Module 6: Describe accounts payables, accounts receivables, and credit and collections

Lab 3: Create and pay an account payables invoice

Objectives

In this lab, you’ll create and post an accounts payable invoice journal. Then you’ll create a vendor payment for the invoice in Dynamics 365 Finance.

Lab Setup

  • Estimated Time: 20 minutes

Tasks

Open Dynamics 365 Finance. Change the company to USMF if you’re not already in this legal entity.

  1. Go to Accounts payable > Invoices > Invoice journal.
  2. Select New to create a new journal.
  3. Choose the journal name in the Name field on the newly created journal line and choose APInvoice.
  4. Select Lines to open the journal and add lines:
    • On the first line, enter the vendor Account US-103 Rain Projectors.
    • Enter the Invoice date and Invoice. These would be provided by the vendor. Choose yesterday’s date as invoice date, and use 123AcmeInvoice as invoice name.
    • Enter a Credit amount of 100, which would be the amount of the vendor invoice.
    • Next, select the Offset account. Select an expense account number, 606300 Office Supplies Expense. The financial dimensions automatically populate correctly based on the defaults set for that account.
    • Note that the dimensions on the expense line came from the main account posting profile, while the vendor line inherited dimensions from the vendor default dimensions.
  5. Select Post to post the journal.
  6. Next, you want to pay the vendor invoice that was just posted. Go to Accounts payable > Payments > Vendor payment journal.
  7. Select New to create a new journal.
  8. Choose the journal name in the Name field on the newly created journal line and choose VendPay.
  9. Select Lines to open the journal and add lines.
  10. In the journal, select Payment proposal > Create payment proposal. You will select the invoice that was previously posted to pay in the next steps.
  11. Select the Minimum payment date as today’s date to capture the invoice previously posted for payment.
  12. Enter other query restrictions under Records to include. Filter by the vendor US-103 for payment.
  13. Select OK. After you select OK, the results of the query appear.
  14. Select the invoices for payment. Remove any unwanted payment lines by selecting Remove before selecting Create payments. The invoice created in the previous step should be selected. If other invoices are selected, those will also be included in the payment journal.
  15. Select Create payments. The Create payments button creates vendor payments in the payment journal.
  16. The payment lines are created and marked for settlement against the invoices from the payment proposal.
  17. Select the Method of payment for the line as type ELECTRONIC to post the journal without generating payments or checks for this example.
  18. Post the journal.
  19. Navigate to Accounts payable > Vendors > All vendors. Filter and select the vendor from the previous transaction. Select Balance in the Action bar under Vendor > Transactions to view the vendor balance. Note the current vendor balance.
  20. From the vendor balance, select Open transactions to view the open vendor transactions.
  21. Select the back button twice to return to the All vendors page.
  22. Then select Invoice >Settle > Undo settlement to view the settled transactions