CENTRAL SUSQUEHANNA INTERMEDIATE UNIT Application: Fund Accounting

Transcription

1 CENTRAL SUSQUEHANNA INTERMEDIATE UNIT Application: Fund Accounting Correction of Accounts Receivable Payment Learning Guide 2010 Central Susquehanna Intermediate Unit, USA

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3 Table of Contents Introduction...1 AR > Customer Inquiry...2 Update Screens > Journal Worksheet...3 Previewing and Printing a Journal Worksheet...4 Update Screens > Transaction Master...7 Account Liquidation - Encumbered Revenue Central Susquehanna Intermediate Unit, USA

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5 INTRODUCTION This Learning Guide will review making a correction for an Accounts Receivable payment that was mistakenly applied to the wrong customer after Double Entry has been completed. Revised: 05/19/ Central Susquehanna Intermediate Unit, USA Page 1

6 When a payment to an Accounts Receivable Invoice has been posted incorrectly, corrections will need to be made. Please use the following steps to rectify the error. AR > CUSTOMER INQUIRY In the example below, a payment was posted to the wrong invoice. Revised: 05/19/ Central Susquehanna Intermediate Unit, USA Page 2

7 UPDATE SCREENS > JOURNAL WORKSHEET To correct the entry a Journal Worksheet will need to be created to review the payment. In the Account Code field (Required), enter the appropriate account code, proration code, or cross reference to be adjusted. You can right-click in the field for account code look up. As you TAB out of the Account Code field, the Cross Reference (if one exists) automatically displays. Enter either a Debit or Credit amount (Required). In the Description field in the grid, enter a user-defined description for the entry, up to 50 characters. If you enter a description in the grid, it overrides the journal s default Description (at the top of the screen). Use the scroll bar to display additional fields (see below). Enter the Vendor code. (You can right-click in the field for customer look up.) In the Invoice Date field, enter the invoice date in mm/dd/yyyy format. In the Invoice# field, enter the invoice number, up to 16 characters. Enter as many rows as needed to reverse the incorrect posting and to post to the correct invoice. Revised: 05/19/ Central Susquehanna Intermediate Unit, USA Page 3

8 PREVIEWING AND PRINTING A JOURNAL WORKSHEET You can preview and print a Journal Worksheet before posting it. Simply select the Preview button to generate the Journal List. CAUTION: Keep in mind that the Date of the worksheet is the transaction date. When it is balanced and you are ready to post your Journal Worksheet, click the Post button to create a J transaction and assign a batch number. Revised: 05/19/ Central Susquehanna Intermediate Unit, USA Page 4

9 To print the batch, select the REPORTS > BATCH PROOF menu item. Select the sort criteria for Invoices. Revised: 05/19/ Central Susquehanna Intermediate Unit, USA Page 5

10 Notice that this report includes invoice totals and descriptions along with the customer information. The Journal Worksheet recorded the correct payment to Invoice # and the Open Amount is now correct. Revised: 05/19/ Central Susquehanna Intermediate Unit, USA Page 6

11 UPDATE SCREENS > TRANSACTION MASTER Account Liquidation - Encumbered Revenue To correct the Open Amount for Invoice # the following steps need to be taken. 1. Enter the Liquidation Date. 2. Select the Check Account. 3. In the Reencumb. Amt field, enter the total amount still due on the invoice. 4. A No Amount Received message displays to alert you. Click the Yes button to continue. The Liquidate Revenue Batch will zero out the (100.00) in the Outstand Encum field. Revised: 05/19/ Central Susquehanna Intermediate Unit, USA Page 7

12 The Reencumber Batch will establish the correct amount of (200.00). See the following examples of the Invoice Detail Listing after all the corrections have been made. Revised: 05/19/ Central Susquehanna Intermediate Unit, USA Page 8

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