To book letters of credit:When you run the Rebate Report and choose to book the letters of credit, the system creates a negative received purchase order to the rebate vendor. The quantity on the order is "-1" and the product added to the purchase order is the product identified in the Rebate Detail Setup Information control maintenance record. The amount of the purchase order is the total rebate amount owed by the vendor.
You can post the letters of credit to either one branch, usually the parent branch, or to individual branches based on your company policies.
Once a purchase order is created from the Customer Sales Rebates Report, the status of the purchase order is set to Received and a required journal entry is created. All of these events are recorded in the change log.
To transmit this purchase order to the vendor enter the letter E for EDI into the Prt field on the Purchase Order Entry Status screen. This prompts you to select a valid EDI transaction type, such as EDI 844 Rebate Request. Upon escaping from the purchase order, the system sends the EDI 844 Rebate Request to the vendor.
The Customer Sales Rebates Report populates the Rebate Detail File, which populates the Rebate Detail Maintenance screen.
To book letters of credit:
From the Reprts > End of Month Reports > Customer Reports menu, select Customer Sales Rebates to display the Customer Sales Rebates Report screen.
Enter the report specifications. You must select a specific vendor and the Sort by field must begin with a Branch selection, such as Br/Contract/Product.
Use the Book Letter of Credit hot key to display the Book Letters of Credit screen.
In the Preview Letter of Credit J/E field, to view the journal entry created by the letter of credit transaction, enter Y; otherwise, enter N.
In the Book Letters of Credit field, indicate whether to create a negative purchase order along with the rebate report:
N – Produces a rebate report without creating the negative purchase order. If you use this option and run the report, you can review the report before the system creates the purchase order. This is the default.
Y – Use after the report has been reviewed and approved internally. Upon completion of the report, the Phantom messages the user with the purchase order number the system created.
In the P/O Creation field, indicate whether the purchase order created is single or split:
Single – The system creates one purchase order. If you select this value, you must also enter a posting branch.
Split – The system creates a purchase order for each branch.
Note: This field is accessible only if Book Letters of Credit is set to Y.
In the Posting Branch field, if Book Letters of Credit is set to Y and P/O Creation (Single/Split) is set to Single, specify the G/L branch number that will receive the rebate credit.
Note: If P/O Creation (Single/Split) is set to Split, this field is inactive.
Press Esc to return to the Customer Sales Rebate Report screen.