Activant Prophet 21 Overview of Prophet 21 version 11 New Features: Accounting

Transcription

1 Activant Prophet 21 Overview of Prophet 21 version 11 New Features: Accounting Overview of Prophet 21 v11 New Features suite Course: 3 of 3

2 This class is designed for Accounting Personnel Accounts Payable clerks Accounts Receivable clerks

3 Objectives Discuss Disputed vouchers Cash receipt reversals Cash and bank reconciliation Additional AP and GL modifications Determine how you can use the new accounting features in your company

4 Disputed Vouchers Disputed voucher removed from cash requirements and check printing Dispute entire voucher or a line on voucher Manually, by checking Dispute checkbox on Voucher header or line item Automatically, when voucher variance exceeds variance tolerance setting Voucher Query by Example Create and print disputed memos

5 System Settings System Settings / Accounts Payable / General node

6 System Settings Acceptable Variance Levels Total invoice Invoice line

7 System Settings System can automatically create credit/debit memo for amount entered in disputed column Can print disputed memo

8 Dispute Vouchers Disputed checkbox on header of Voucher Entry by Amount Voucher Entry by Item Convert PO to Voucher Convert Inventory Return to Voucher

9 Disputed Checkbox Effects When enabling the Disputed checkbox: Posts to GL like normal voucher creation Excludes voucher from check printing windows Lists entire invoice in Disputed column in Cash Requirements and AP Trial Balance. Posts cost/qty differences to inventory/cost variance accounts Convert PO to Voucher or Convert Inventory Return to Voucher Disputed vouchers print on Unvouchered PO Report

10 Disputed Checkbox Effects Previously saved undisputed vouchers Can be disputed System doesn t reverse postings Inventory value doesn t change Voucher displays in disputed column on Cash Requirements and AP Trial Balance Voucher excluded from check printing

11 Undisputed Voucher Voucher by Item or Amount window Debit/credit memos created for disputed amounts on invoice s line items Memos adjust open amount of voucher Access memos in AP Drill Down by drilling into Memo Amount field. GL Postings debit or credit AP and inventory cost variance for disputed amount in period/year voucher removed from dispute Undisputed voucher appears for check printing

12 Dispute Voucher lines Disputed line checkbox found: Voucher Entry by Amount Voucher Entry by Item Convert PO to Voucher Convert Inventory Return to Voucher Checkbox marks invoice line disputed. Field holds disputed amount, which can be caused by difference in invoice qty or line item price.

13 Dispute Voucher lines Disputed amount field accepts positive and negative values Positive values decrease amount owed to vendor Negative values increase the amount owed Disputed amount prints on check stub. Subject to terms on invoice Disputed lines create a disputed amount debit/credit memo

14 Dispute Voucher lines When voucher with disputed line is saved: Makes normal postings to GL Excludes line amount from amount to be paid Places disputed amount on Cash Requirements and AP Trial Balance Maintains the terms calculations for line If dispute resolved within terms date, system takes terms If set to always take terms, then terms calculated for released line when released and paid Posts any cost/quantity variances to the inventory/cost variance accounts

15 Undisputed Voucher Lines Debit/credit memos created for remaining disputed amounts Memos adjust open amount of voucher Access memos in AP Drill Down by drilling into Memo Amount field on original voucher GL Postings debit or credit AP and inventory cost variance for disputed amount in period/year voucher removed from dispute Undisputed voucher lines appear for check printing

16 Convert PO to Voucher Check Disputed checkbox on a line with a qty invoiced of zero places entire line in dispute If qty invoiced is greater than zero, but less than the qty to invoice, system disputes the difference Difference displays in Disputed Amount field If just invoice is disputed, you can pay balance of disputed line Disputed unit price displays difference between PO cost and changed price in Disputed Amount

17 Convert PO to Voucher Unit price discrepancy Line item and voucher header automatically disputed

18 Charges Tab Charges can be disputed Checkbox on each line When charge is disputed: Makes normal postings to GL Excludes disputed amount from check printing Lists disputed amount on Cash Requirements and AP Trial Balance Posts cost/qty variances to inventory/cost variance accounts - Convert PO to Voucher or Convert Inventory Return to Voucher

19 Charges Tab When removing charge from dispute: Debit/credit memo created for unpaid amounts Memos adjust amount of voucher Access memos by drilling into memo amount of original voucher Charge displayed in check printing windows Charge removed from AP Trial Balance and Cash Requirements reports

20 Example of Resolving Disputed Charge GL Posting Cost variance Debit $200 IRC Debit $500 AP Credit $700

21 Example continued Vendor invoice had typo, true cost of items was $10 each Bring up Voucher in Voucher Entry Clear Disputed checkbox Leave entry in Disputed Value Debit/credit memo created when disputed voucher, line or charge is made undisputed GL Posting made upon saving AP Debit $200 Cost variance Credit $200

22 Debit/Credit Memo Debit/credit memo created when disputed voucher, line or charge is made undisputed GL effects Debit Memo Debit AP Credit Inventory Cost Variance Credit Memo Debit Inventory Cost Variance Credit - AP Popup asking to print disputed amount memos

23 Debit/Credit Memo If disputed amount is paid after undisputed amount, another voucher number is created for the disputed amount Time/date stamp attached to vendor invoice number so that same number can be used Can reprint credit/debit memos for disputed amounts in Debit/Credit Memo Entry Check stubs print disputed amounts Any amounts disputed and then cleared have label previously disputed

24 Disputed Voucher Fast Edit Purchasing/Maintenance/Disputed Voucher

25 Disputed Voucher Fast Edit To update disputed voucher Check Select checkbox Update Price to Pay for pricing issues Update Qty to Pay for quantity issues Can have both quantity and price issues RMB click to Select All or Deselect All Save

26 Update Disputed Voucher Lines AP/Transaction/Update Disputed Voucher Lines

27 Update Disputed Voucher Lines Price and/or quantity bolded To accept buyer s updates, check Update Voucher checkbox Voucher line reflects buyer selected price and qty Voucher line removed from dispute If setting enabled, debit/credit memo created

28 Update Disputed Voucher Lines If all disputed lines resolved, then entire voucher removed from dispute Any other changes must be done in Voucher Entry by Item or Amount If some of original voucher had been paid in full, a new voucher number created Line item detail available in drill downs and voucher entry screens for new voucher

29 Disputed Voucher Reason Codes AP / System / Disputed Voucher Reason Codes Define reason codes for use when disputing vouchers

30 Voucher Query by Example AP / Inquire / Voucher Query by Example

31 Cash and Bank Reconciliation Worksheet to reconcile checks and deposits Enter bank balance and adjustments to cash account on worksheet When reconciling bank statement balance to cash account balance, system posts journal entries upon saving the transactions Can print reconciliation form

32 Getting Started

33 Bank Account Maintenance Bank account may have only one GL cash account assigned to it If Track AP/AR by branch is engaged then there should be a separate bank account for every branch Branch indicator on the GL account makes the account unique

34 Bank Account Maintenance New fields added to Bank Account Maintenance

35 Bank Account Maintenance Once cash is reconciled for a period, worksheet cannot be reopened nor changes made to prior reconciliations Prior reconciliations may be printed at any time GL Account balance displayed in new Balance field Once account flagged to be reconciled, it cannot be disengaged

36 Cash Account Detail Reconciliation Reconcile Cash Detail window retrieves deposit and journal activity for a cash account assigned to a particular bank Use window to compare deposits and transactions recorded on bank statement, to deposits and transactions recorded in system Retrieve and reconcile by period on an ongoing or daily basis AR / Transaction / Reconcile Cash Detail

37 Cash Account Detail Reconciliation 1. Select bank number. 2. Enter deposits and journal entries to retrieve. 3. Specify as of period and year. 4. Check Include Reconciled Activity checkbox. Press [tab] or select Retrieve from File menu

38 Deposits Tab

39 Receipts Tab

40 Misc Cash and JE tab Displays individual transactions of a misc. cash receipt and/or journal entry

41 ACH Added to Manual Check Tab When recording a payment in Single Vendor Check Printing an ACH or Federal Wire number may be recorded System keeps this as a separate payment type and breaks it out on the reconcile checks screen Ability to record an electronic payment added to Voucher by Item and Amount and Prepaid Vouchers

42 ACH Added to Manual Check Tab

43 ACH Added to Manual Check Tab Enter Bank Number Record ACH/Fed Wire Number

44 Reconcile Disbursements Changes to Reconcile Check window New name Reconcile Disbursements Period information and vendor names added to Cleared Disbursement tab

45 Reconcile Disbursements Recall disbursement records as of a particular period and year Voided checks remain outstanding until period in which they were voided

46 Reconcile Disbursements

47 Outstanding Disbursements Report New name New criteria allows the selection of a period and year Report prints the checks that were outstanding AS OF the period selected. Voided checks are outstanding until the period they have been voided. Electronic outstanding items will be listed on the report.

48 Bank Reconciliation Worksheet Brings all the information from within the system together to allow ease of cash reconcilement Select the bank number, period to be reconciled and retrieve the query System returns the GL balance, outstanding deposits, and outstanding checks Enter the balance per bank statement and adjusting entries

49 Bank Reconciliation Worksheet View Deposit Detail and Disbursement detail on the upper tabs View the deposit detail, miscellaneous receipt or journal entry detail by placing a focus on the deposit and using the Receipts or Misc Cash and JE tabs Make adjusting journal entries on the worksheet Reverse the appropriate adjusting journal entries if needed Save as unapproved as needed

50 Bank Reconciliation Worksheet When the Adjusted Bank Balance equals the Adjusted Cash Account Balance the worksheet may be saved as approved When the record is saved as approve no further changes may be made and no more postings to the cash account may be made for that period Worksheet may be printed, faxed, or ed as needed from the reports menu Periods and Years must be reconciled in chronological order

51 Bank Reconciliation Worksheet

52 Reconciliation Tab

53 Deposits Tab

54 Receipts Tab

55 Misc Cash and JE Tab

56 Disbursements Tab

57 Cash Adjustments

58 Cash Adjustment Reversal Tab

59 Cash Adjustment Reversal Postings

60 Bank Reconciliation Report General Ledger / Reports / Bank Reconciliation Report

61 GL Drill Down Criteria View range of accounts Limit by Account Mask

62 GL Drill Down Criteria Period and Year current period or a range Most Recent Periods can span fiscal years

63 Account Tab Account number and description display on every screen

64 Journal Balance Tab Displays account number, description, period, year, and encumbered balance Column sorting by clicking on Column Header

65 Journal Detail Tab Displays account number, description, period, year, and encumbered amount Sorting is available on each column Drill down options expanded for Source field

66 Transaction Detail Tab Sorting available on columns Description column displaying item, vendor, customer or reference information to explain what occurred in the transaction

67 Chart of Accounts Maintenance No default Account Type General Ledger Report Printing Default

68 General Ledger Report Printing Default Detail this is the default and prints account details on GL Report Summary only ending balance prints Brief by Journal total ending balance by journal prints

69 General Ledger Report Changes

70 Report Options Account Default defaults to Chart of Accounts Maintenance Brief by Journal total ending balance by journal Detail all transactions Summary beginning and ending balances

71 Account Type Account Type select manually or RMB click and choose Select All

72 Cash Receipts Reversals Reverse cash receipts already applied to invoices Helpful in three scenarios Need to reverse payment because of returned check Applied payment multiple time Applied payment to wrong invoice or wrong customer Can charge service charges to returned checks

73 Setting up Receipt Reversals

74 Approvals Setting ON Default to YES All transactions default to approved Transactions will be marked complete and post to the general ledger without any review required ON Default to NO All transactions default to unapproved Each transaction must be reviewed OFF Approvals feature will not be turned on All payment reversal transactions approved.

75 Company Maintenance Revenue account for return check fees

76 Reverse Payments AR / Transaction / Reverse Payments

77 Reverse Payments Query Criteria to limit the payments for reversal displayed on the Payment List View tab Payment Form View Change date and period info for the reversal transaction Payment List View Decide which payment or payments to reverse Charges Apply charges to a returned check payment reversal

78 Reverse Payments Invoice Notes View/enter notes related to the invoice for the payments Invoice Information Apply a reversed payment to another customer and invoice Branch Branch must be specified when you apply a payment via zero-dollar invoice on the Invoice Information tab

79 Branches and Intercompany Transactions If track AR by branch enabled, then all GL postings that affect AR will post at branch level for receivable reversed or applied. All expense and/or revenue accounts automatically associate with invoice branch Reversing payments for intercompany transactions will reverse intercompany payables and receivables

80 Branches and Intercompany Transactions Terms and allowances post to accounts associated with company that generated invoice Returned check fees and AR transactions post to company branch on Charges tab

81 Payment Applied More Than Once On Reverse Payments window, use Query tab to find payment to reverse Payment View Tab displays payments meeting query criteria Scroll to right to check Reverse checkbox Save record

82 Payment Applied to Wrong Customer Use Query tab to find payment Check Reverse Payment checkbox Click the Payment Form View tab - make sure Date Reversed and Period and Year fields reflect correct values Enter corporate ID, customer ID, or ship to ID associated with invoice that you do want to pay in the relevant fields on the Invoice Information tab In Amount Received field, enter amount to reverse and save record

83 Reversing Returned Check Payment Use Query tab to find payment, choose Reverse checkbox Click Charges tab Enter Branch ID and any fee to apply for returned check in Returned Check Fee field Change customer s credit status, if desired Save record

84 Cash Receipts Reversals Cont d Any invoice that is reversed maintains the original invoice date and ages appropriately GL postings are in the period in which it is reversed AR drill down by Customer and Payment displays the reverse payments

85 Other Changes AR Drill Down by Deposit provides deposit detail Cash Receipts screen will accept a duplicate check number and append it with a date and time allows the reapplication of an incorrectly applied payment) Cash receipts journal to show reversed payments

86 AP Modifications Added description field that will print on the check stub Added AP Drill Down by PO AP Drill down by Vendor show the associated PO information AP Drill downs will display the related Container and Vessel information Landed Cost Inquiry Tab available to display how landed cost is spread across each item on PO

87 AP Modifications Cont d AP Trial Balance has a parameter called Include Fully Paid Invoices Will allow the distributor to view how much business they have done with a vendor and how much they have paid within a specified time period. Vendor range added to the Check Register criteria

88 AP Modifications Cont d Check printing screen displays the balance in the bank account selected. Bank account balance decrements as checks are selected. Parameter to exclude vendors with a credit balance Summary tab to show the total per vendor

89 1099 Div 1099 DIV types were added for Ordinary Dividends and Cash Liquidation Distributions Added to the 1099 Type drop down box Added to the vendor fast edit screen and vendor import 1099 DIV Balance report added and 1099 Payment Type Proof report will include the additional 1099 DIV payment types Added to 1099 Balance Maintenance Ability to submit 1099 INT form electronically

90 Journal Modifications Journal reports moved into Crystal reports Final summary pages added to the report Totals by branch Totals for account activity on all reports Total number of vouchers on the Voucher and purchases journals Totals by bank in receipts and disbursements

91 Inventory Value Report Add a branch range for ease of balancing to the General Ledger Total By selection added Branch Location Location/Branch

92 Inventory Value Report

93 Summary Discuss Disputed vouchers Cash receipt reversals Cash and bank reconciliation Additional AP and GL modifications Determine how you can use these new features in your company

94 For More Information Prophet 21 Help Files Visit Activant on the web: View Educational Services course offerings Browse Documentation Search the Solutions database Submit a Support case Consulting Services consult-sales@activant.com Professional Services Sales pss@activant.com