Regular Deposit - Kentucky Community and Technical ... · Web viewUsing a payment worksheet is a three-step process. First, you build the worksheet by identifying the deposit, payment

KENTUCKY COMMUNITY & TECHNICAL COLLEGE SYSTEM

Regular Deposit

Training Document

This training document was developed in support of KCTCS Financials 9.2.24 using tile navigation.

PeopleSoft 9.2.24 Accounts Receivable Training Document Regular Deposit

ContentsUsing the Regular Deposit Page.............................................................................................................3

Regular Deposit.....................................................................................................................................3Payment Worksheets.............................................................................................................................3

Updating Accounts Receivable.............................................................................................................3Deleting Incomplete Regular Deposits.................................................................................................3

Write-Offs.............................................................................................................................................4Refunds.................................................................................................................................................4

Regular Deposit Entry............................................................................................................................5Closing Original and Credit Invoices..................................................................................................17Updating Accounts Receivable.............................................................................................................31Deleting Incomplete Regular Deposits.................................................................................................36

Last Updated 12/4/2017 Page 2 of 37


Using the Regular Deposit Page Applying payments to open invoices in PeopleSoft can be done through either the Express Deposit page or the Regular Deposit page. This document covers the steps needed to apply a payment using the Regular Deposit page.

Regular Deposit

Regular deposit gives an employee more flexibility when applying payments. If an employee is unsure of the invoice that needs to be paid they can allow PeopleSoft to perform a search based on criteria entered to find all available open invoices. Also, using regular deposit, employees can clean up customers’ accounts by applying credit invoices against original invoices that were created in error. A Direct Journal entry is also a feature of Regular Deposit but that process is covered in the Direct Journal training document.

Payment Worksheets

Payment worksheets are used in PeopleSoft to provide employees an area to apply a payment to one or more invoices. Keep in mind that you will need to build a worksheet for every payment that was identified in the deposit. By using the Worksheet Action page, you can flag a payment that you have entered as ready to be processed so that it will be included when the Receivables Update process is run.

Using a payment worksheet is a three-step process. First, you build the worksheet by identifying the deposit, payment id, customer, and invoice number. Then, you can move to the worksheet application area where you can select the invoices that the payment will be applied to. After everything is in balance, you can post the payments in the Worksheet Action page.

Updating Accounts Receivable

After a payment has been created, you can run the Receivable Update process so that the accounting entries for this payment can be created and the customer’s balance can be updated immediately. Alternatively, you can allow the nightly running of the Receivable Update process, by the System Office, to complete this payment transaction for you.

Deleting Incomplete Regular Deposits

Before any deposit can be deleted, you must first delete all journal lines or worksheets created for the deposit. The first step in deleting incomplete deposits is to determine the type of deposit. This can be determined by looking at the deposit in the Regular Deposit page group. If the journal directly checkbox is checked on the Payments page, you will need to follow the steps for deleting incomplete direct journal deposits outlined in the Direct Journal training document. However, if you have invoices listed for payment on the Payments page, then worksheets were created. You will need to follow the steps in the Deleting Incomplete Regular Deposits section below.

Write-Offs


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If an invoice is generated, but the organization does not make a payment, the invoice will be picked up in the write-off process. Every December 31st and June 30th open invoices are reviewed at the system level. The steps taken in the process are as follows:

If an invoice is more than 180 days old and less than 360 days old, a journal entry will be completed that will create a debit entry to the college’s non-student bad debt expense account (51023) and a credit entry for the non-student doubtful account (12310).

If an invoice is older than 360 days old, the invoice will be written off and a journal entry will be completed that will debit the non-student doubtful account (12310) and credit the accounts receivable account (12000).

If a payment is received for an invoice that has been written off, you will not be able to record that payment until the write-off has been reversed. To have the write-off reversed you will need to log a ticket through the KCTCS Technology Solutions Help Desk at https://ithelpdesk.kctcs.edu/ics/support/default.asp?deptID=8190 .

Refunds

If a customer makes a payment that is over the invoice amount, the excess payment can be applied to any other open invoices tied to that customer’s account. If there are no other open invoices or there is still an excess payment, the customer will have a credit balance on their account that can be applied to any future open invoices. However, a situation may arise where a customer makes an excess payment, has no other open invoices, and your college does not plan on doing any future business with them. In this case, you must refund the excess payment to the customer, using the following steps:

When taking in the payment, record only the amount that will pay off the invoice.

Calculate the difference between the invoice amount and the payment.

Record the difference as a journal entry that creates a debit to the college cash account and a credit to the other liabilities account (28000).

Complete a check request for the excess amount using 28000 as the account to debit.

If you have already created a credit balance on the customer’s account and your college will not be doing any further business with the customer, please log a ticket through the KCTCS Technology Solutions Help Desk at https://ithelpdesk.kctcs.edu/ics/support/default.asp?deptID=8190, so that the credit balance can be refunded to the customer.


https://ithelpdesk.kctcs.edu/ics/support/default.asp?deptID=8190



Regular Deposit Entry

Regular deposit gives you more flexibility when applying payments. When using Regular Deposit in PeopleSoft, you will be identifying payments for a deposit and then entering search criteria for invoices to which a payment may be applied. Since you are not applying the payment in the deposit page, you will have to create a payment worksheet that will be used to apply a payment.

Before applying any payments, you should review the invoices for the customer to be aware of any invoice adjustment activity. There may be invoices that have been credited and re-billed on the account. The best inquiry to provide this information is accessed by navigating to Billing, Review Billing Information, Adjustment History. This page allows you to enter an invoice number and view any related invoices. For example, the customer sends in a payment with an invoice number indicated. You will use the invoice number to verify that this invoice does not have any related credit or rebill invoices before applying a payment. The steps for reviewing the adjustment history can be found in the AR Inquiries training document.

Follow the steps below to create a deposit using the Regular Deposit page.

KCTCS Financials Home Page

Step Action1. Begin by navigating to the Accounts Receivable & Billing tile.

Click on the Accounts Receivable & Billing tile.



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Step Action2. Click on the Add a New Value tab.

Step Action3. Enter the college’s business unit for the Deposit Unit field.

4. The Deposit ID field will default as NEXT. Do not change.

If you accidentally type over or delete the word NEXT, do not attempt to replace it by typing in the word NEXT. Simply click on the Home icon and then navigate back to the Regular Deposit page.

5. Click the Add button.



Step Action6. The Totals tab allows you to identify what local cash account you want the deposit

posted to, the amount of the deposits, and the number of payments.

7. Enter your college’s business unit for the Bank field if the payment is in the form of cash or check and is for a regular invoice. If the payment is in the form of a credit card, select NATCI.

If you do not know the business unit, click the Look up icon and select the appropriate unit from the list.

If the payment is in the form of a credit card, you must manually run the card through your credit card terminal as well as entering the payment into the PeopleSoft system.

8. Click the Look up icon next to the Account field and select the college’s cash account.

For credit card payments, the account will contain the last three digits of the college business unit followed by C.

9. Depending on the type of payment you are receipting, one of the following will default into the Deposit Type field:

If the payment is in the form of cash or checks, the Deposit Type field will default to D (Daily Cash and Check Deposits). Do not change.

If the payment is in the form of a credit card, the Deposit Type field will default to C (Credit Card). Do not change.

10. Enter USD for the Control Currency field.

11. Enter the total amount of all payments received for this deposit in the Control Total Amount field.

This total is the amount of all payments that you have received and that need to be applied to open invoices.



Step Action12. In the Count field enter the number of payments that you will be recording in this

deposit.

13. Click the Payments tab.

On this page you will record individual payments and identify the invoices that you want PeopleSoft to find and pull into your worksheet. In the worksheet, you will select the correct invoice that you want each payment applied to.

Step Action14. Enter a name that will identify this payment in the Payment ID field

(i.e., CK and then the check number for a check payment or CASH for cash payments). This is a free form field, but is a required field.

15. Enter the amount of the payment in the Amount field

16. Enter the customer’s ID in the Customer ID field.

If you need to search for the customer ID, click on the Look up icon next to the field. Enter the first few letters of the customer name in the Name 1 field and click the Lookup button.

17. Enter your business unit into the Business Unit field if it does not default in once the customer ID has been entered.



Step Action18. Enter the invoice number you wish to apply the payment to in the Reference field.

If you do not know the invoice, click the Look up icon and select the appropriate invoice number.

If you have additional payments to enter, place your cursor in the Payment ID field and press ALT + 7 or click the Insert Row icon in the Payment Information section to insert a new row. Repeat these steps until you have entered all payments.

19. Verify that the Balance field at the top of the page reads Balanced.

If the Deposit Balanced field reads No, check the Control Totals section on the Totals tab and then compare with the amounts entered on each payment line on the Payments tab. These two must equal before you can proceed. Make corrections as necessary.

20. The Attachments link allows employees to add supporting documentation for a deposit. It allows users to review online information that pertains to the deposit. All file attachments must be in PDF format.

Click on the Attachments link.

Step Action21. Click on Add Attachment button.



Step Action22. Click on the Browse button, to locate the PDF file.

Step Action23. Select your PDF file and click the Open button.



Step Action24. Click the Upload button.

Step Action25. Enter a name for this file in the Description field.

This name should be one that will help in a search for this information. You have up to 37 characters to name this file.

26. Click the OK button.

The Payments tab now indicates there is 1 attachment.



Step Action27. Click the Save button.

The Deposit ID will change from Next to a number assigned by the system. Record the Deposit ID number for future reference.

28. Click the Create Worksheet link in the left pane.

Step Action29. The Deposit Unit field will populate with your business unit.

30. The Deposit ID field will populate with the current deposit ID.



Step Action31. Click the Search button.

If you have multiple Payments that need worksheets, you can click the Search button and then select the first Seq number for a Deposit Id. Then you can use the next in list feature to work through the list and build multiple worksheets.

Step Action32. The Deposit Status field should have None Applied as the status.

When you set the worksheet to post, this status will change to Applied.

33. The Payment Status field should have Identified as the status, meaning that a payment has been entered into the system but not posted against a customer’s account.

34. Click the Build button in the Worksheet Action area.

This will create a worksheet, listing all open invoices that this payment may be applied to. You also will be moved to the Worksheet Application page where you will select the invoices that you want this payment to pay. On this page you will apply the payment by selecting the invoices that will be paid. You can also use this page to do general maintenance for a customer’s account.



Step Action35. Click in the Sel checkbox to the left of the Item ID field for the invoice that you want

this payment applied to.

If you previously identified an invoice, the Sel checkbox for that invoice will default as checked.

Partial Payment - If you are recording a partial payment for this invoice, override the amount in the Pay Amt field by entering the amount of the partial payment in that field.

Apply Payment to Other Invoices - If the payment you are processing is for more than the amount of the invoice you have identified for payment, and the customer has other open invoices, apply any remaining money to as many open invoices as possible.

Creating a Credit on the Account - If the payment you are processing is for more than the amount of the invoice which you have identified for payment and the customer does not have any other open invoices, you will need to create a credit balance on the account by following the steps below. Only do this if you will be doing business with the customer in the future.

Place your cursor in the Pay Amt field and press ALT + 7 or click the Insert a Row icon, to create a new row for the credit. Click the OK button on the box that appears.

Enter the remaining amount of the payment as a NEGATIVE number in the new Pay Amt field.

Enter or select OA (Place an Amount on Account) in the Type field. When the worksheet is saved, an item id number will be created for this transaction. (i.e. OA-6)

Refund - If the payment you are processing is for more than the amount of the invoice which you have identified for payment and the customer does not have any other open invoices and the college will not be doing any more business with this customer, follow these steps to issue a refund.

When taking in the payment, record only the amount that will pay off the



Step Actioninvoice.

Calculate the difference between the invoice amount and the payment.

Record the difference as a journal entry that creates a debit to the college cash account and a credit to the other liabilities account, 28000.

Create a pay voucher for the excess amount using 28000 as the account to debit.

Removing a Credit on the Account - If you have already created a credit balance on the customer’s account and your college will not be doing any further business with the customer, please log a ticket through the KCTCS Technology Solutions Help Desk at https://ithelpdesk.kctcs.edu/ics/support/default.asp?deptID=8190, to fix the payment amount and relieve the credit balance.

Closing Original and Credit Invoices - If a credit for an invoice has been created on the customer’s account, both the original invoice and the credit invoice will remain open items until you close them. To close these invoices, select the credit invoice and then select the original invoice that offsets the credit. Because the net amount is zero, these invoices will not affect the Amount or Selected fields in the Balance section unless you forget to select one of them.

36. Click the Refresh button

37. Verify that the Remaining amount at the bottom of the page is zero.

You cannot post this worksheet if the amount indicated is not zero.

38. Click the Save button to save the worksheet.

If you have multiple payments to record, click the Worksheet Selection link to return to the Worksheet Selection page, so that you can build a worksheet for the next payment in the deposit. Click the Next in List button at the bottom of the page to pull the next payment identified in the deposit and repeat the previous steps until all payments in the deposit have been applied.

39. Click the Worksheet Action link to post the worksheet that you have built.




Step Action40. Select Batch Priority from the Action drop down box and click the Save button.

Click the Next in List or Previous in List buttons to access the Worksheet Action page and repeat this step for any other worksheets to be posted, or click the Return to Search button to search for them.

The Receivable Update process must be run before the payment posting is complete. You may run the process manually or let the nightly batch process pick up the deposit. To run the process manually, continue with the Updating Accounts Receivable section below.



Closing Original and Credit Invoices

Normally, you will close open invoices that offset each other using the instructions under Regular Deposit. Those instructions show you how to close invoices while taking a payment for another open invoice. Regular Deposit is the preferred way to close open invoices that offset each other. However, if a customer has open invoices that offset each other and they have no other outstanding invoices, you can use the following instructions to close the open invoices.

Please verify that the invoices that you want to close are tied together. You can do that using the Adjustment History Inquiry found in the Inquiries training document.








Step Action2. Click on the Add a New Value tab.

Step Action3. Enter the college’s business unit for the Deposit Unit field.

4. The Deposit ID field will default as NEXT. Do not change.

If you accidentally type over or delete the word NEXT, do not attempt to replace it by typing in the word NEXT. Simply click on the Home icon and then navigate back to the Regular Deposit page.

5. Click the Add button.



Step Action6. The Totals tab allows you to identify what local cash account you want the deposit

posted to, the amount of the deposits, and the number of payments.

7. Enter your college’s business unit number for the Bank Code field.

8. Select the appropriate cash account from the drop down list for the Bank Account field.

9. Select D (Daily Cash and Check Deposits) for the Deposit Type field.

10. Enter USD for the Control Currency field.

11. Leave 0.00 in the Control Total Amount field.

12. Enter 2 in the Count field, if you are closing one original and one credit invoice. If you have more invoices to close enter the total number of invoices you are closing.

13. Click the Payments tab.

The Payments tab allows employees to record individual payments and identify the invoices that the payment will apply to.



Step Action14. Enter a name that will identify this payment in the Payment ID field

(i.e., close invoices original, maintenance, etc). This is a free form field, but is a required field.

15. Enter the amount of the original invoice in the Amount field.




18. Enter the invoice number you wish to apply the payment to in the Reference field.


19. Place your cursor in the Payment ID field and press ALT + 7 or click the Insert Row icon in the Payment Information section to insert a new row.



Step Action

20. Enter a name that will identify this payment in the Payment ID field

(i.e., close invoices original, maintenance, etc). This is a free form field, but is a required field.

21. Enter the amount of the credit invoice in the Amount field (i.e. -150.00).

This should be a credit (negative) number.




24. Enter the invoice number you wish to apply the payment to in the Reference field.


26. Verify that the Balance field at the top of the page reads Balanced.

If the Deposit Balanced field reads No, check the Control Totals section on the Totals tab and then compare with the amounts entered on each payment line on the Payments tab. These two must equal before you can proceed. Make corrections as necessary.

29. The Attachments link allows employees to add supporting documentation for a deposit. It allows users to review online information that pertains to the deposit. All file attachments must be in PDF format.

Click on the Attachments link.



Step Action30. Click on Add Attachment button.

Step Action31. Click on the Browse button, to locate the PDF file.



Step Action32. Select your PDF file and click the Open button.

Step Action33. Click the Upload button.



Step Action34. Enter a name for this file in the Description field.

This name should be one that will help in a search for this information. You have up to 37 characters to name this file.

35. Click the OK button.

The Payments tab now indicates there is 1 attachment.

Step Action36. Click the Save button.

The Deposit ID will change from Next to a number assigned by the system. Record the Deposit ID number for future reference.

37. Click the Create Worksheet link in the left pane.



Step Action38. The Deposit Unit field will populate with your business unit.

39. The Deposit ID field will populate with the current deposit ID.

40. Click the Search button.

Step Action41. Select the first Payment Sequence row.



Step Action

42. Verify the Deposit Unit number, the Payment ID number, and the Deposit ID number at the top of the page.

43. The Deposit Status field should have None Applied as the status.

When you set the worksheet to post, this status will change to Applied.

44. The Payment Status field should have Identified as the status, meaning that a payment has been entered into the system but not posted against a customer’s account.

45. Click the Build button in the Worksheet Action area.

This will create a worksheet, listing all open invoices that this payment may be applied to. You also will be moved to the Worksheet Application page where you will select the invoices that you want this payment to pay. On this page you will apply the payment by selecting the invoices that will be paid. You can also use this page to do general maintenance for a customer’s account.



Step Action46. Verify the Sel box is checked beside the original invoice row.

47. Verify that the Remaining amount at the bottom of the page is zero.

You cannot post this worksheet if the amount indicated is not zero.

48. Click the Save button to save the worksheet.

49. Click the Worksheet Action link to post the worksheet that you have built.

Step Action50. Select Batch Priority from the Posting Action drop down box and click the Save

button.

51. Click the Worksheet Selection link.



Step Action52. Click the Next in List button.

This will select the next payment sequence in the list which should be the credit invoice.

Step Action53. Repeat steps #39 through #49 for each invoice that you added to the Deposit Total

page.

The Receivable Update process must be run before the payment posting is complete. You may run the process manually or let the nightly batch process pick up the deposit. To run the process manually, follow the steps in the Updating Accounts Receivable section below.



Updating Accounts Receivable

After a payment has been created, you can run the Receivable Update process so that the accounting entries for this payment can be created and the customer’s balance can be updated immediately. You may decide not to run this process manually and allow the nightly running of the Receivables Update process to complete this payment transaction for you. If you elect to run this process, you will only have to run this process once, as it will pick up all posted worksheets for your business unit.






Step Action2. Click on the Request Receivables Update link in the left pane.

Step Action3. The first time you run this process, you will need to add a Run Control ID by selecting

the Add a New Value tab.

After the first time, use Find an Existing Value and use the same Run Control ID to run the process for other invoices.



Step Action4. Type in a name for the Run Control ID and click the Add button.

The Run Control ID cannot have any spaces or punctuation. You may use an underscore to add spaces between the words.

Step Action5. Complete the Receivables Update Request page according to these instructions:

Enter your college’s business unit number in the Group Unit field.

Select Always from the Process Frequency dropdown box.

The High Balance Basis Date field will default with Run Date. Do not change.

Change the Accounting Date From field to 07/01/YYYY, where YYYY is the beginning of the current fiscal year. For example 07/01/2017.

Enter today’s date in the Accounting Date To field. Or you may use the end of the current fiscal year – 06/30/YYYY. For example 06/30/2018.

All check boxes in the Transaction Types section will default as checked. Do



Step Action

not change.

The User Defined, Payment Performance, and DSO check boxes will default as unchecked. Do not change.

6. Click on the Run button.

Step Action7. Complete the Process Scheduler Request dialog box according to these instructions:

Select PSUNX from the Server Name dropdown box.

The Run Date will default to current date. Do not change.

The Recurrence field will be blank by default. Do not change.

The Run Time will default to the current time. Do not change.

The Time Zone field will be blank by default. Do not change.

8. Click on the OK button to run the process.



Step Action9. Click the Process Monitor link.

Step Action10. As your process is running, you can click on the Refresh button to update the status of

the process listed. When the process has been completed successfully, you will see the status change to Success and Posted.

If you want to verify that the payment was applied correctly, you may use the All Payments and/or Customer Account Overview inquiries. These inquiries are documented in the AR Inquiries training document.





Deleting Incomplete Regular Deposits

Before any deposit can be deleted, you must first delete all journal lines or worksheets created for the deposit. The first step in deleting incomplete deposits is to determine the type of deposit. This can be determined by looking at the deposit in the Regular Deposit page group. If the journal directly checkbox is checked on the Payments page, you will need to follow the steps for deleting incomplete direct journal deposits outlined in the Direct Journal training document. However, if you have invoices listed for payment on the Payments page, then worksheets were created and you will need to follow the steps below.

If the Accounts Receivable Update process has been run since the deposit was entered, please log a ticket through the KCTCS Technology Solutions Help Desk at https://ithelpdesk.kctcs.edu/ics/support/default.asp?deptID=8190 to have that deposit un-posted.









Step Action2. Click on the Finalize Worksheet link in the left pane.

Step Action3. Enter the Deposit ID.

4. Enter the Deposit Unit.

5. Click the Search button.



Step Action6. Click the OK button

7. Click the Delete Worksheet button.

Everything on the page should gray out. This worksheet has been deleted. Use the Next in List button to pull in the any other worksheets that are part of this deposit and then delete each worksheet.

Step Action8. After all worksheets have been deleted, click the Regular Deposit link in the left pane.



Step Action9. Click the Delete Deposit button.

Step Action10. Click the Yes button.

This deposit has now been deleted.


Documents

Regular Deposit - Kentucky Community and Technical ... · Web viewUsing a payment worksheet is a three-step process. First, you build the worksheet by identifying the deposit, payment