BALANCING Reports to Run Media Services Group Ltd by alicejenny

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									THE MEDIA SERVICES GROUP
      USER GROUP 2007

       BALANCING
      FOCUS ON A/R
                   A/R BALANCING
• General Procedures – all reports should be run by
    period not date. It is recommended to close the period you
    are balancing, so no one can enter transactions against that
    period or any prior period. Only the current period should
    be open when balancing the prior month.




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                   A/R BALANCING
•       Invoices - Run the Batch List for All Batches and
        All Modules. Make sure there are no batches that
        have not posted.
•       Post ALL open batches.
•       Cash - Make sure all cash receipts have been
        entered. If you are not posting to our general
        ledger, make sure you run the process Close Cash
        for a Period. (This can be run daily .)




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                        A/R BALANCING
• Reports to Run – For clients on 7.0 or later, the
  invoice and cash reports should be run with the flag
  checked to exclude items to CC type clients. For
  clients on 6.4 or earlier, you will need to run
  additional reports in Smart Query to select invoices
  and checks where the client is a Collection Agency.
       Invoice Register
       Invoice Distribution Summary.
            • The AR accounts on the Invoice Distribution Summary should
              equal the Invoice Total Column on the Invoice Register.




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                 A/R BALANCING
Sales Invoice Distribution Summary




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                 A/R BALANCING
Sales Invoice Register




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                      A/R BALANCING
• Cash Reports to Run –
       Cash Receipts Register
       Cash Receipts Distribution Summary.
            • The AR accounts on the Cash Receipts Distribution
              Summary should equal the total of the Amounts Paid,
              Discount and Invoice Write-off Columns on the Cash
              Receipts Register.




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                 A/R BALANCING
Cash Receipts Register




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                 A/R BALANCING
Cash Receipts Distribution Summary




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                 A/R BALANCING
• SC Journal Creation Report – you will need the
  amount of net change to the write-off or discount
  fields on a check. If you frequently have cash on
  account, which you apply at a later date, this report
  can be quite large. If you have been balancing AR on
  a regular basis, there is a flag in the AR Header that
  enables the system to suppress duplicate entries and
  only create an entry for the accounts that will have
  differences. This is not recommended until you have
  some comfort in balancing.



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                 A/R BALANCING
• SC Journal Creation Report




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                 A/R BALANCING
• Aging Report




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                 A/R BALANCING
•You can then roll forward the AR with these
reports using the following format.




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                        A/R BALANCING
• If you are still not balancing, we would recommend
  performing a Daily Balance Forward. This will enable us to
  help determine whether the problems lie in procedures or
  setup. Here are the steps and reports that need to be
  followed daily.
       Starting point – at the end of a day or the beginning of the next
        (prior to anyone processing invoices or checks) run an AR Aging. This
        aging should be run by period and must be for all companies, all
        pubs and all clients. It must include all cash and all invoice types. It
        should not include Collection Agencies. This report should be run in
        summary and sorted by the bill-to code.




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                     A/R BALANCING
       At the end of each day (after everyone is done processing) or the
        beginning of the next (prior to anyone processing/posting any
        invoices or checks) run another aging by period identical to the
        criteria above.
       Run the Daily Invoices, Daily Cash, Daily Bad Debt Write-offs, Daily
        Bad Debt Recovery and the GL Write-off reports (this report is not
        necessary for version 6.3 or later) from Inquiry Report Writer. Each
        of these reports will ask for a transaction date. The date entered
        should be the date just completed. These reports are all setup to
        work by entry date, not invoice or check date.
       Run the SC Journal Creation Report. This report can only be run by
        period. You are only interested in items that are for the entry date
        you are balancing. You want to note any changes to AR that were
        caused by a write-off of the check or invoice.
       Complete the Daily Roll-forward summary.




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                      A/R BALANCING
• If this doesn’t balance, start with:
       Gl Write-off Report – Do any of the invoices listed have a T at the
        end of the invoice number? If so, check to make sure they are not
        write-offs of an invoice transferred to a Collection Agency. If they are
        from a Collection Agency, subtract the write-off amount from the
        total.
• If this is still not the difference:
       Download the opening aging and the closing aging into excel. Create
        a difference column to show the difference between the two
        reports. This amount for each bill-to should be the net of invoices
        and cash processed for that date. I generally hide the aging columns
        and only display the client code, client name and balance for each
        aging. Depending on the size of our customer, this can be a quite
        tedious process. You will frequently need to re-space one set of the
        aging due to a client being on one and not the other.




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                   A/R BALANCING
       If the you utilize the process of paying invoices for one
        client with another client’s checks, these should net
        against each other.
       Once you have identified differences that do not agree
        with the invoices, checks and gl write-offs for that date,
        you need to review that client and determine what
        happened with their transactions.




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                  A/R BALANCING
Daily Cash Report
                                                  Fields to print:
                                                  SCASH.ID
                                                  CHECK.DATE
                                                  ENTRY.DATE
                                                  CHK.AMT           Total
                                                  INV.DISC.AMT Total
                                                  INV.WO.AMT        Total
                                                  WO.AMT            Total
                                                  PERIOD Break (this will show
                                                  you if you are entering for
                                                  more than one period and
                                                  whether it should effect the
                                                  aging or not.)


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                  A/R BALANCING
Daily Invoice Report

                                               Fields to print:
                                               CLIENT.NO
                                               INV.NO
                                               INV.TOT Total
                                               INV.DATE
                                               ENT.DATE
                                               PERIOD Break (this will show
                                               you if you are entering for
                                               more than one period and
                                               whether it should effect the
                                               aging or not.)



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                   A/R BALANCING
Daily Bad Debt Recovery Report
                                          This report allows you to add back in
                                          the checks that were applied to
                                          invoices already transferred to a
                                          Collection Agency. These checks will
                                          not affect the aging. Fields to print:
                                          @ID
                                          ENTRY.DATE
                                          CHECK.DATE
                                          CHK.AMT Total
                                          INV.DISC.AMT        Total
                                          INV.WO.AMT          Total
                                          WO.AMT Total
                                          PERIOD              Break
                                          Selection Criteria
                                          CLIENT.NO - These represent the client
                                          numbers of the Collection Agencies.


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                   A/R BALANCING
Daily Bad Debt Write-off Report
                                          This report allows you to subtract from
                                          the invoices, any items that were
                                          transferred to a collection agency using
                                          the Transfer process. This will also
                                          contain any credit memos done against
                                          Collection Agency invoices to represent
                                          their fees. These invoices will not affect
                                          the aging. Fields to print:
                                          CLIENT.NO
                                          INV.NO
                                          INV.TOT              Total
                                          INV.DATE
                                          ENT.DATE
                                          PERIOD               Break
                                           Selection Criteria: CLIENT.NO These are
                                          the numbers of the Collection Agencies



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                   A/R BALANCING
Daily G/L Cash Write-off Report
                                          This report will only be needed for
                                          clients on versions prior to 6.3. This is
                                          a listing of items process using the
                                          Write-off Small Balances, Write-off
                                          Specific Invoices and Write-off Cash On
                                          Account procedures in AR. These have
                                          been replaced with the new Write-
                                          off/Refund Process, which does not
                                          create GL Cash entries.

                                          As indicated above, there is no way in
                                          Inquiry to exclude the items that were
                                          on a Collection Agency. This will need
                                          to be done manually.




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                   A/R BALANCING
Daily A/R Rollforward




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                          A/P BALANCING
•        Invoices - Run the Batch List for All Batches. Make
         sure there are no batches that have not posted.
•        Post ALL open batches.
•        Cash - Make sure all needed checks have been run.
•        Make sure all items have been posted to the General
         Ledger.
•        Reports to Run –
           Invoice Register
           Invoice Distribution Summary.
           •     The AP accounts on the Invoice Distribution Summary should
                 equal the Invoice Total Column on the Invoice Register.




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                         A/P BALANCING
•         Additional Reports to Run
            Cash Payments Register
            Cash Payments Distribution Summary
            •    The AP accounts on the Cash Payments Distribution Summary
                 should equal the Payment column on the Cash Payments
                 Register.
            Aging Report
            General Ledger trial balance for period.
            The A/P aging report balance should equal the balance
             of your AP gl account for the same period.
            When you receive your Bank Statement – go through
             the Bank Reconciliation Process.



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                     G/L BALANCING
•       If not already done – Post from Subsystems,
        ALL companies, ALL modules.
•       Reports to Run –
            List of Unposted Transactions – if not blank,
             determine cause, post or call MSG for support.
            List of Exception Transactions – if not blank,
             research, then call MSG for support. You are
             unable to correct these items properly.




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                      G/L BALANCING
•       Additional Reports to Run –
            Trial balances in detail or summary for any
             accounts that you will balance.
•       Calculate and run Financial Statements.




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                    BALANCING




                 QUESTIONS/COMMENTS




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