefined payment difference reasons come with the app, but they are inactivated by default. Administrators may add more payment difference reasons.
Setting up Payment Difference Handling
- Enable the feature under Setup > Company > General Preferences > Custom Preferences > ERP fast forward Bank Reconciliation
- Go to Setup > Bank Reconciliation Setup > Setup Payment Diff Reasons
- Click on Show Inactives
- Review the standard reasons and activate if you wish to use them.
For the standard reasons Bank Fees (customer), Bank Fees (vendor) and Exchange Rate, edit the reasons and select the appropriate account.
IMPORTANT
When a payment difference rule is active but none of the rules for difference handling is selected (i.e. an account, create deposit etc), this may result in incorrect transactions when using these reasons on the bank statement. Make sure at least one of the payment difference handling options is selected.
- Add additional reasons as you require