Accounting Finance:Statements-Special Payment Statement (1st Opening Order Statement)

Overview

By the end of this course, you will be able to:

• Understand how to create subsequent Opening Order Special Payment Statement
• Understand how to make debit and credit adjustments in ASW

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

Change date of all future dated inventory invoices to current period – ex. due date must be 041006 and discount date (if applicable) must be 041506

Changing an Invoice Due Date

1. Select ASW fastpath

2. Select Cash management

3. Select A/R cash management tasks

4. Select A/R invoicing tasks

5. Select Work with A/R transactions

6. Enter Doc no

7. Highlight transaction

8. Click Change

9. Change Due date (ex. 041006)

10. Change Cash discount 1 days if invoice has discount terms (ex. 041506)

11. Press Enter

12. Press F12 to move back to previous panel

Making Special Payment Adjustments

• 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.

1. Select Enter financial transactions

2. Enter Accounting period (make sure you enter the previous period if you are making adjustments for a month-end statement)

3. Enter Voucher type (10)

4. Press Enter

5. Enter Document type (ADJ)

6. Enter Document number (use statement date)

7. Enter Customer number

8. Enter Document date (use last day of statement period)

9. Enter Transaction amount (minus for credit adjustment)

10. Enter Due date (use 10 days from current statement ending date) *should read 041006 instead of 033106

11. Enter Text (MM/DD/YY Statement)

12. Press Enter twice

13. Enter Main (210200)

14. Press Enter

15. Highlight all current items (mark only invoices and credits – do not mark any payments)

• The remaining amount should be the eligible discount

16. Click Fnc List then 21 to post the remaining amount to customer’s account

17. Press Enter

18. Press Update (when all entries have been settled)

19. Enter Document type (ADJ)

20. Enter Document number (use next number from statement date)

21. Enter Customer number

22. Enter Document date (use last day of statement period)

23. Enter Transaction amount (positive for debit adjustment)

24. Enter Terms of payment (Z6I - 6 installment payments)

25. Enter Text (MM/DD/YY Statement)

26. Press Enter twice

27. Enter Main (210200)

28. Press Enter

29. Highlight all transactions

30. Press Enter

31. Change Due date (first due date is 10 days from last initial order statement)

32. Press Enter after each instalment entry

33. Press F12 to move back to previous panel

34. Press F3

35. Press F3

36. Mark Close batch

37. Change Printer queue (optional)

38. Press Enter

39. Press Enter

Viewing, Regenerating, and Reprinting a Statement

1. Select 7 STM -- Statements

2. Select 1 View Statement Customers

3. Enter Customer number

4. Press Enter

5. Enter ST next to customer

6. Press Enter

7. Enter RG next to latest statement (to regenerate statement)

8. Press Enter twice

9. Enter RP next to regenerated statement to reprint

10. Press Enter twice

• Statement now shows balance due – Pay this amount as zero (only exception is if statement included non-inventory invoices which could be due or credit card deposits)
• Future Dated invoices are now the total value of both inventory and possibly non-inventory invoices

Updating Store Special Payment Workbook

Re-name file and save in new directory

Purchases Worksheet

1. Set-up title and enter note for initial order cut-off date

2. Enter Dates and References

3. Extract from statement total current inventory transactions (invoices, adjustments plus credits) and enter in the Invoice column

4. Extract from statement total current non-inventory transactions (invoices plus credits) and enter in the Invoice (NI) column

5. Extract from statement total inventory dated transactions (invoices, adjustments, plus credits) and enter in the Dated column

6. Extract from statement total non-inventory transactions (invoices plus credits) and enter in the Dated (NI) column

7. Enter all current transactions (invoices, adjustments plus credits) in the Total column

8. Enter the dated total in the Dated Invoices field

9. Check field B17 and make sure it is zero

10. Initial Order Payment Schedule – set up Paid column with applicable dates

11. Using above Total Purchases up to initial order cut-off date divide total by 6 and enter each instalment

12. Total owing should equal Dated total

13. Dated (NI) Invoices – set-up Reference, Invoice and Paid columns

14. Total owing should equal Dated (NI) total

Credit Card Deposits Worksheet

1. Enter all credit card deposits

Summary Worksheet

1. Change date on title

2. Enter Store Name and Account #

In the Statement of Account section:

3. Change date in Balance Forward field

4. Enter Balance Forward' amount under Current period (first period s/b zero)

5. Link current Purchases and Adjustments to correct field in Purchases sheet

6. Link Credit Card Payments to correct field in Credit Card Deposits sheet

7. Link EFT Payment and EFT Discount to correct fields in EFT sheet (first period s/b zero)

• Year-to-Date (no linking is required, the template should be linking correct totals from other sheets)

In the Balance Forward Calculation section:

8. Change date in Total Due field

• No manual entry is required (Adjusted EFT Payment and Adjusted EFT Discount are linked to EFT Calculation)

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

In the EFT Calculation section:

9. Change date in EFT Calculation fields

10. Enter applicable discount for current period

11. Enter note to assist customer with the interpretation

• Totals Reconciliation – there should be no differences and the balance should be zero
• Prior Period Adjustment (list any prior period adjustments – most likely missing discounts from prior periods). The balance should be zero.

EFT Worksheet

Enter Date, Reference Purchases and Discount for current EFT

Print Account Statement

1. Print Account Statement in colour

2. Save worksheet

Update Special Payment Letter

1. Change date

2. Ensure all statements and reports mentioned are applicable

3. Change commencing dates

4. Change EFT date