What is open line item management? What do you mean by
clearing open line items?

Answers were Sorted based on User's Feedback



What is open line item management? What do you mean by clearing open line items?..

Answer / chandan

Open line itme :- That meanse BT is pending for clearing
AP/AR etc.
Example:-
1. You enter the Inovice in Vendors A/c.
2. Vendor payment due date is Next month.
3. Invoice show it is open line item.
4. It is still open line item untill You not clear the
amount of against vendor invoice it show the open line
item. Beucase you have to clear the invoice.

If i am worng so please clear me

Is This Answer Correct ?    55 Yes 8 No

What is open line item management? What do you mean by clearing open line items?..

Answer / hareesha raparthi

open item management is used for the liabilities which are
yet to be cleared.

and clearing can happen
fully
partially and
residually depending on the need.

Is This Answer Correct ?    26 Yes 6 No

What is open line item management? What do you mean by clearing open line items?..

Answer / venkat

Open item used for vendor ,customer, gl account where
clearing is required
Open item management nothing but future reconcile function
line item

Is This Answer Correct ?    10 Yes 2 No

What is open line item management? What do you mean by clearing open line items?..

Answer / sunil

Open Item management means managing the uncompleted or
unfinished business transactions. It can be bills payables
or bills receivables. Once it's paid or received it will be
cleared, which means the transaction has been closed. Any
jounal entry passed in the system will appear as open item
till it's cleared.

Is This Answer Correct ?    11 Yes 5 No

What is open line item management? What do you mean by clearing open line items?..

Answer / raghav

Open Item management is used for balancesheet accounts
where clearing is required.

Normally we use Open item management for Vendor, Customer
payables and receivables.

Is This Answer Correct ?    5 Yes 1 No

What is open line item management? What do you mean by clearing open line items?..

Answer / sudhir ahuja

Open item management means Pending Balances is to be paid
or to be Receieved---- thats it simple meaning

Is This Answer Correct ?    4 Yes 0 No

What is open line item management? What do you mean by clearing open line items?..

Answer / sujatha

Some times dues items not received fully. The company may
receive the amount partly. In this case we have entered the
amounts are partial amounts. In such case both due item and
payment item is shown as open item.

As and when the full amount is received against a
particular invoice we have to clear the line items to make
them as cleared items.

Is This Answer Correct ?    8 Yes 5 No

What is open line item management? What do you mean by clearing open line items?..

Answer / shaik mohiuddin

open line item is nothing but the payment due for the
period example:the outstanding rent to be paid for
particular invoice,for any open line item while creating gl
a/c need to activate the open line item check box in
control tab.whenever the payment is made it reflects as
open while in partial payment,so need to do mannual
clearing after getting confirmation...
open line item can be cleared by the three ways 1.standard
payment,2.partial payment,3.residual payment...
plz correct me if an wrong..+91 9295804700

Is This Answer Correct ?    6 Yes 3 No

What is open line item management? What do you mean by clearing open line items?..

Answer / deep

open item management is activated for those items which are
due to be recieved or to be paid.For example :- debtors
amount to be recieved, creditors amount about to be paid,
etc.

Note : I would also like to know why line item display is
selected.

Is This Answer Correct ?    6 Yes 3 No

What is open line item management? What do you mean by clearing open line items?..

Answer / dharma

Hi,
Defining "Open Item Management"
If you set the "Open item management" indicator in the
master record for an account, the line items in this
account is marked as open or cleared.
The balance of an account with open item management is
equal to the balance of the open items. General ledger
accounts are kept with open item management if you need to
check whether there is an offsetting posting for a given
business transaction.
You should use open item management for bank clearing
accounts, clearing accounts for goods receipt/invoice
receipt, and salary clearing accounts. Bank accounts,
however, do not use open item management.
If you subsequently define open item management for a G/L
account, this entry only applies to the items which are
posted afterwards. At the date of the change, the account
must display a zero balance.
Also, when canceling this indicator, the balance must be
zero. You therefore have to clear the remaining open items
before making the change in the master record.

Is This Answer Correct ?    2 Yes 1 No

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