Understanding Chart of Accounts

 

TABLE OF CONTENTS

Entering Unapplied Receipts (Type Input Code 1)                                                                     2

Entering Balance Forward Receipts (Type Input Code 2).............................................................................................. 4

Entering Logged receipts (Type Input Code 3)................................................................................................................. 8

Entering General Ledger Receipts (Speed)...................................................................................................................... 10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Entering Unapplied Receipts (Type Input Code 1)

Concept

You can apply a receipt to a customer’s account balance instead of matching it to a specific invoice or group of invoices. To do this, enter an unapplied receipt using type input code 1. This method enables you to update your customer’s account and recognize cash immediately, and then match the receipt to invoices at a later time.

Unapplied receipts have the following characteristics:
• You apply them at the customer account level rather than to a specific invoice.
• They remain open until you apply them to the appropriate invoice.
• They immediately recognize cash for your business.
• They create an original document type of RU with a posted code of D (posted).
 • The system expresses them as credit amounts.

You can use the Speed Receipts Entry program or the Standard Receipts Entry program to enter unapplied receipts. The Speed Receipts Entry program provides a faster way to enter one or more unapplied receipts. However, you cannot use this program to revise, apply, or delete an unapplied receipt. To apply, revise, or delete an unapplied receipt, you must use the Standard Receipts Entry program.

 Procedure

In this task, you will enter unapplied receipts.

Step

Action

Click the Speed Receipts Entry program on the AR_Accounts Receivable menu 

 

 

 

Use the Speed Receipts Entry form to quickly enter high-volume, simple receipts. You are not required to match receipts to invoices or even apply them to a specific customer’s account. You can enter receipts with the minimum amount of information in order to speed the recognition of cash in your general ledger.

Click in the Company field.

Use the Company field to enter a code that identifies a specific organization, fund, or other reporting entity.

Enter “06000“.

Click in the Remark field.

Use the Remark field to enter a description for your transactions.

Enter the desired information into the Remark field. Enter “Daily Deposit“.

Click in the G/L Date field.

Use the G/L Date field to enter the date that identifies the financial period to which the transaction will be posted.

Enter the desired information into the G/L Date field. Enter “01/01/2020".

Click in the Receipt Date field.

Use the Receipt Date field to enter the date on the check or the date that you enter the receipt into the system. The receipt date is used for information and reporting purposes only.

Enter the desired information into the Receipt Date field. Enter “01/01/2020“.

Click in the Receipt Number field.

Use the Receipt Number field to enter an alphanumeric code that identifies a check or receipt.

Enter the desired information into the Receipt Number field. Enter “Sales 1234“.

Click in the Payor Address field.

Use the Payor Address field to enter a user-defined name that identifies an address book record. You can use this field to enter and locate information. 

Enter the desired information into the Payor Address field. Enter “11210“ (MAXITRANS BALLARAT MANUFACTURI)

Use the Receipt Amount field to enter the actual amount of the receipt or payment.

Click in the Receipt Amount field.

Enter the desired information into the Receipt Amount field. Enter “1000“.

Click the OK button.

Click the Cancel button.

You have successfully entered unapplied receipts.

End of Procedure.

 

Entering Balance Forward Receipts (Type Input Code 2)

Concept

You can enter a receipt and have the system apply it to the oldest open invoice or group of invoices in a customer’s account. To do so, enter a balance forward receipt (Type Input 2). The system processes balance forward receipts exactly the same as when you use type input code 10 on the Standard Receipts Entry form.

 

If an amount remains on the receipt after applying it to all open invoices, the system creates an unapplied receipt. Later, you can apply the receipt to future invoices that you create for the customer. If the invoice amount is greater than the receipt amount, the system applies a partial payment to the invoice.

Procedure

In this task, you will enter a balance forward receipt.

Step

Action

Click the Speed Receipts Entry menu.

Use the Speed Receipts Entry form to quickly enter high-volume, simple receipts. You are not required to match receipts to invoices or even apply them to a specific customer’s account. You can enter receipts with the minimum amount of information in order to speed the recognition of cash in your general ledger.

Click in the Company field.

Use the Company field to enter a code that identifies a specific organization, fund, or other reporting entity.

Enter the desired information into the Company field. Enter “11000 “.

Click in the Type Input field.

Use the TI (Type Input) field to enter a code that specifies how the system processes a transaction during receipts entry. The system will not process transactions with a blank or invalid type input.

Enter the desired information into the Type Input field. Enter “2“.

Click in the G/L Date field.

Use the G/L Date field to enter a date that identifies the financial period to which the transaction will be posted.

Enter the desired information into the G/L Date field. Enter “01/01/2020“.

Click in the Receipt Date field.

Use the Receipt Date field to enter the date on the check or the date that you enter the receipt into the system. The receipt date is used for information and reporting purposes only.

Enter the desired information into the Receipt Date field. Enter “01/01/2020“.

Click in the Receipt Number field.

Use the Receipt Number field to enter an alphanumeric code that identifies a check or receipt.

Enter the desired information into the Receipt Number field. Enter “12345“.

Note that the system enters default information in the Bank Account and Currency fields based on the information you entered in the header. These values are based on the automatic accounting instructions entered when the company was created in the system.

Click in the Payor Address field.

Use the Payor Address field to enter a user-defined name that identifies an address book record. You can use this field to enter and locate information. If you enter a value other than the address book number, such as the long address number, you must precede it with the special character that is defined in the Address Book constants. When the system locates the record, it returns the address book number into the field.

Enter the desired information into the Payor Address field. Enter “11210 “.

Click in the Receipt Amount field.

Use the Receipt Amount field to enter the actual amount of the receipt or payment.

Enter the desired information into the Receipt Amount field. Enter “5000“.

Click the horizontal scrollbar.

The system pays the customer’s invoices that have due dates equal to or greater than the date that you specify. If you leave the Bal Fwd Start Date field blank, the system pays invoices in due date order (oldest to most recent).

Click in the Document Number field.

Use the Document Number field to enter a number that identifies the original document, such as a voucher, invoice, or journal entry.

Enter the desired information into the Document Number field. Enter “19951“.

If you specify an invoice number when you enter a balance forward receipt, the system applies the receipt against the pay items for only that invoice.

Click in the Doc Type field.

Use the Doc Type field to enter a user-defined code that identifies the origin and purpose of the transaction.

Enter the desired information into the Doc Type field. Enter “RI“.

Click the OK button.

Click the Cancel button.

You have successfully entered a balance forward receipt.

End of Procedure.

 

Entering Logged receipts (Type Input Code 3)

Concept

If you are uncertain about which customer account to credit for a payment, you can enter a logged receipt. Logging receipts allows you to deposit payments, improve your cash flow immediately, and apply the receipt to the customer account and their invoices later. This method of entering receipts is useful when the people who enter receipts and make the bank deposits are different than those who match the receipts to a customer or invoices.

When you enter a logged receipt, the system creates a record in both the Receipts Header (F03B13) and Receipts Detail (F03B14) tables.

After you enter a logged receipt, you must post it to update the bank account balance. When you post a logged receipt, the system distributes the total amount of the receipt to a suspense account that you specify in the AAI item RCLC. After you apply the receipt to a customer’s account, the system clears the suspense account and updates the appropriate A/R trade account. 

Note that if you do not post the logged receipt before you apply it to the customer’s account, the system deletes the logged receipt records from the F03B14 table.

Prerequisite

Before you complete this task, you must set up AAI item RCLC (logged receipts) for the suspense account.

Procedure

In this task, you will enter logged receipts.

Step

Action

Click the Speed Receipts Entry menu.

Use the Speed Receipts Entry form to quickly enter high-volume, simple receipts. You are not required to match receipts to invoices or even apply them to a specific customer’s account. You can enter receipts with the minimum amount of information in order to speed the recognition of cash in your general ledger.

Use the Company field to enter a code that identifies a specific organization, fund, or other reporting entity.

Enter the desired information into the Company field. Enter “11000“.

Click in the Remark field.

Use the Remark field to enter a description for the transaction.

Enter the desired information into the Remark field. Enter “Bank Deposit“.

Click in the Type Input field.

Use the TI (Type Input) field to enter a code that specifies how the system processes a transaction during receipts entry. The system will not process transactions with a blank or invalid type input.

Enter the desired information into the Type Input field. Enter “3“.

Click in the G/L Date field.

Use the G/L Date field to enter a date that identifies the financial period to which the transaction will be posted.

Enter the desired information into the G/L Date field. Enter “02/02/2020“.

Click in the Receipt Date field.

Use the Receipt Date field to enter the date on the check or the date that you enter the receipt into the system. The receipt date is used for information and reporting purposes only.

Enter the desired information into the Receipt Date field. Enter “02/02/2020“.

Click in the Receipt Number field.

Use the Receipt Number field to enter an alphanumeric code that identifies a check or receipt.

Enter the desired information into the Receipt Number field. Enter “2345“.

Click in the Receipt Amount field.

Use the Receipt Amount field to enter the actual amount of the receipt or payment.

Enter the desired information into the Receipt Amount field. Enter “4000“.

Click the OK button.

Click the Cancel button.

You have successfully entered logged receipts.

End of Procedure.

 

Entering General Ledger Receipts (Speed)

If you receive a miscellaneous payment, such as a rebate check, that is not associated with a customer’s account you can enter it into the system using the Speed Receipts Entry program. This method enables you to credit the appropriate general ledger account and include the amount in your bank deposit.

When you enter a G/L receipt, you can distribute it to one G/L account or several. When entering a G/L receipt, you can choose a receipt and redistribute it among multiple G/L accounts. For example, you might want to distribute the amount of a refund check among different revenue or cash accounts. The amounts that you distribute among various G/L accounts must equal the total amount of the receipt.

After you enter a G/L receipt, you must post it to update the account information.

Procedure

In this task, you will enter a general ledger receipt.

Step

Action

Click the Speed Receipts Entry menu.

Use the Speed Receipts Entry form to quickly enter high-volume, simple receipts. You are not required to match receipts to invoices or even apply them to a specific customer’s account. You can enter receipts with the minimum amount of information in order to speed the recognition of cash in your general ledger.

Use the Company field to enter a code that identifies a specific organization, fund, or other reporting entity.

Enter the desired information into the Company field. Enter “11000“.

Click in the G/L Date field.

Use the G/L Date field to enter a date that identifies the financial period to which the transaction will be posted.

Enter the desired information into the G/L Date field. Enter “01/01/2020“.

Click in the Remark field.

Use the Remark field to enter a description for the transaction.

Enter the desired information into the Remark field. Enter “Disability Insurance Refund“.

Click in the Receipt Date field.

Use the Receipt Date field to enter the date on the check or the date that you enter the receipt into the system. The receipt date is used for information and reporting purposes only.

Enter the desired information into the Receipt Date field. Enter “01/01/2020“.

Click in the Type Input field.

Use the TI (Type Input) field to enter a code that specifies how the system processes a transaction during receipts entry. The system will not process transactions with a blank or invalid type input.

Enter the desired information into the Type Input field. Enter “4“.

Click in the Receipt Number field.

Use the Receipt Number field to enter an alphanumeric code that identifies a check or receipt.

Enter the desired information into the Receipt Number field. Enter “67867MM“.

Click in the Receipt Amount field.

Use the Receipt Amount field to enter the actual amount of the receipt or payment.

Enter the desired information into the Receipt Amount field. Enter “500“.

Click the horizontal scrollbar.

Click in the G/L Account Number field.

Use the G/L Account Number field to enter a value that identifies an account in the general ledger.

Enter the desired information into the G/L Account Number field. Enter “11060.8128“.

Click the OK button.

Click the Cancel button.

You have successfully entered a general ledger receipt.

End of Procedure.