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Introduction:
This document provides instructions for processing End of Month in Accounts Receivable.
Procedure:
Step 1 - Prepare Month End
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Type 7 – Daily Totals Report and press enter.
Step 3 - Aging Report (optional)
Print this report for aged account balances.
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- Follow the on-screen prompts.
Step 4 - Monthly Statements Report (required)
Use this routine to print monthly statements.
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- ‘Is this the first statement run of the month?’ is a very important question. When you answer ‘Y’ the information produced during the compiling of statement run for printing the summary report replaces all the information currently saved. The information is removed and replaced with the newly created information. Therefore, you want to answer ‘Y’ only if you are running for all accounts and only if you have not already run statements for the month previously. If you run for fewer than all accounts, you must answer ‘N’ or the information for the summary report for all other accounts will be lost. You must determine when to answer ‘Y’ and when to answer ‘N’ before proceeding. If in doubt, or not sure what has been done previously, run the statements to the screen for all accounts with a ‘Y’.
Step 5 - Account Summary Report
This report uses the data from the SUMM table in the previous step.
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- Follow the steps in the example shown below.
Step 6 - Cash Receipts Report
- Print this report for a record of payments received during the month.
- Use the first billing day of the month as the start date and the last billing day of the month as the ending date. This will give you a cash receipts figure to balance to accounts receivable.
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- Follow the steps in the example shown below.
Step 7 - Tax Report
Run this report for taxes that have changed.
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- Follow the steps in the example shown below.
Step 8 - Commission Report
From the Optifacts main menu:
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- Follow the steps in the example shown below.
Step 9 - Customer Ranking Report
This report ranks customers by the amount of business that they have done. You can run it by purchases or by balances. Running by purchases allows you to see what the customer purchased most from your lab. Running by balances will also tell you if that particular customer is not paying their bill. Therefore, although you may have a customer who uses your lab a lot, they might not be a good customer.
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- Follow the steps in the example shown below.
Step 10 - Check Statements for Accuracy (required)
This step is very important so that the customer does not receive an inaccurate statement. Reviewing them will save you a lot of time during the month if you notice something is wrong.
- Check figures on the Statements.
- Balance all figures as you normally would.
Step 11 - Backup (required)
From the Optifacts main menu:
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Be sure that the accounting month has been closed and the above steps have been completed. |
Step 12 - Run End of Month Update (required)
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ONLY DO THIS ONCE – NEVER MORE THAN ONCE |
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*** If the backup does not complete (i.e. a power failure occurs during the update process) contact Optifacts before continuing. ***
DO NOT RUN THE UPDATE MORE THAN ONCE |
Step 13 - Run another Account Summary Report (required)
Compare this summary with the summary run after the statements were run. The two reports MUST MATCH EXACTLY.
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- Follow the steps in the example shown below.
Step 14 - Run another Aging Report
From the Optifacts main menu:
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- Follow the on-screen prompts.
Step 15 - Run the Account History Report
From the Optifacts main menu:
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