Balancing Receivables and Payables - Epicor · Objectives • Use the Balancing Formula to balance...

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




(optional package)







$943,655.25

Step 2: A/R Balance

Monthly Invoice Register- Add in the AR Balance Field




(optional package)







$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




(optional package)







$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




(optional package)







$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




(optional package)







$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




(optional package)







$943,655.25243.67

1,500.00

1,086.67

350.00

100.00


Print Open Detail Report from the end of the current month


The Total Open A/R figure should match the balancing formula




(optional package)







$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)


Print the Open Detail Report from Prior Month


Add in the Total Open Amount

Balancing Payables

$987,571.09Open Detail Report(from prior 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)





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






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



- Gross Amount Check Register




Print an Open Detail from the end of month that you are trying to balance.


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



- Gross Amount Check Register



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...



Reports run for ALL branches

Be Sure to Check...



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!



Find payables dated after check check registerexpense journal

Troubleshoot!



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


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


Not included in the balancing formula, because the check will show as voided on the 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…

Prophet 21/Acclaim Help FilesVisit Activant on the web: http://distribution.activant.com/

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See solutions 3532 and 2600

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Balancing Receivables and Payables - Epicor · Objectives • Use the Balancing Formula to balance...

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