balancing receivables and payables - epicor · objectives • use the balancing formula to balance...
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Acclaim
Balancing Receivables and Payables
This class is designed for…
Intermediate Acclaim users who handle month-end accounting functions
Objectives
• Use the Balancing Formula to balance Receivables and Payables, on a monthly basis
• Troubleshoot Receivables and Payables that do not balance.
• Balance Receivables and Payables to the G/L(General Ledger)
This course will NOT cover…
Entering information into Receivables or Payables
Open Detail vs. Aged Receivables
Open Detail report can be printed to accurately show the open balance as of a date in the past
Shows any receivable that was open as of the date specified
Aged Receivables report is only accurate on the day report is printed
Once a receivable is paid, it will no longer show on aged report
Balancing ReceivablesOpen Detail Report (from prior month)
+ AR Balance Monthly Invoice Register
+ AR Balance Monthly Rental Invoice Register
(optional package)
+ Total Manual Receivables Journal
Open Detail Report (from prior month)
+ Total Service Charge Journal
- Gross Amount Cash Receipts Journal
- Difference Payment and Unallocated Amounts Unallocated Payments Report
= Open Detail Report (from current month)
Step 1: Open Detail Report
Print the Open Detail Report from the prior month
Step 1: Open Detail Report
Balancing ReceivablesOpen Detail Report (from prior month)
+ AR Balance Monthly Invoice Register
+ AR Balance Monthly Rental Invoice Register
(optional package)
+ Total Manual Receivables Journal
Open Detail Report (from prior month)
+ Total Service Charge Journal
- Gross Amount Cash Receipts Journal
- Difference Payment and Unallocated Amounts Unallocated Payments Report
= Open Detail Report (from current month)
$943,655.25
Step 2: A/R Balance
Monthly Invoice Register- Add in the AR Balance Field
Balancing ReceivablesOpen Detail Report (from prior month)
+ AR Balance Monthly Invoice Register
+ AR Balance Monthly Rental Invoice Register
(optional package)
+ Total Manual Receivables Journal
Open Detail Report (from prior month)
+ Total Service Charge Journal
- Gross Amount Cash Receipts Journal
- Difference Payment and Unallocated Amounts Unallocated Payments Report
= Open Detail Report (from current month)
$943,655.25243.67
Step 3: Manual Receivables Journal
Print the Manual Receivables Journal Limit dates to month you are balancingReport Type set to BOTH
Step 3: Manual Receivables Journal
Add in the total value from the Gross column
Balancing ReceivablesOpen Detail Report (from prior month)
+ AR Balance Monthly Invoice Register
+ AR Balance Monthly Rental Invoice Register
(optional package)
+ Total Manual Receivables Journal
Open Detail Report (from prior month)
+ Total Service Charge Journal
- Gross Amount Cash Receipts Journal
- Difference Payment and Unallocated Amounts Unallocated Payments Report
= Open Detail Report (from current month)
$943,655.25243.67
1,500.00
Step 4: Service Charge Journal
Add in the total from the Service Charge JournalLimit DatesReport Type set to BOTH
Step 4: Service Charge Journal
Add the total Service Charge Amount
Balancing ReceivablesOpen Detail Report (from prior month)
+ AR Balance Monthly Invoice Register
+ AR Balance Monthly Rental Invoice Register
(optional package)
+ Total Manual Receivables Journal
Open Detail Report (from prior month)
+ Total Service Charge Journal
- Gross Amount Cash Receipts Journal
- Difference Payment and Unallocated Amounts Unallocated Payments Report
= Open Detail Report (from current month)
$943,655.25243.67
1,500.00
1,086.67
Step 5: Cash Receipts Journal
Print a Cash Receipts JournalLimit DatesReport Type Set to BOTH
Step 5: Cash Receipts Journal
Subtract the Gross Accounts Receivable Amount
Balancing ReceivablesOpen Detail Report (from prior month)
+ AR Balance Monthly Invoice Register
+ AR Balance Monthly Rental Invoice Register
(optional package)
+ Total Manual Receivables Journal
Open Detail Report (from prior month)
+ Total Service Charge Journal
- Gross Amount Cash Receipts Journal
- Difference Payment and Unallocated Amounts Unallocated Payments Report
= Open Detail Report (from current month)
$943,655.25243.67
1,500.00
1,086.67
350.00
Step 6: Unallocated Payments
Print the Unallocated Payments ReportLimit dates
Step 6: Unallocated Payments
Subtract out the difference between the Payment and Unallocated Amounts
Balancing ReceivablesOpen Detail Report (from prior month)
+ AR Balance Monthly Invoice Register
+ AR Balance Monthly Rental Invoice Register
(optional package)
+ Total Manual Receivables Journal
Open Detail Report (from prior month)
+ Total Service Charge Journal
- Gross Amount Cash Receipts Journal
- Difference Payment and Unallocated Amounts Unallocated Payments Report
= Open Detail Report (from current month)
$943,655.25243.67
1,500.00
1,086.67
350.00
100.00
Step 7: Open Detail Report
Print Open Detail Report from the end of the current month
Step 7: Open Detail Report
The Total Open A/R figure should match the balancing formula
Balancing ReceivablesOpen Detail Report (from prior month)
+ AR Balance Monthly Invoice Register
+ AR Balance Monthly Rental Invoice Register
(optional package)
+ Total Manual Receivables Journal
Open Detail Report (from prior month)
+ Total Service Charge Journal
- Gross Amount Cash Receipts Journal
- Difference Payment and Unallocated Amounts Unallocated Payments Report
= Open Detail Report (from current month)
$943,655.25243.67
1,500.00
1,086.67
350.00
100.00
$946,035.59
Common Problems
Open Detail Report < Formula
Open Detail Report > Formula
What to checkMake sure all dates are includedCheck the Report TypeInclude all branches on reports
Open Detail Report < Formula
Invoices did not make it to Receivables!
Error message when invoicing“Failure to add to Progress Receivables.”
Find missing invoicesQ-mode, H-mode onSystem Admin/Utilities/Hidden Options/?!
Correcting the Problem
If you have an invoice missing from ReceivablesEnter a manual receivable
Open Detail Report > Formula
There is duplicate Receivable!
Find invoices that made it to Receivables twice...Q-mode, H-mode, System-Administration, Utilities, Hidden Options, !*- change the duplicate shipment number- enter a CM to back it out of AR
Hidden Option: *!
Balancing PayablesOpen Detail Report
(from prior month)
+ Total ExpenseExpense Journal
- Gross AmountCheck Register
- TotalAnticipated Cash Disbursements Report
= Open Detail Report(from current month)
Step 1: Open Detail Report
Print the Open Detail Report from Prior Month
Step 1: Open Detail Report
Add in the Total Open Amount
Balancing Payables
$987,571.09Open Detail Report(from prior month)
+ Total ExpenseExpense Journal
- Gross AmountCheck Register
- TotalAnticipated Cash Disbursements Report
= Open Detail Report(from current month)
Step 2: Expense Journal
Print the Expense JournalLimit DatesReport Type set to BOTH
Step 2: Expense Journal
Balancing Payables
$987,571.09
3,170.00
Open Detail Report(from prior month)
+ Total ExpenseExpense Journal
- Gross AmountCheck Register
- TotalAnticipated Cash Disbursements Report
= Open Detail Report(from current month)
Step 3: Check Register
Print the Check RegisterLimit DatesReport Type: BOTH
Step 3: Check Register
Subtract the Gross Amount from the Check Register
Balancing Payables
$987,571.09
3,170.00
2,500.00
Open Detail Report(from prior month)
+ Total ExpenseExpense Journal
- Gross AmountCheck Register
- TotalAnticipated Cash Disbursements Report
= Open Detail Report(from current month)
Step 4: Anticipated Cash Disbursements Report
Print the Anticipated Cash Disbursements ReportParameters Wide OpenOnly accurate at time it is printedCleared when checks are printed
Step 4: Anticipated Cash Disbursements Report
Subtract the Gross AmountOnly accurate at time you print itMust be printed at month end
Balancing Payables
$987,571.09
3,170.00
2,500.00
600.00
Open Detail Report(from prior month)
+ Total ExpenseExpense Journal
- Gross Amount Check Register
- TotalAnticipated Cash Disbursements Report
= Open Detail Report(from current month)
Step 5: Open Detail Report
Print an Open Detail from the end of month that you are trying to balance.
Step 5: Open Detail Report
The Total Open Amount should match the balancing formula.
Balancing Payables
$987,571.09
3,170.00
2,500.00
600.00
$987,641.09
Open Detail Report(from prior month)
+ Total ExpenseExpense Journal
- Gross Amount Check Register
- TotalAnticipated Cash Disbursements Report
= Open Detail Report(from current month)
Be Sure to Check...
Check Report parametersNo vendor or payable has been excluded
Be Sure to Check...
Check Report parametersno vendor or payable has been excluded
Report datesset only for the month to be balanced
Be Sure to Check...
Check Report parametersno vendor or payable has been excluded
Report datesset only for the month to be balanced
Reports run for ALL branches
Be Sure to Check...
Check Report parametersno vendor or payable has been excluded
Report datesset only for the month to be balanced
Reports run for ALL branchesAnticipated Cash Disbursements Report
Include Negatives: YES
Troubleshoot!
Check dated before Payable
Troubleshoot!
Check dated before PayableBalance each vendor
to narrow down “the culprit”
Troubleshoot!
Check dated before PayableBalance each vendor
to narrow down “the culprit”
Find payables dated after check check registerexpense journal
Troubleshoot!
Check dated before PayableBalance each vendor
to narrow down “the culprit”
Find payables dated after check check registerexpense journal
Print checks with correct date
Balancing to LEDGER
If you are in balance from one month to the other, then you can compare balances to the General Ledger.
Ledger/Reporting/Transaction History Report/Limit to period being balanced and Payables or Receivables Accounts
If you do NOT balance to LEDGER
Print Ledger Transaction History ReportLimit to AR/AP account # and period being balanced
If you do NOT balance to LEDGER
Print Ledger Transaction History ReportLimit to AR/AP account # and period being balanced
Check for incorrect postings to the GLOnly the reports used to balance in formula should be posted to the GLwith one exception, on the Payables side…
Voided Check Register
Only shows checks voided AFTER the Check Register has been committed
Voided Check Register
Only shows checks voided AFTER the Check Register has been committedChecks voided before Check Register is committed: VOID
No entry made on Voided Check Register
Voided Check Register
Not included in the balancing formula, because the check will show as voided on the Check Register
Voided Check Register
Not included in the balancing formula, because the check will show as voided on the Check RegisterNeeds to be posted to the Ledger to reverse the posting from the Check Register
Summary
Balancing formulas ensure transactions are flowing through the system correctlyTroubleshoot balancing problemsCompare balances to the General Ledger
For More Information…
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