Understanding the Settlement Mechanism in Microsoft Dynamics AX

Settlement is an accounting transaction that occurs on accounts payable, accounts receivables, and general ledger. This transaction is used mainly for settling vendor invoices against vendor payments or  advanced payment, and customer invoices against customer collections or advanced collection. Settlement could occur on general ledger transactions as well.
Microsoft Dynamics AX Settlement Mechanisms
It is necessary to classify posting profiles of the vendor and customer in the opening balance since it will affect  the settlement process.
The settlement transaction affects vendor and customer balances, and it is reported in the vendor or customer statement 

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