1 Write-Offs (ID.13). 2 Current Process – Key Components ID Media processes write-offs from MBox...
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Transcript of 1 Write-Offs (ID.13). 2 Current Process – Key Components ID Media processes write-offs from MBox...
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Write-Offs(ID.13)
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Current Process – Key Components ID Media processes write-offs from MBox in the production system There are 2 types of write-offs:
1. Accounts Receivable bad debt
2. Vendor invoices for jobs which have been closed in MBox but new invoices are received and processed through A/P
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Proposed Future State Process - Details SSC will process the bad debt write offs (AR) for the agency via a
journal entry. For the vendor write-off, create a client related Non-Billable job in
Vantage to process vendor invoices.
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Proposed Future State Process - Details
Calculation Sheet for Bad Debts Reserve
91-180 181-270 271-360 > 3601040001 0.00 0.00 0.00 0.001040002 1,008.88 0.00 200.00 964,415.821040003 0.00 0.00 0.00 0.001040004 0.00 0.00 0.00 0.001040005 0.00 0.00 0.00 0.00
1,008.88 0.00 200.00 964,415.82
Reserve CalculationsSP&P Rates ---> 5% 25% 50% 100% Total Reserve Comments
1040001 0.00 0.00 0.00 0.00 0.00 No Reserve Needed1040002 50.44 0.00 100.00 964,415.82 964,566.26 Reserve Needed1040003 0.00 0.00 0.00 0.00 0.00 Not Material No Reserve Needed1040004 0.00 0.00 0.00 0.00 0.00 Not Material No Reserve Needed1040005 0.00 0.00 0.00 0.00
Total 50.44 0.00 100.00 964,415.82 964,566.26
Profit Center /Aging Buckets
Sample of Bad Debt Reserve:
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Proposed Future State Process - Details IPG SP&P 203 Allowance For Doubtful Accounts – Receivables:
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Proposed Future State Process - Details SSC Cash Applications receives a request from the agency to
write off bad debts
SSC will write-off bad debts based on the agency request
Bad debt ends up in Corporate Expenses
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Proposed Future State Process - Details For Vendor Write-Offs, ID Media/MPC will create a client related
non-billable job
Create an internally approved estimate with no material code
Create a Production PO with the material code “10759” (production fee) for the amount of the vendor invoice
Vendor invoice will be attached to the PO and approved by the agency for payment
Post vendor invoice
Execute General Ledger report (Zgl_Activity – GL Line Item With Offsetting Information) to view posting
show
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Proposed Future State Process - DetailsCreate Client Related Non-Billable job, with manual
budget
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Proposed Future State Process - Details
Create production PO using material#10759
(production fee) for the amount of the
vendor invoice
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Proposed Future State Process - Details
Post Vendor Invoice
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Proposed Future State Process - Details
Post Vendor Invoice
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Proposed Future State Process - Details
Execute zgl_activity
report to view posting.