What is payment of Draft, Final and Final Post?
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Answer / saiyid maududi
Draft will create journal entries, which are not final, which means they are not ready to be transferred to GL.
Final will create journal entries, which can be transferred to GL.
The differences are:
Bulk Accounting & Report Output
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Answer / sudhakar
Payment Draft means. In case we have supplier he supplier materials at 01-Jan-2016 as per his payment terms 30 days. So now i use to make a payment to that supplier as of 30th-Jan-2016 right. Instead of that if i made a payment to that supplier as of 15th-Jan-2016. Now i use to record that payment entry in my Accounts payable right. For that i will run Create Accounting programme for that Entry. There i will get this above options like Draft,Final,Final Post
If i consider Draft while running that programme. Accounting entry will generate but it will be in Draft Mode
When date came 30th Jan 2016 that time it self i use to show that accounting entry means again i will run that programme with Final Mode
Final Post means. I will run that programme by considering final post. Then that Accounting entry i can view in my payables module as well as it is getting posted in GL module by considering final post. Instead of transfering to GL at parameters level it self i am considering Final Post after completing on that programme with normal status. Then i can view JV for that payment in GL Module as well.
| Is This Answer Correct ? | 2 Yes | 1 No |
Answer / jai singh rathore
A type of check where the payment is guaranteed to be available by issuing bank. Typically, banks will review the bank draft requester's account to see if sufficient funds are available for the check to clear.
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