Accounting Finance:Statements-Special Payment Statement (final opening order and 1st payment)

Account Statement (Special Payment Plan)

• An Account Statement (Special Payment Plan) is used to assist the customer in the reconciliation of initial purchases and payments.
• It is important to distinguish between inventory and non-inventory transactions such as share payment and RSG fees.
• The initial order calculation is based only on inventory transactions.
• Adjustments – a credit adjustment is used to clear all current inventory transactions from the current period and a debit adjustment is used to apply special payment terms. The net result is zero; the adjustments do not affect the customer’s account balance but instead move the due dates into 6 installment periods.
• First payment will include 1/6 of initial purchases
• Subsequent statements will include 1/6 of initial purchases and all current transactions

Statement of Account

• Change date of current future dated inventory invoices (ONLY CURRENT TRANSACTIONS) to current period – ex. due date must be 071006 and discount date (if applicable) must be 063006

Work with A/R Invoicing Tasks

• Select ASW Fastpath→Cash Management→AR Cash Management Tasks→AR Invoicing Tasks→Work with A/R Transactions
• Enter Doc no
• Mark Transaction
• Click Change

• Change Due date ex. 071006
• Change Cash Discount 1 days (if invoice has discount terms) ex. 063006
• Click enter

• Click F12 to move back to previous panel

Making Special Payment Adjustments

• The INS Installment invoice total should equal the first installment payment from the last statement plus the non-inventory installment payments. (do not make any adjustments to this total)

• Adjustments – a credit adjustment is used to clear all current inventory transactions from the current period (invoices/credits and current dated invoices & credits) and a debit adjustment is used to apply special payment terms.
• The net result is zero; the adjustments do not affect the customer’s account balance but instead move the due dates into 6 installment periods.

==Work with A/R Invoicing Tasks

• Select Enter financial transactions

Financial system transaction entry

• Enter Accounting period (make sure you enter the previous period if you are making adjustments for a month-end statement)
• Enter voucher type 10
• DO NOT CHANGE voucher date!
• Click enter

A/R invoice/credit note entry

• Enter:

-#1. Document type ADJ

-#2. Document number (use statement date)

-#3. Customer #

-#4. Document date (use last day of statement period)

-#5. Transaction amount (minus for credit adjustment)

-#6. Due date (use 10 days from current statement ending date)

-#7. Text MM/DD/YY Statement

-#8. Click enter

G/L Postings entry for A/R Documents

• Enter main 210200
• Click enter

A/R open item selection

• Mark all current items (mark only invoices and credits – do not mark any payments)
• The remaining amount should be the eligible discount
• Click Fnc List 21 to post the remaining amount to customer’s account
• Click enter
• Click update (when all entries have been settled)

A/R invoice/credit note entry

• Enter:

-Document type ADJ

-Document number (use next number from statement date)

-Customer #

-Document date (use last day of statement period)

-Transaction amount (positive for debit adjustment)

-Terms of payment Z6I (6 installment payments)

-Text MM/DD/YY Statement

-Click enter

G/L postings entry for A/R Documents

• Enter main 210200
• Click enter

A/R instalment maintenance

• Mark all transactions
• Click enter

• Change due dates (first due date is 10 days from last initial order statement)
• Click enter after each instalment entry
• Click F12 to move back to previous panel
• Click F3 on Transaction currency panel

• Click F3 on Financial system transaction entry

1. Mark Close Batch

2. Change Printer queue (optional)

3. Click enter

• Click enter

View AR Statements

UWD Extensions - Master Menu

• Enter 7
• Click enter

AR - Customer Statements

• Enter 1
• Click enter

-Enter Customer #

-Click enter

-Enter ST next to customer

-Click enter

Regenerate statement + reprint

• Enter RG next to last statement (to regenerate statement)
• Click enter twice

• On same panel, Enter RP next to regenerated statement to reprint
• Click enter twice

Regenerated Statement of Account

• Statement now shows the true balance due – Pay this amount
• Future Dated invoices are now the total value of both inventory and possibly non-inventory invoices

Account Statement

Purchases

• Re-name file and save in new directory common/ar/2006/special payments/(store name)/file name
  1. 1. Change date
  2. 2. Extract from statement total inventory transactions (invoices, adjustments plus credits) and enter in the invoice column
  3. 3. Extract from statement total non-inventory transactions (invoices plus credits) and enter in the Invoice (NI) column
  4. 4. Extract from statement total inventory dated transactions (invoices, adjustments, plus credits) and enter in the Dated column
  5. 5. Extract from statement total non-inventory transactions (invoices plus credits) and enter in the Dated (NI) column
  6. 6. Enter all current transactions (invoices, adjustments plus credits) in the Total column
  7. 7. Enter the dated total in the Dated Invoices field
• Check field “B17” – it should be zero

• Initial Order Payment Using above total Purchases up to initial order cut-off date divide total by 6 and enter each instalment (total owing should equal Date total)
• Date (NI) Invoices – set-up Reference, Invoice and Paid columns (total owing should equal Dated (NI) total

Credit Card Deposits

• Enter all credit card deposits

Special Payment Plan

• Change date on title
• Statement of Account

-#1. Change date on Balance Forward field

-#2. Enter balance forward amount under current period

-#3. Link current purchases and adjustments to correct field in Purchases sheet

-#4. Link credit card deposits to correct field in Credit Card Deposits sheet

-#5. Link EFT and EFT discount to correct fields in EFT sheet

-#6. Year to date (no linking is required, the template should be linking correct totals from other sheets)

• Balance Forward Calculation

-Change date on Total Due

-No manual entry is required (adjusted EFT and discount are linked to EFT Calculation)

• Initial Order Payment Schedule (no entry required, Payment Date and Total Purchases are linked to Purchases sheet)
• EFT Calculation

-Change date in EFT Calculation fields

-Enter applicable discount for current period

• Totals Reconciliation

-Current - there should be no differences and the balance should be zero

-YTD – the balance is not zero because EFT sheet has not be filled out

• Prior Period Adjustment (list any prior period adjustments – most likely missing or not deducted discounts from prior periods). The balance should be zero

EFT

• Enter Date, Reference Purchases and Discount for current EFT

Special Payment Plan

• Enter note to assist in the interpretation
• Print Account Statement in colour
• Save worksheet

Special Payment Member's Letter

• Change date
• Ensure all statements and reports mentioned are applicable
• Change commencing dates
• Change EFT date