View source for Accounting Finance:New Member - Account Statement (Special Payment Plan) - setting up subsequent statements after final opening statement

==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==
*Check INS A/R Installment invoice total (total to be the same amount as your calculated initial order and non-inventory instalments
*Check CAD A/R Cash Discount (total should be the same amount as previous statement eligible discount amount)
*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 
[[File:NMAS1.png|400px]]

==Account Statement==
===Purchases===
*Re-name file and save in new directory  common/ar/2006/special payments/(store name)/file name
*#1. Change date
*#2. Extract from statement total inventory transactions (invoices, adjustments plus credits) and enter in the invoice column
*#3. Extract from statement total non-inventory transactions (invoices plus credits) and enter in the Invoice (NI) column
*#4. Extract from statement total inventory dated transactions (invoices, adjustments, plus credits) and enter in the Dated column
*#5. Extract from statement total non-inventory transactions (invoices plus credits) and enter in the Dated (NI) column
*#6. Enter all current transactions (invoices, adjustments plus credits) in the Total column
*#7. Enter the dated total in the Dated Invoices field
*'''Check field “B17” and make sure it is zero'''
[[File:NMAS2.png|400px]]

*Initial Order Payment Under total deduct the next payment 
*Date (NI) Invoices – set-up Reference, Invoice and Paid columns (total owing should equal Dated (NI) total 
[[File:NMAS3.png|400px]]

===Credit Card Deposits===
*Enter all credit card deposits
[[File:NMAS4.png|400px]]

===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)
:::-#7. Make sure amount owing in current period and year to date are the same as total account balance on Account Statement
*Balance Forward Calculation
:::-Change date on Total Due 
:::-No manual entry is required (adjusted EFT and discount are linked to EFT Calculation)
[[File:NMAS5.png|400px]]

*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
[[File:NMAS6.png|400px]]

*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 been 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.
[[File:NMAS7.png|400px]]

===EFT===
*Enter Date, Reference Purchases and Discount for current EFT
*Note the EFT which was processed after the statement had been printed was included to reduce the EFT amount
[[File:NMAS8.png|400px]]

===Special Payment Plan===
*Totals Reconciliation – there should be no differences and the balance should be zero
*The front store and balance forward totals in YTD should be equal to the total dated invoices
[[File:NMAS9.png|400px]]

*Enter note to assist in the interpretation of statement
*Print Account Statement in colour
*Save worksheet
[[File:NMAS10.png|400px]]

==Special Payment Member's Letter==
*Change date
*Ensure all statements and reports mentioned are applicable
*Change commencing dates
*Change EFT date
[[File:NMAS11.png|400px]]

[[Category:Workflows-Finance]]
[[Category:Accounts Receivable]]