Core Accounting Functions

Transcription

1 1 May 1, 2014 Presented by Rahul Karadi Overview During ur sessin tday we will review basic accunting prcedures spanning, banking functins, inventry csting, installer invice pstings and jb csting. These steps are critical t ur business and allws us the ability t determine what is happening n a daily basis. Additinally we ll lk at AR and the general ledger jurnal clse. Which will allw yu t determine what the financial health and wellbeing f yur business is. With the training tday, yu will get a gd understanding f the day t day prcedures required t run the accunting department f yur business. Sessin Outline Banking Prcedures Depsits Psting a handwritten check Bank Charges Bank Recnciliatin Baking Filters Inventry Csting Prcessing Installer Invices Via Schedule Pr Via Order Entry Jbcsting Sales Orders Accunts Receivable Finance Charges Printing Statements General Ledger Clse Clse Jurnal Balance cntrlling Accunts Financial Reprting Banking Prcedures Psting Depsits fr Sales This functin ties the payments cllected via rder entry r multiple payment t the bank and the GL. 1

2 2 Pst Depsit Buttn Pst Depsit based upn Receipt Recap Reprt Data Recrding a Single Check This functin is used when a check is manually written and then psted t bank after the fact. This will recrd the transactin in the bank and als create the apprpriate jurnal pstings, and a paid AP in Accunts Payable 2

3 3 Recrd Single Check 3

4 4 Entering a Bank Charge This is used t recrd in the bank and GL a charge that hit yur bank accunt w/ut a check being written Examples: wuld be a direct debt, bank fee, NSF Check r even utside payrll Enter Bank Charge Click Here Fr Psting Bank Charge Insert Jurnal Accunt Cde Bank Recnciliatin This functin must be dne mnthly t cmplete the mnth end prcess and accunt fr all bank activity that ccurred in the mnth t be clsed By cmpleting this prcedure yu can als keep better track f what utstanding activity there is in a certain time perid Recncile Bank 4

5 5 Bank Filter Use this ptin t search and srt fr specific bank transactins, and then be able t print the check register in the filtered frmat if necessary Click Here Fr Banking Filter 5

6 6 Inventry Csting Fr inventry (special rder r stck items) t be jbcsted against rders, the vendr invice must be cst matched t the purchase rder and material received This prcess is dne via the inventry mdule under receiving/csting COST INVENTORY- ENTERING SUPPLIER INVOICE Cst Inventry Select COST FROM INVOICE OPTION Click n BUTTON t access Supplier file 6

7 7 1) Fill in the 1st few characters f the Suppliers Name 2) Hit the TAB key t find it 3) Select Highlighted Recrd using 3 standard ptins a) Enter b) Duble Click c) Click n the Finger Icn Enter the A/P Basic Infrmatin 1) Vendr's Invice # 2) Invice Date 3) Due Date (IF aut ppulated- Cnfirm) 4) Disc % (IF aut ppulated- Cnfirm) 5) Freight Amunt (IF applicable) Click n the GREEN "+" Key OR Hit INSERT n Keybard 7

8 8 Select Nt Csted Optin Rlls=Carpet & Vinyl Items= All ther Materials Find & Select Recrds t be Csted 1) Search fr recrds t be csted using TABS alng the tp Rlls=Lk up by ROLL# Items=Lk up by LADING# 2) Highlight Recrd 3) TAG t be csted using 3 ptins a) Click in the space next t Stre cde b) Hit the Spacebar n Keybard c) Click n the TAG icn at the tp f screen 4) When all recrds have been selected click n DONE at tp f the screen Click n DOUBLE PENCIL fr Batch Tagging Optin 8

9 9 Validate the INITIAL VALUE fr the PO Line Cst = Grss Cst x Qty Rec'd If Cst is crrect click n OK Prceed t next recrd If Cst is NOT Crrect ** STOP*** Is it a COST difference b) Is it a QTY difference Are the dcuments are available t validate cst and/r Qty difference? (See belw) Crrect the recrd Enter in the NOTES the changes that were made and justificatin fr the change. Prceed t Next Recrd QUANTITY -Difference t be validated against receiving dcument t ensure the prper qty was entered COST -Difference t be validated against the vendr's PO cnfirmatin f cst when rder was placed IF DIFFERENCES CANNOT BE VALIDATED, ABORT COSTING ROUTINE. RE-START COSTING ROUTINE WHEN VALUES HAVE BEEN CORRECTED! 9

10 10 D the INVOICE VALUE and VENDOR INVOICE Match? Yes, CLICK ON A/P 1) Add the Invice# and Date t Inventry Recrd 2) Creates the A/P Recrd t be saved N, GO BACK validate EACH Inventry Recrd 1 When ALL csts have been validated click the AP arrw. VERIFY THAT ALL COSTS AND FREIGHT ARE CORRECT PRIOR TO DOING SO 10

11 11 Adjust invice ttals fr nninventry related fields and/r amunts as needed DO NOT adjust the invice# date r value f the A/P detail created frm the INVENTORY COSTING rutine.see special instructins if this is needed t fix inventry Add Remittance advice details fr explanatin f shrt payment r ther infrmatin that will be printed t a reprt dcument when the check is issued. Enter Ntes t recrd internal infrmatin regarding this payable. Click n OK 11

12 12 Prcessing Installer Pay There are tw ways t apply pay against a jb ptin ne is via Schedule Pr, and ptin tw is t enter the prvider recrds manually which is dne via rder entry with ne f the fur chices listed belw. In either case this is an imprtant part f the prcess t ensure accurate jbcsting and accurate payment t yur installer crews. Pay via Schedule Pr First cnfirm the Wrk Ticket infrmatin is ACCURATE QTY, RATE, TOTAL If the Jb has changed and there is a different QTY r RATE the rder must be adjusted and the Scheduled Event must be adjusted t reflect the difference 12

13 13 Filter screen fr apprpriate criteria like dept, date and installer Shw NOT CREATED Recrds 13

14 Cnfirm the Wrk Ticket Dcument t 1) CREW NAME 2) QUANTITY 3) TAG lines t be sent t Prviders (Optinal) Click n Shw Recrds fr Created t cnfirm the prvider s recrds that were sent ver, r t lk fr duplicate wrkrders Paying installers via Order Entry 14

15 15 1. G t Order Entry > Find Custmer Order > Click n Prvider s Icn, r 2. G t Order Entry > Edit Order > Click n Prvider s Icn at Bttm f Screen, r 3. G t Order Entry > File > Prviders > Add Recrds, r 4. G t Order Entry > Find Custmer Order > Jb Cst Order > Add Prvider 1-Select name f installer frm Prvider r Supplier list 2- Select install date prduct cde and service 3-Verify rate, quantity and ttal earnings 4- Click k 5- Verify actual and budget labr balance, this is critical t accurate jbcsting 15

16 16 Jbcsting Custmer Sales Orders Jbcsting an rder marks a jb as cmplete, which makes the apprpriate GL pstings, psts t sales/use tax what yur business wes and als makes an entry t cmmissins Jb Csting will: Debit Accunts Receivable/Credit Sales fr Invice Amunt incl. Sales Tax. Debit Cst f Gds Sld (Material) and Credit Inventry (Material Cst in Inventry at time f Jb Cst) Additinally it is imprtant t nte that w/ut jbcsting yu are unable t apply finance charges t sales rders r generate statements t custmers We als require that all supplier invices and installers invices have been applied against the jb therwise, the system will nt allw yu t jbcst the transactin. Withut these entries, yu wuld get incrrect GL pstings, and that is why RFMS prevents jbcsting w/ut them 1-Cnfirm cmmissin schedule 2- Whether a jbcst sheet and cpy f invice are necessary 3-Transactin date (AR date) 4-Verify Prvider csts (They must balance) 5-Overhead, discunt rate and due date 6- Click k 16

17 17 Finance Charges Tag the Invices which shuld receive Finance Charges > Pst 17

18 18 Tag Stre(s) Tag Invices fr finance charges Pst t AR 18

19 19 Printing Statements 1-Select statement date 2-Tag stres, jb types and aging frm 3- Select print ptins as well as lg inf and envelpe type 4-Print 19

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21 21 General Ledger Mnth End Prcedures Overview Fllwing a standardized list f mnth end clsing prcedures will facilitate the end f mnth clsing prcess in RFMS. Smart businesses wners want t generate accurate financial statements as quickly as pssible at the end f each mnth s they can get a reprt card fr their business. Areas t be cvered include bank recnciliatins, inventry csting, review f pen rders fr jb csting, psting f expense payables, updating inventry receipts and when t run key reprts n the last day f the mnth. Utilizatin f the RFMS General Ledger allws yu t get a cmplete picture f yur cmpany s financial wellbeing. The general ledger and jurnal allw yu t generate custmizable incme statements, balance sheets, and trial balances. Prerequisites RFMS is being used cmpletely frm Order Entry, Purchase Orders, jbcsting f rders, Accunts Payable, and check writing. All vendr merchandise and expense invices are entered All pen jbs have been reviewed and jbcsted as needed Bank statements are recnciled t the RFMS GL bank balance Mnthly sales/use tax reprt is finalized Preparing fr Mnth End Prir t clsing the jurnal in RFMS there are several key prcedures t be perfrmed. Pst all depsits fr mnth t be clsed t the bank accunt(s) All pen jbs have been reviewed and jbcsted as needed Run the Open Orders reprt r the Orders/Qutes w/ Prfit Reprt fr nly Undelivered sales. Bank statements are recnciled t the RFMS GL bank balance Mnthly sales/use tax reprts are finalized Pst all vendr invices dated fr the mnth yu are clsing. Receive all material delivered in mnth t be clsed. Print inventry adjustments reprt (Inventry, Reprts, Adjustments and enter the dates fr the mnth yu are clsing). Delete any adjustments which were nt true gains/lss/devalue/increased value t inventry. 21

22 22 General Ledger dates Accunting, File, General Ledger, GL Dates. This ptin allws users t easily view their last jurnal and general ledger clse dates. Clsing the Jurnal Accunting, File, General Ledger, General Ledger Functins, Jurnal Clse Enter in sales tax liability Include Inventry Adjustments OPTIONAL Subaccunt Inventry After running the Preliminary Clse prcedure, print the Trial Balance Minimally print jurnal fr select accunt cdes (Bank, AP, AR, Custmer Depsits, Sales, Cst f Gds Sld, and Inventry (OPTIONAL: print additinal files shwcasing batch entries int cre accunts). 22

23 23 Save the Jurnal Clse. 1. Balance the cre accunt cdes t the jurnal and general ledger by printing the fllwing reprts a. Check Registers: Accunting File Banking Add/Edit Checks Printer Change dates t current mnth b. Mnth End A/R and Custmer Depsits Reprt: Accunting File - Mnth End - Mnth End AR (Change mnth and select AR Reprt and Custmer Depsits Reprts) c. Mnth End A/P Reprt: Accunting File Mnth End - Mnth End AP Reprt (by Supplier Open Only fr current mnth) d. Mnth End Inventry Reprt: Accunting File Mnth End - Mnth End Inventry Reprt back dated t the last day f the mnth clsing. e. Jb Cst Analysis Reprt: Sales Reprts File - Jb Cst Analysis - Run the Jb Cst Summary reprt including adjustments fr the current mnth 23

24 24 Cmpare the jurnal ending balance numbers t the reprt numbers by using chart belw Balance Amunt Difference Cmpare jurnal t Bank Accunts Check Register Ending Bal Jurnal Ending Balance Cmpare jurnal t Accunts Receivable Mnth End AR Reprt Jurnal Ending Balance Cmpare jurnal t Inventry Value Reprt Ending Balance Mnth End Inventry Bal Reprt Jurnal Ending Balance Cmpare jurnal t Accunts Payable Mnth End AP Reprt Jurnal Ending Balance Cmpare jurnal t Custmer Depsits Ending Balance Mnth End Custmer Depsits Jurnal Ending Balance Cmpare Sales t the Jb Cst Analysis Invice Ttal JC Analysis Invice Ttal Jurnal Credit Amunt Cmpare Cst f Materials debits t the Jb Cst Analysis Grss Material ttal including adjustments JC Analysis Material Cst Jurnal Debit Amunt After the Jurnal Clse It is recmmended that all general ledger accunts be reviewed fr accuracy. In particular, Balance Sheet accunts shuld be recnciled and adjusted as necessary. This may be an in-huse accunting respnsibility r the respnsibility f yur CPA. Cnsult yur CPA t determine if there are accunts yu shuld be recnciling. 24

25 25 Financial Reprting Several reprts can be generated ut f RFMS t indicate the perfrmance f the business. These reprts can be accessed frm the Accunting mdule, File, General Ledger, General Ledger Functins. Nte that these are nly accurate fr mnths where the jurnal has been clsed. Belw is a list f the reprt. Jurnal select stres, dates, and accunt cde(s) t see individual debits/credits in each accunt. Optins Print batch entries nly shws nly user input batch entries. Print beginning balances shws the balance at the beginning f each mnth fr each accunt cde(s) Trial Balance select mnth and stres t view a summary f ttal debits/credits fr each accunt cde. Balance Sheet select mnth and stres t view a balance sheet shwing the assets and liabilities fr the cmpany. Statement f Incme select mnth and stres t view the incme statements fr the stre(s). Single Mnth current mnth and YTD ttals Current Mnth/Previus Mnth current mnth, this mnth last year, YTD ttals fr this year and YTD ttals fr last year ttals Six Mnths at a Glance Legal size reprt shwing 6 mnths tgether and YTD Twelve Mnths at a Glance - Legal size reprt shwing 12 mnths tgether and YTD ttals Custmized Incme Statements -Allws yu t custmize yur Statement f Incme reprt by selecting specific accunt cdes frm the Chart f Accunts. Using this feature, yu are able t create a persnalized reprt that allws yu t view items frm the General Ledger in a variety f different ways. (Accunting mdule, File, General Ledger, Utilities, Custmized G/L Print t add the cnfiguratin). 25

26 26 On Last Day f Mnth T Be Clsed RFMS JOURNAL CLOSING CHECKLIST MONTH ENDING 20 Balance Petty Cash by cutting check t cash, cded t the receipts t bring petty cash back t balance Depsit all utstanding checks and cash and credit card transactins First Week f Next Mnth Recncile Check Bk with the bank statement Ensure all utstanding AP fr mnth t be clsed are entered Ensure all utstanding Jbcsting fr mnth t be clsed are entered Run reprt f prir mnth s inventry adjustments. Inventry Reprts Inventry Adjustments Reprt fr the date f the mnth t be clsed. Review the reprt and lk fr false adjustments. Delete any adjustments which were nt true gains/lss/devalue/increased value t inventry. At Jurnal Clsing Time (usually the 10 th -20 th f the next mnth) 1. Accunting - File General Ledger General Ledger Functins Jurnal Clse - Preliminary Clse Jurnal, enter sales tax liability, and include inventry adjustments 2. Print jurnal fr select accunt cdes (Bank, AP, AR, Custmer Depsits, Sales, Cst f Gds Sld, and Inventry). 3. Print Preliminary Trial Balance 4. Save jurnal clse 5. Print the fllwing reprts a. Check Registers: Accunting File Banking Add/Edit Checks Printer Change dates t current mnth b. Mnth End A/R and Custmer Depsits Reprt: Accunting File - Mnth End - Mnth End AR (Change mnth and select AR Reprt and Custmer Depsits Reprts) c. Mnth End A/P Reprt: Accunting File Mnth End - Mnth End AP Reprt (by Supplier Open Only fr current mnth) d. Mnth End Inventry Reprt: Accunting File Mnth End - Mnth End Inventry Reprt back dated t the last day f the mnth clsing. e. Jb Cst Analysis Reprt: Sales Reprts File - Jb Cst Analysis - Run the Jb Cst Summary reprt including adjustments fr the current mnth 6. Cmpare the jurnal ending balance numbers t the reprt numbers by using chart belw. Balance Amunts Difference Cmpare jurnal t Asset Accunts Cash in Bank Jurnal Ending Balance 26

27 27 Cmpare jurnal t Accunts Receivable Mnth End AR Reprt Jurnal Ending Balance Cmpare jurnal t Accunts Payable Mnth End AP Reprt Jurnal Ending Balance Cmpare jurnal t Custmer Depsits Ending Balance Mnth End Custmer Depsits Jurnal Ending Balance Cmpare jurnal t Inventry Value Reprt Ending Balance Mnth End Inventry Bal Reprt Jurnal Ending Balance Cmpare Sales t the Jb Cst Analysis Invice Ttal JC Analysis Invice Ttal Jurnal Credit Amunt Cmpare cst f materials debits t the Jb Cst Analysis Grss Material clumn JC Analysis Material Cst Jurnal Debit Amunt Optinal steps These steps are ptinal and are recmmended t recncile these accunts in additin t the RFMS cre accunts. Cmpare Assets t Depreciatin Schedule/Balance Sheet (i.e. Furniture, Auts, Displays, etc.), Accrued Wages and Cmmissins, Prepaid Expenses, Jbs in Prgress, Ntes Receivable, Nte Payable, Depreciatin Expense 27