What is SAP Post Dated Check, It means that contains a maturity date in the future. Unlike bills of exchange or promissory notes, post dated checks cannot be endorsed. Typically, companies keep them until the maturity date.
In SAP Post dated check are processed using the bill of exchange functions.
To post an incoming payment with a post dated check , you must first carry out the following Customizing activities
SAP Post Dated Check Configuration
1), Define Special G/L Indicators
2), Define Payment Method
Defining Special G/L Indicators: TCODE: OBYN
Special G/L indicator identifies a special G/L reconciliation account (for example, SAP Post dated check receivable) that replaces the normal reconciliation account. When you then post an incoming payment with a Post dated check, the system posts the entry to this special G/L reconciliation account instead of to the normal receivables account.
Maintain the following information:
1), Rel.to credit limit
(Take into account for credit limit?)
Set this indicator according to your company’s policy.
2),Define descriptions for debit and credit posting keys
Debit 09: PDC receivable
Credit 19 : Reverse PDC receivable
3), Choose Accounts and assign the special G/L account (for example, PDC receivable) to the normal reconciliation account.
Defining Payment Method
In Customizing for Financial Accounting, choose Accounts Receivable and Accounts Payable > Business Transactions > Incoming Payments > Automatic Incoming Payments > Payment Method/Bank Selection for Payment Program
Set Up All Company Codes for Payment Transactions.
To use the automatic incoming payment program for cashing your Post dated check, you need to specify that the payment program credits the special G/L indicator. To do so, enter your special G/L indicator under Customers, in the Sp. G/L transactions to be paid field.
Set Up Payment Methods per Country for Payment Transactions
Under Payment method classification, select Bill/ex (Create a bill of exchange posting) and set the Create bill/exch. before due date indicator.
Under Posting details, fill out the Document type for payment and Clearing document type fields, and enter your special G/L indicator in the Sp.G/L ind. b/ex. / b/ex.pmnt req. field (Special G/L indicator for bill of exchange/bill of exchange payment required).
Set Up Payment Methods per Company Code for Payment Transactions
Under Amount limits enter a minimum and a maximum amount for payments.
Set Up Bank Determination for Payment Transactions
Under Bank Accounts, for each house bank you enter, specify the payment method you defined for Post dated check in step 2 and the currency.
Also See: Payment Medium Workbench (PMW)
Recommended Reading For You
- Exchange Rate configurationExchange Rate configuration: R/3 all Forex Rates updated using the TCode: OB08. This is required for passing Forex Transactions, Forex Valuation and Forex Translation.In general to update […]
- What is Cross Company Code Clearing Accounts in SAP?Cross Company code clearing accounts cab be G/L accounts as well as Customer and Vendor accounts. We can enter cross company code transactions in one step in the General Ledger, Accounts […]
- What is Cross Company Code Transactions in SAP FICO?Cross Company Code transactions involves two or more company codes in a single transaction in SAP R3 FICO. This means that a cross company code transaction posts to accounts in two company […]
- SAP Down Payment Process an OverviewSAP Down payment are treated as special general ledger transactions in sap. The down payment transactions will be stored in the vendor account with special general ledger indicator. The […]
- What is a Special General Ledger Transaction (G/L)?Special GL transactions (G/L) is transactions that are not normal business transactions with your business partners. These are generally shown in different control ledgers and are not […]