Receivable Type Details
Purpose
Multiple Receivable Types can be set up. These allow control of different categories of Receivables.
Separate Receivable Types will also need to be established if there are multi companies or currencies used.
A Receivable Type is related to a GL Code. This means that the month end journal that posts the receivable transactions to the various GL Codes will have as the credit side of the entry the GL Code associated with the Receivable Type. Consequently there may be a number of GL Codes that will need to be set up for receivable processing. Each of these should be reconciled to the receivable trial balance at month end.
Access
- Receivable | Edit/View Receivable Type |
Dialog Details
Details Specific Fields
Field | Explanation |
Code | A unique code to identify this Receivable Type |
| Description | A unique description to identify this Receivable Type |
Currency | If multiple Currencies are used, separate Receivable Types must be set up for each Currency Otherwise select the Currency set up for your ledger |
Company | If multiple Companies are used, separate Receivable Types must be set up for each Company Otherwise select the Company set up for your ledger |
Invoice Tax Code | Select the tax code that will be used to calculate GST on Receivable Invoices |
Cashbook Tax Code | This must be the zero rated GST Code |
GL Balance Sheet Account | [F2] and or the GL Code that will be updated as the payable control account in the General Ledger for this Receivable Type Note that if there are multiple Receivable Types, each must refer to a unique GL Code |
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