Process COD Payments

 

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To verify that COD payments are properly recorded and processed

  1. Establish the default bank code for COD Payments:

  1. Select Purchase Order Setup menu > Purchase Order Options.

  2. In the Default Bank Code for COD Payments field, enter the bank code. The default bank code can be changed during data entry.

  1. Manually prepare the COD check. When a COD shipment is received, pay the COD amount using the manually prepared check. Attach the COD payment information to the receipt document.

  2. Record the receipt information in Receipt of Goods Entry and/or Receipt of Invoice Entry, as follows.

  1. Select one of the following:

  2. Purchase Order Main menu > Receipt of Goods Entry

  3. Purchase Order Main menu > Receipt of Invoice Entry

  1. On the Header tab, enter the appropriate invoice number. For more information, see Receipt of Goods Entry - Fields or Receipt of Invoice Entry - Fields.

  2. On the Totals tab, enter the appropriate information in the COD Number, Less COD Amount, and COD Check No. fields. In Receipt of Goods Entry, the invoice number must be entered on the Header tab before entering COD information.

  3. Change the default bank code if needed.

  4. Click Accept.

When the invoice is updated to the Accounts Payable Open Invoice file after the Daily Receipt Registers are printed and updated, the invoice balance equals the invoice total less the COD amount. The COD payment information is also updated to the Accounts Payable Check History file.

General ledger postings from the Daily Receipt Registers update credit the COD amount to the cash account for the specified bank code and debit the inventory account.

If the Bank Reconciliation module is integrated with Purchase Order, the COD payment information is updated to the appropriate Bank Reconciliation files.

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