Upload
others
View
9
Download
0
Embed Size (px)
Citation preview
Activant Prophet 21
Overview of Prophet 21 version 11 New Features: Accounting
Overview of Prophet 21 v11 New Features suite Course: 3 of 3
This class is designed for…
Accounting PersonnelAccounts Payable clerksAccounts Receivable clerks
Objectives
Discuss Disputed vouchersCash receipt reversalsCash and bank reconciliationAdditional AP and GL modifications
Determine how you can use the new accounting features in your company
Disputed Vouchers
Disputed voucher removed from cash requirements and check printingDispute entire voucher or a line on voucher
Manually, by checking Dispute checkbox on Voucher header or line itemAutomatically, when voucher variance exceeds variance tolerance setting
Voucher Query by ExampleCreate and print disputed memos
System Settings
System Settings / Accounts Payable / General node
System Settings
Acceptable Variance LevelsTotal invoiceInvoice line
System Settings
System can automatically create credit/debit memo for amount entered in disputed columnCan print disputed memo
Dispute Vouchers
Disputed checkbox on header ofVoucher Entry by AmountVoucher Entry by ItemConvert PO to VoucherConvert Inventory Return to Voucher
Disputed Checkbox Effects
When enabling the Disputed checkbox:Posts to GL like normal voucher creationExcludes voucher from check printing windowsLists entire invoice in Disputed column in Cash Requirements and AP Trial Balance.Posts cost/qty differences to inventory/cost variance accounts – Convert PO to Voucher or Convert Inventory Return to VoucherDisputed vouchers print on Unvouchered PO Report
Disputed Checkbox Effects
Previously saved undisputed vouchersCan be disputedSystem doesn’t reverse postingsInventory value doesn’t changeVoucher displays in disputed column on Cash Requirements and AP Trial BalanceVoucher excluded from check printing
Undisputed Voucher
Voucher by Item or Amount windowDebit/credit memos created for disputed amounts on invoice’s line itemsMemos adjust open amount of voucherAccess memos in AP Drill Down by drilling into Memo Amount field.GL Postings debit or credit AP and inventory cost variance for disputed amount in period/year voucher removed from disputeUndisputed voucher appears for check printing
Dispute Voucher lines
Disputed line checkbox found:Voucher Entry by AmountVoucher Entry by ItemConvert PO to VoucherConvert Inventory Return to Voucher
Checkbox marks invoice line disputed.
Field holds disputed amount, which can be caused by difference in invoice qty or line item price.
Dispute Voucher lines
Disputed amount field accepts positive and negative values
Positive values decrease amount owed to vendorNegative values increase the amount owed
Disputed amount prints on check stub.Subject to terms on invoiceDisputed lines create a disputed amount debit/credit memo
Dispute Voucher lines
When voucher with disputed line is saved:Makes normal postings to GLExcludes line amount from amount to be paidPlaces disputed amount on Cash Requirements and AP Trial BalanceMaintains the terms calculations for line
If dispute resolved within terms date, system takes termsIf set to always take terms, then terms calculated for released line when released and paid
Posts any cost/quantity variances to the inventory/cost variance accounts
Undisputed Voucher Lines
Debit/credit memos created for remaining disputed amountsMemos adjust open amount of voucherAccess memos in AP Drill Down by drilling into Memo Amount field on original voucherGL Postings debit or credit AP and inventory cost variance for disputed amount in period/year voucher removed from disputeUndisputed voucher lines appear for check printing
Convert PO to Voucher
Check Disputed checkbox on a line with a qty invoiced of zero places entire line in disputeIf qty invoiced is greater than zero, but less than the qty to invoice, system disputes the differenceDifference displays in Disputed Amount fieldIf just invoice is disputed, you can pay balance of disputed lineDisputed unit price displays difference between PO cost and changed price in Disputed Amount
Convert PO to Voucher
Unit price discrepancyLine item and voucher header automatically disputed
Charges Tab
Charges can be disputedCheckbox on each line
When charge is disputed:Makes normal postings to GLExcludes disputed amount from check printingLists disputed amount on Cash Requirements and AP Trial BalancePosts cost/qty variances to inventory/cost variance accounts - Convert PO to Voucher or Convert Inventory Return to Voucher
Charges Tab
When removing charge from dispute:Debit/credit memo created for unpaid amounts
Memos adjust amount of voucherAccess memos by drilling into memo amount of original voucher
Charge displayed in check printing windowsCharge removed from AP Trial Balance and Cash Requirements reports
Example of Resolving Disputed Charge
GL PostingCost variance Debit $200IRC Debit $500AP Credit $700
Example continued
Vendor invoice had typo, true cost of items was $10 eachBring up Voucher in Voucher Entry
Clear Disputed checkboxLeave entry in Disputed Value
Debit/credit memo created when disputed voucher, line or charge is made undisputedGL Posting made upon saving
AP Debit $200Cost variance Credit $200
Debit/Credit Memo
Debit/credit memo created when disputed voucher, line or charge is made undisputedGL effects
Debit MemoDebit – APCredit – Inventory Cost Variance
Credit MemoDebit – Inventory Cost VarianceCredit - AP
Popup asking to print disputed amount memos
Debit/Credit Memo
If disputed amount is paid after undisputed amount, another voucher number is created for the disputed amount
Time/date stamp attached to vendor invoice number so that same number can be used
Can reprint credit/debit memos for disputed amounts in Debit/Credit Memo EntryCheck stubs print disputed amountsAny amounts disputed and then cleared have label “previously disputed”
Disputed Voucher Fast Edit
Purchasing/Maintenance/Disputed Voucher
Disputed Voucher Fast Edit
To update disputed voucherCheck Select checkboxUpdate Price to Pay for pricing issuesUpdate Qty to Pay for quantity issuesCan have both quantity and price issuesRMB click to Select All or Deselect AllSave
Update Disputed Voucher Lines
AP/Transaction/Update Disputed Voucher Lines
Update Disputed Voucher Lines
Price and/or quantity boldedTo accept buyer’s updates, check Update Voucher checkbox
Voucher line reflects buyer selected price and qtyVoucher line removed from dispute
If setting enabled, debit/credit memo created
Update Disputed Voucher Lines
If all disputed lines resolved, then entire voucher removed from disputeAny other changes must be done in Voucher Entry by Item or AmountIf some of original voucher had been paid in full, a new voucher number createdLine item detail available in drill downs and voucher entry screens for new voucher
Disputed Voucher Reason Codes
AP / System / Disputed Voucher Reason CodesDefine reason codes for use when disputing vouchers
Voucher Query by Example
AP / Inquire / Voucher Query by Example
Cash and Bank Reconciliation
Worksheet to reconcile checks and depositsEnter bank balance and adjustments to cash account on worksheetWhen reconciling bank statement balance to cash account balance, system posts journal entries upon saving the transactionsCan print reconciliation form
Getting Started
Bank Account Maintenance
Bank account may have only one GL cash account assigned to itIf Track AP/AR by branch is engaged then there should be a separate bank account for every branchBranch indicator on the GL account makes the account unique
Bank Account Maintenance
New fields added to Bank Account Maintenance
Bank Account Maintenance
Once cash is reconciled for a period, worksheet cannot be reopened nor changes made to prior reconciliationsPrior reconciliations may be printed at any timeGL Account balance displayed in new Balance fieldOnce account flagged to be reconciled, it cannot be disengaged
Cash Account Detail Reconciliation
Reconcile Cash Detail window retrieves deposit and journal activity for a cash account assigned to a particular bankUse window to compare deposits and transactions recorded on bank statement, to deposits and transactions recorded in systemRetrieve and reconcile by period on an ongoing or daily basis AR / Transaction / Reconcile Cash Detail
Cash Account Detail Reconciliation
1. Select bank number.
2. Enter deposits and journal entries to retrieve.
3. Specify ‘as of’ period and year. 4. Check Include Reconciled Activity checkbox.
Press [tab] or select Retrieve from File menu
Deposits Tab
Receipts Tab
Misc Cash and JE tab
Displays individual transactions of a misc. cash receipt and/or journal entry
ACH Added to Manual Check Tab
When recording a payment in Single Vendor Check Printing an ACH or Federal Wire number may be recordedSystem keeps this as a separate payment type and breaks it out on the reconcile checks screenAbility to record an electronic payment added to Voucher by Item and Amount and Prepaid Vouchers
ACH Added to Manual Check Tab
ACH Added to Manual Check Tab
Enter Bank NumberRecord ACH/Fed Wire Number
Reconcile Disbursements
Changes to Reconcile Check windowNew name – Reconcile DisbursementsPeriod information and vendor names added to Cleared Disbursement tab
Reconcile Disbursements
Recall disbursement records as of a particular period and yearVoided checks remain outstanding until period in which they were voided
Reconcile Disbursements
Outstanding Disbursements Report
New nameNew criteria allows the selection of a period and yearReport prints the checks that were outstanding AS OF the period selected.Voided checks are outstanding until the period they have been voided.Electronic outstanding items will be listed on the report.
Bank Reconciliation Worksheet
Brings all the information from within the system together to allow ease of cash reconcilementSelect the bank number, period to be reconciled and retrieve the querySystem returns the GL balance, outstanding deposits, and outstanding checksEnter the balance per bank statement and adjusting entries
Bank Reconciliation Worksheet
View Deposit Detail and Disbursement detail on the upper tabsView the deposit detail, miscellaneous receipt or journal entry detail by placing a focus on the deposit and using the Receipts or Misc Cash and JE tabsMake adjusting journal entries on the worksheetReverse the appropriate adjusting journal entries if neededSave as unapproved as needed
Bank Reconciliation Worksheet
When the Adjusted Bank Balance equals the Adjusted Cash Account Balance the worksheet may be saved as approvedWhen the record is saved as approve no further changes may be made and no more postings to the cash account may be made for that periodWorksheet may be printed, faxed, or emailed as needed from the reports menuPeriods and Years must be reconciled in chronological order
Bank Reconciliation Worksheet
Reconciliation Tab
Deposits Tab
Receipts Tab
Misc Cash and JE Tab
Disbursements Tab
Cash Adjustments
Cash Adjustment Reversal Tab
Cash Adjustment Reversal Postings
Bank Reconciliation Report
General Ledger / Reports / Bank Reconciliation Report
GL Drill Down Criteria
View range of accountsLimit by Account Mask
GL Drill Down Criteria
Period and Year – current period or a rangeMost Recent Periods – can span fiscal years
Account Tab
Account number and description display on every screen
Journal Balance Tab
Displays account number, description, period, year, and encumbered balanceColumn sorting by clicking on Column Header
Journal Detail Tab
Displays account number, description, period, year, and encumbered amountSorting is available on each columnDrill down options expanded for Source field
Transaction Detail Tab
Sorting available on columnsDescription column displaying item, vendor, customer or reference information to explain what occurred in the transaction
Chart of Accounts Maintenance
No default Account TypeGeneral Ledger Report Printing Default
General Ledger Report Printing Default
Detail – this is the default and prints account details on GL ReportSummary – only ending balance printsBrief by Journal – total ending balance by journal prints
General Ledger Report Changes
Report Options
Account Default – defaults to Chart of Accounts MaintenanceBrief by Journal – total ending balance by journalDetail – all transactionsSummary – beginning and ending balances
Account Type
Account Type – select manually or RMB click and choose Select All
Cash Receipts Reversals
Reverse cash receipts already applied to invoicesHelpful in three scenarios
Need to reverse payment because of returned checkApplied payment multiple timeApplied payment to wrong invoice or wrong customer
Can charge service charges to returned checks
Setting up Receipt Reversals
Approvals Setting
ON – Default to YESAll transactions default to approvedTransactions will be marked complete and post to the general ledger without any review required
ON – Default to NOAll transactions default to unapprovedEach transaction must be reviewed
OFFApprovals feature will not be turned onAll payment reversal transactions approved.
Company Maintenance
Revenue account for return check fees
Reverse Payments
AR / Transaction / Reverse Payments
Reverse Payments
QueryCriteria to limit the payments for reversal displayed on the Payment List View tab
Payment Form ViewChange date and period info for the reversal transaction
Payment List ViewDecide which payment or payments to reverse
ChargesApply charges to a returned check payment reversal
Reverse Payments
Invoice NotesView/enter notes related to the invoice for the payments
Invoice InformationApply a reversed payment to another customer and invoice
BranchBranch must be specified when you apply a payment via zero-dollar invoice on the Invoice Information tab
Branches and Intercompany Transactions
If track AR by branch enabled, then all GL postings that affect AR will post at branch level for receivable reversed or applied.All expense and/or revenue accounts automatically associate with invoice branchReversing payments for intercompany transactions will reverse intercompany payables and receivables
Branches and Intercompany Transactions
Terms and allowances post to accounts associated with company that generated invoiceReturned check fees and AR transactions post to company branch on Charges tab
Payment Applied More Than Once
On Reverse Payments window, use Query tab to find payment to reversePayment View Tab displays payments meeting query criteriaScroll to right to check Reverse checkboxSave record
Payment Applied to Wrong Customer
Use Query tab to find paymentCheck Reverse Payment checkboxClick the Payment Form View tab - make sure Date Reversed and Period and Year fields reflect correct valuesEnter corporate ID, customer ID, or ship to ID associated with invoice that you do want to pay in the relevant fields on the Invoice Information tabIn Amount Received field, enter amount to reverse and save record
Reversing Returned Check Payment
Use Query tab to find payment, choose Reverse checkboxClick Charges tabEnter Branch ID and any fee to apply for returned check in Returned Check Fee fieldChange customer’s credit status, if desiredSave record
Cash Receipts Reversals Cont’d
Any invoice that is reversed maintains the original invoice date and ages appropriatelyGL postings are in the period in which it is reversedAR drill down by Customer and Payment displays the reverse payments
Other Changes
AR Drill Down by Deposit provides deposit detailCash Receipts screen will accept a duplicate check number and append it with a date and time allows the reapplication of an incorrectly applied payment)Cash receipts journal to show reversed payments
AP Modifications
Added description field that will print on the check stubAdded AP Drill Down by POAP Drill down by Vendor show the associated PO informationAP Drill downs will display the related Container and Vessel informationLanded Cost Inquiry Tab available to display how landed cost is spread across each item on PO
AP Modifications Cont’d
AP Trial Balance has a parameter called Include Fully Paid InvoicesWill allow the distributor to view how much business they have done with a vendor and how much they have paid within a specified time period.Vendor range added to the Check Register criteria
AP Modifications Cont’d
Check printing screen displays the balance in the bank account selected.Bank account balance decrements as checks are selected.Parameter to exclude vendors with a credit balanceSummary tab to show the total per vendor
1099 Div
1099 DIV types were added for Ordinary Dividends and Cash Liquidation DistributionsAdded to the 1099 Type drop down boxAdded to the vendor fast edit screen and vendor import1099 DIV Balance report added and 1099 Payment Type Proof report will include the additional 1099 DIV payment typesAdded to 1099 Balance MaintenanceAbility to submit 1099 INT form electronically
Journal Modifications
Journal reports moved into Crystal reportsFinal summary pages added to the reportTotals by branchTotals for account activity on all reportsTotal number of vouchers on the Voucher and purchases journalsTotals by bank in receipts and disbursements
Inventory Value Report
Add a branch range for ease of balancing to the General Ledger“Total By” selection added
BranchLocationLocation/Branch
Inventory Value Report
Summary
Discuss Disputed vouchersCash receipt reversalsCash and bank reconciliationAdditional AP and GL modifications
Determine how you can use these new features in your company
For More Information…
Prophet 21 Help FilesVisit Activant on the web: www.activant.com
View Educational Services course offeringsBrowse DocumentationSearch the Solutions databaseSubmit a Support case
E-mail Consulting Services [email protected]
E-mail Professional Services [email protected]