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Daily accounting functions after initial go live

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Daily accounting functions after initial go live

After you go live, you will begin performing your normal, daily accounting functions. The following sections provide brief overviews of common daily procedures you will perform for Accounts Receivable, Accounts Payable, and General Ledger.

Accounts receivable functions and reports

This function posts a cash, check, credit card or electronic payment to a customer account and creates bank account deposits.
  1. Go to Accounting > Accounts Receivable > Cash Receipts Posting.
  2. Enter or search for the customer. The screen will populate with all open items.
  3. Verify the bank, choose the payment method, enter a check number and enter a dollar amount.

    4. The posting date will default to the current calendar date.

    This screen shows a fully applied payment to a single invoice.

  4. Click Save to add this item to the batch.
  5. When all items are added to the batch, click the Print & Post to A/R button to update the batch. The system will produce a Daily Cash Receipts Journal for review.

Adjustments may be made directly from the Cash Receipts Posting screen using a G/L account offset.

Go to Accounting > Accounts Receivable > Cash Receipts Posting. This screen shows a balance of $0.89 written off because the payment was short. The written off amount will post to the selected G/L account.

Use this function to remove a sales tax posting while applying payment to the rest of the invoice.
  1. Go to Accounting > Accounts Receivable > Cash Receipts Posting.
  2. Right click on an invoice to credit the sales tax. The system will create the credit on the same screen.

    The tax reduction will be reflected on the current period Sales Tax Journal as an increase of non-taxable sales and corresponding decrease in non taxable sales.

Use this function to seamlessly reverse a previously applied and posted payment on account.
  1. Go to Accounting > Accounts Receivable > A/R Check Void.
  2. Choose the customer and search for the payment to be reversed.
  3. Click Void to reverse the item. The system will create a negative cash receipt and open the item for application of a future payment, followed by a negative bank item.
All customer information including sales history and transaction history are stored here.
  1. Go to Accounting > Accounts Receivable > Customer Ledger. The screen defaults to a listing of open customer invoices.
  2. Change to “paid” to view a list of invoices followed by the payment vehicle.
  3. Choose Payment History to view a list of payments followed by the paid items. This screen shows all open invoices.

POS transactions combine sale and payment in a single posting.
  1. To identify a POS item go to Sales > Order > Sales Order Inquiry.
  2. Proceed to the Final tab.

    If Cash Order is checked, the transaction requires full payment at time of shipment.

  3. To view open POS items go to Sales > Order > Point of Sale.
  4. A grid will display each batch number and payment method (cash, check, credit card). It is important to post in anticipation of the bank reconciliation.
  5. Click the Preview button to print a report to validate all payment receipts before posting.
Follow this process to create invoices for sales made on account for which payment is due later. Note that some systems are set to automatically post invoices without the intermediary billing process.
  1. Go to Sales > Invoicing > Invoicing.
  2. Choose the Billing tab on the right side of the screen and determine whether you want to bill all items or by delivery truck. (Open invoices must be placed in the “billing” batch before being available to post).
  3. If there are items ready for invoicing, proceed to the Invoice Preview screen. Low or negative GP items will be highlighted in red.
  4. Choose individual items or all items and select the Print Option “Print and Post to A/R” to post the batch to the system. The system will produce a Daily Sales Journal Report.
The daily sales invoicing process produces a report when the batch is posted.  Use this menu path to reproduce the report for any day.
  1. Go to Sales > Invoicing > Daily Sales Journal.
  2. Choose the posting date or a date range and click Run.

    The output lists each invoice with gross sales (including tax), net sales (excluding tax), freight, sales tax, merchandise cost and gross profit. Each branch is summarized, followed by a grand total for all branches.

    This report is also available on Accounting > End of Month Closing & Journals > Sales Journal.

The daily cash receipts process produces a report when the batch is posted. Use this menu path to reproduce the report for any day.
  1. Go to Accounting > Accounts Receivable > Daily Cash Receipts Journal.
  2. Choose the posting date or batch and click Run. The output is divided in 3 sections:
    • Section 1 lists each transaction in detail, indicating whether it was processed through point of sale, or as a miscellaneous receipt.  All data is summarized as a G/L entry.
    • Section 2 provides a summary of activity by posting date and is useful to tie to the posted bank deposit.
    • Section 3 summarizes receipts by customer.

    This report is also available on Accounting > End of Month Closing & Journals > Cash Receipts Journal.

This report summarizes daily point of sale activity.

  1. Go to Sales > Order > Point of Sale.
  2. The Point of Sale window will appear.
  3. Click Final to produce a report for a particular date or batch.

Accounts payable functions and reports

Follow this process when there is a merchandise Purchase Order associated with the vendor invoice.
  1. Go to Accounting > Accounts Payable > Invoice Entry.
  2. To satisfy the system’s inventory valuation cycle, the dollar amount posted to the Inventory G/L account must exactly match the PO value (seen in the Linked Receipts field). Any differences will post to an Inventory Variance G/L account.

    This example shows a merchandise invoice with freight and a small difference between the value of the PO and the vendor-billed amount.

Follow this process when the invoice is not for merchandise and there is no associated Purchase Order.

Go to Accounting > Accounts Payable > Invoice Entry. The process is the same, except there will not be a PO available and the PO or Reference Field may be used for any type of description.

Use this function to produce a summary of invoices entered by date and user.
  1. Go to Accounting > Accounts Payable > Invoice Entry.
  2. Enter invoices for merchandise and expenses as described above.
  3. Choose Entry Log at the left bottom of the window.

    The system will produce a report by user initials and date range and is helpful as a review of recently entered invoices.

Use the Override G/L suffix button to distribute an expense to various branch G/L accounts.
  1. Go to Accounting > Accounts Payable > Invoice Entry.
  2. Click the Override G/L Suffix box to distribute the expense to G/L accounts with various suffixes. Otherwise the system will default all expenses back to the assigned branch.

    This example shows the full liability assigned to branch #01 and the expenses distributed to 4 branches. Also note the accounting period change to assign the invoice to June.

Entering a credit memo is similar to entering an invoice, except the dollar amount is negative.

    Go to Accounting > Accounts Payable > Invoice Entry.

    The process is the same as for any A/P invoice, except the dollar amount is negative.

    • If the invoice is for a merchandise return, there must be a linked PO.
    • If the invoice is for a vendor rebate, use the PO or Reference Field to indicate such and change the G/L distribution to Vendor Rebate Income.
Voiding an invoice creates a reversal transaction in the current accounting period.
  1. Locate the invoice by going to Accounting > Accounts Payable > Invoice Entry.
  2. Enter or search for the vendor.
  3. Use the search icon to locate the invoice and open it on the active screen.
  4. Click Edit followed by Void. The system will reverse the transaction in the general ledger. Any linked PO’s will become un-invoiced and available for use on another invoice.
All vendor information, including purchasing history and transaction history are stored here.
  1. Go to Accounting > Accounts Payable > Vendor Ledger. The screen defaults to a listing of open vendor invoices.
  2. Change to “paid” to view a list of invoices followed by the payment vehicle.
  3. Choose Payment History to view a list of payments followed by the paid items.

    This image shows the Payment History for 2017. The parent record has been expanded to show the paid children records.

One or more vendor checks may be printed using this function.
  1. Go to Accounting > Accounts Payable > Check Print. The screen will default to the main branch and bank with all current vendor open balances (debit and credit).
  2. Click Edit to get started.
  3. Choose Batch to print more than 1 check based on pre-determined criteria.
  4. Use the filters or manually click on a record to choose which invoices to pay.
  5. You can also use the Schedule button to simplify the selection process.
  6. Once all invoices are selected, click Print and make sure there is check stock in the printer.
  7. Do not acknowledge that the checks have printed correctly until you verify them.

    This screen may be used to schedule checks if the required filters are simple.

    For complex criteria, use the sort and filter options to create a check run.

    This example shows an unfiltered check run. Note that checks cannot be produced for vendors with credit balances.

This is a one-time check to an entity that does not require a vendor history.
  1. Go to Accounting > Accounts Payable > Non-Vendor Check.
  2. Enter the name and address of the payee.
  3. Choose the branch and bank account.
  4. If the check will be printed allow the system to choose the check number.
  5. Enter gross amount, discount and due date.
  6. Choose a G/L distribution and review before clicking Print.
This function seamlessly reverses a check and opens back the invoices for payment on another check.
  1. Go to Accounting > Accounts Payable > Check Payment Inquiry.
  2. Choose the vendor and enter or search for the check to be voided.
  3. Click the Void button to complete the transaction. The system will post the reversal as an increase to cash and stop including the check on the bank reconciliation as outstanding.
Use this report to review posted vendor invoices before generating checks.

Go to Accounting > Accounts Payable > Purchase Journal. There are various options for sorting and filtering the data. This report is also available on Accounting > End of Month Closing & Journals > Purchase Journal.

Use this report to review printed checks.

Go to Accounting > Accounts Payable > Cash Disbursements Journal. There are various options for sorting and filtering the data. This report is also available on Accounting > End of Month Closing & Journals > Cash Disbursement Journal.

General ledger functions and reports

  1. Go to Accounting > General Ledger > G/L Inquiry.
  2. Enter the calendar period in MMYY format.
  3. Click Search to populate the screen. This is a listing of all G/L accounts and ending balances for the selected period.
  4. Content can be expanded to show detail by clicking the “+” next to an account.
  5. Click the Trial Balance button to produce a report that shows the account ending balances for the period.
  6. You can also right-click inside the G/L Inquiry screen to export directly to Excel.

    7. This is an example of a G/L Inquiry for a single accounting period. Accounts display in condensed mode with the period end balance.

  1. Go to Accounting > General Ledger > Financial Reporting.
  2. Choose a report using the search icon (Balance Sheet or Income Statement).
  3. Select the calendar period and level of detail.
  4. Click Run to display the report on the screen.
  5. Click Print to produce a report.
  6. You can also right–click anywhere in the body of the report to export directly to Excel.
  1. Go to Accounting > General Ledger > Journal Entry.
  2. The system defaults to a regular, one-time entry. Use Accrual entry only if you want the system to post a reversal in the next accounting period.
  3. Choose the calendar period and tab through the fiscal field.
  4. Click Next to assign a journal entry number and proceed to the Transaction Date field.
  5. Choose a date that occurs within the accounting period.
  6. Enter a Description and tab to the first G/L account position.
  7. Enter or search for a G/L account and enter the amount as a debit or credit.
  8. Use the Tab key to proceed between fields.
  9. Total debits and credits must match in order to Save the entry. Once saved, a report will come up. Note that canceling the report does not prevent the entry from posting.

Templates are useful for recurring entries that happen weekly or monthly.

  1. Go to Accounting > General Ledger > Journal Template and click New to create a new record.
  2. Assign a name and description to the template.
  3. Enter the G/L account numbers in the order you would like to display for “live” entries. Dollar amounts are optional and recommended only for entries that don’t change from month to month.
  4. Click Save to store the template for use. Note that no transactions are generated until the template is used in a “live” entry.

To use the template in a regular journal entry, follow the instructions above to make a journal entry.

  1. Choose the template by clicking the spyglass in the Template field.
  2. Add or edit dollar amounts and accounts before posting the entry.
  3. Every time a template is used, the system will ask if you want to update the template. Choose NO to preserve the original template. The journal entry will post.

    The following image shows a template used as a “live” entry.

  1. Go to Accounting > Bank Reconciliation > Bank Ledger.
  2. The main operating account will default. Enter a date to search from and click Search to populate the screen. This is a detail listing of all bank transactions, ordered by date.
  3. Transactions may be sorted, filtered and exported to Excel.

  1. Go to Accounting > Bank Reconciliation > Bank Reconciliation.
  2. The main operating account will default. Enter the statement closing date and balance.
  3. Click Search to populate the screen.
  4. As items are cleared, the right side of the screen will start to build the reconciliation.

    5. Note that some items, mainly deposits, are presented as a bold “parent” record followed by the “children” records. These items may be sorted, filtered or clicked for details.

  5. Click Save and choose Temporarily Save to preserve what has been cleared so far.
  6. A report will generate to indicate the status of the reconciliation so far.

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