Activant Prophet 21 Overview of Prophet 21 version 11 New Features: Accounting Overview of Prophet 21 v11 New Features suite Course: 3 of 3
This class is designed for Accounting Personnel Accounts Payable clerks Accounts Receivable clerks
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
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
System Settings System Settings / Accounts Payable / General node
System Settings Acceptable Variance Levels Total invoice Invoice line
System Settings System can automatically create credit/debit memo for amount entered in disputed column Can print disputed memo
Dispute Vouchers Disputed checkbox on header of Voucher Entry by Amount Voucher Entry by Item Convert PO to Voucher Convert Inventory Return to Voucher
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
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
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
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.
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
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
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
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
Convert PO to Voucher Unit price discrepancy Line item and voucher header automatically disputed
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
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
Example of Resolving Disputed Charge GL Posting Cost variance Debit $200 IRC Debit $500 AP Credit $700
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
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
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
Disputed Voucher Fast Edit Purchasing/Maintenance/Disputed Voucher
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
Update Disputed Voucher Lines AP/Transaction/Update Disputed Voucher Lines
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
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
Disputed Voucher Reason Codes AP / System / Disputed Voucher Reason Codes Define reason codes for use when disputing vouchers
Voucher Query by Example AP / Inquire / Voucher Query by Example
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
Getting Started
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
Bank Account Maintenance New fields added to Bank Account Maintenance
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
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
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
Deposits Tab
Receipts Tab
Misc Cash and JE tab Displays individual transactions of a misc. cash receipt and/or journal entry
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
ACH Added to Manual Check Tab
ACH Added to Manual Check Tab Enter Bank Number Record ACH/Fed Wire Number
Reconcile Disbursements Changes to Reconcile Check window New name Reconcile Disbursements Period information and vendor names added to Cleared Disbursement tab
Reconcile Disbursements Recall disbursement records as of a particular period and year Voided checks remain outstanding until period in which they were voided
Reconcile Disbursements
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.
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
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
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 emailed as needed from the reports menu Periods and Years must be reconciled in chronological order
Bank Reconciliation Worksheet
Reconciliation Tab
Deposits Tab
Receipts Tab
Misc Cash and JE Tab
Disbursements Tab
Cash Adjustments
Cash Adjustment Reversal Tab
Cash Adjustment Reversal Postings
Bank Reconciliation Report General Ledger / Reports / Bank Reconciliation Report
GL Drill Down Criteria View range of accounts Limit by Account Mask
GL Drill Down Criteria Period and Year current period or a range Most Recent Periods can span fiscal years
Account Tab Account number and description display on every screen
Journal Balance Tab Displays account number, description, period, year, and encumbered balance Column sorting by clicking on Column Header
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
Transaction Detail Tab Sorting available on columns Description column displaying item, vendor, customer or reference information to explain what occurred in the transaction
Chart of Accounts Maintenance No default Account Type General Ledger Report Printing Default
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
General Ledger Report Changes
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
Account Type Account Type select manually or RMB click and choose Select All
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
Setting up Receipt Reversals
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.
Company Maintenance Revenue account for return check fees
Reverse Payments AR / Transaction / Reverse Payments
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Inventory Value Report Add a branch range for ease of balancing to the General Ledger Total By selection added Branch Location Location/Branch
Inventory Value Report
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
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