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Saturday, October 15, 2011

3 WAYS OF ENTERING RECEIPTs in AR

1) Standard Receipt - Cash/Check - Manual
2) Misc Receipt - Manual - Not mathced to transaction
3) Automatic Receipt - through AutoLockbox

BILLS RECEIVABLE -

Entering the BR -

N > Receivables > Bills Receivable > Transaction

Entering the Remitting the BR -

N > Receivables > Bills Receivable > Remittances

You can query the receipt created automatically

N > Receivables > Receipts > Receipts

RECEIPT CLASSES -

N > Receivables > Setup > Receipts > Receipt Classes

RECEIVABLE ACTIVITIES -

N > Receivables > Setup > Receipts > Receivable Activities

AUTOCASH RULE SET -

N > Receivables > Setup > Receipts > AutoCash Rule Sets

APPLICATION RULE SET -

N > Receivables > Setup > Receipts > Application Rule Sets

APPLICATION RULE SET -

N > Receivables > Setup > Receipts > Application Rule Sets

DISTRIBUTION SET -

N > Receivables > Setup > Receipts > Distribution Sets

RECEIPT SOURCES -

N > Receivables > Setup > Receipts > Receipt Sources

You need to have alteast one Receipt Source with 'Receipt Source Type' as 'Manual'

LOCKBOXES -

N > Receivables > Setup > Receipts > Lockboxes > Lockboxes

LOCKBOXES - TRANSMISSION FORMATS

N > Receivables > Setup > Receipts > Lockboxes > Transmission Formats

RECEIPTS -

N > Receivables > Receipts > Receipts

Unidentified - When the receipt is not matched to any Trx or to any customer
Unapplied - When the receipt is not matched to any Trx but the customer is identified
Applied - When the receipt is matched to the Trx and the customer is also identified
On Account - When the receipt is made as an advance by the customer. This can be applied against the AR Transactions in future.

Write-off - This is used to close the open balances of your customer which you are not going to receive.

Chargeback - This is used when you want to restate the open balances with new due dates.

REMITTANCES -

N > Receivables > Receipts > Remittances

IMPORTANT REPORTS AND PROGRAMS -
1) Create Accounting - To generate and transfer entried to GL
2) Aging Report - For Analysing customer balance in buckets
3) Dunning Letter
4) AR to GL Reconciliation Report - For reconciliation and closing purpose

GL CLOSING - This is required only at the year end and the below process will be ran only in Adjusting period. During month end you will only close the GL period and subledger periods.

RUN - 'Close Process - Create Income Statement Closing Journals'
This process will netoff you revenue and expenses so as to derive yout profit/loss for the period.

Revenue - 1000
Exp - 800
Profit - 200 - Retained Earning A/c.

Run 'Close Process - Create Balance Sheet Closing Journals'
This will change all your Dr to Cr and all your Cr to Dr in the last period of your current year.

Now in the first period of the next you will reverse the journal rcreated by the above process to get the opening balance in the current year.

MASS ALLOCATION -

Used when you want to allocate expensed from one dept to multiple depts.

Enter a STAT journal to direct the system the basis of allocation of expense.

DEFINE MASS ALLOCATION -

N > GL > Journal > Define > Allocation

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