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Table of Contents (on this page)
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Introduction
This document provides instructions for processing End of Month in Accounts Receivable.
Procedure
Step 1 - Prepare Month End
From the Optifacts main menuMain Menu:
Type 1 – Accounts Receivable and press enterEnter.
Type 2 – Monthly Routines and press enterEnter.
Type 10 – Prepare Month End and press enterEnter.
- Follow the on-screen prompts pressing enter Enter past each field.
Step 2 - Daily Totals Report
- Print this report for the monthly sales figures by material..
- 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 sales figure report provides sales figures to balance to accounts receivable.
Note: If you ended the previous month on the 29th, 29th i.e. due , due to a weekend, you must run this report starting on the 30th of 30th of the previous month in case some work was processed over the weekend.
Note: For G/L month-end, print this report again using the first day of the month as the start date and the last day of the month as the end date. This will give you report provides a sales figure to balance to the G/L month.
From the Optifacts main menuMain Menu:
Type 1 – Accounts Receivable and press enterEnter.
Type 1 - Daily Routines and press enterEnter.
Type 7 – Daily Totals Report and press enterEnter.
- Follow the on-screen prompts pressing enter Enter past each field.
Step 3 - Aging Report (optional)
Print this report for aged account balances.
From the Optifacts main menuMain Menu:
Type 1 – Accounts Receivable and press enterEnter.
Type 2 – Monthly Routines and press enterEnter.
Type 1 – Aging Reports and press enterEnter.
- Follow the on-screen prompts pressing enter Enter past each field.
Step 4 - Monthly Statements Report (required)
Use this routine to print monthly statements.
- Check the statements once they have printed.
From the Optifacts main menuMain Menu:
Type 1 – Accounts Receivable and press enterEnter.
Type 2 – Monthly Routines and press enterEnter.
Type 2 – Monthly Statements and press enterEnter.
- Follow the on-screen prompts pressing enter Enter past each field.
‘Is this the first statement run of the month?’ is a very important crucial question.
When you answer
‘Y’‘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’‘N,’ or the information for the summary report for all other accounts
will beis lost.
You must determine when to answer ‘Y’ and when to answer ‘N’ before proceeding. If in doubt
, or not sure what has been doneabout what happened previously, run the statements to the screen for all accounts with a
‘Y’‘Y.’
If there are outstanding items, you will be prompted a prompt displays to correct them before a statement statements can be run.
ThisThe error shown in the following diagram means that
a paymentpayments,
discountdiscounts, or
credit was enteredcredits applied for an open item account after the end date
that isset in
thePrepare Month End.
Please
unapplyun-apply the amount(s) via menu 1-1-9, then remove the payment (menu 1-1-3)
.
. If you do not do both of these steps in the order specified, then the account may be out of balance.
If the transaction is deleted without un-applying the amount, then an adjustment to the record with un-applied amounts is required. The other option is to go through each order by order and remove amounts applied through 1-1-9. Remove Applied Amounts until there's enough in the unapplied amount to allow the deletion of the payment.
Step 5 - Account Summary Report
This report uses the data from the SUMM table in the previous step.
Save this report as
you will need to run this report againit needs to be rerun after the update is complete.
The two reports MUST MATCH. If they do not match, the system
will tell youpresents a message that someone has done something to an account that
will needneeds to be researched and corrected.
From the Optifacts main menuMain Menu:
Type 1 – Accounts Receivable and press enterEnter.
Type 2 – Monthly Routines and press enterEnter.
Type 3 – Account Summary Report and press enterEnter.
- Follow the on-screen prompts pressing enter Enter past each field.
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 areport provides cash receipts
figurefigures to balance
toaccounts receivable.
Note: For the G/L month-end, print this report again using the first day of the month as the start date and the last day of the month as the end date. This will give you a report provides cash receipts figure figures to balance to the G/L month.
From the Optifacts main menuMain Menu:
Type 1 – Accounts Receivable and press enterEnter.
Type 3 – Other Routines and press enterEnter.
Type 1 – Cash Receipts Report and press enterEnter.
- Follow the on-screen prompts pressing enter Enter past each field.
Step 7 - Tax Report (optional)
Run this report for taxes that have changed.
From the Optifacts main menuMain Menu:
Type 1 – Accounts Receivable and press enterEnter.
Type 2 – Monthly Routines and press enterEnter.
Type 4 – Tax Report and press enterEnter.
- Follow the on-screen prompts pressing enter Enter past each field.
Step 8 - Commission Report (optional)
From the Optifacts main menuMain Menu:
Type 1 – Accounts Receivable and press enterEnter.
Type 2 – Monthly Routines and press enterEnter.
Type 5 – Commission Report and press enterEnter.
- Follow the on-screen prompts pressing enter Enter past each field.
Step 9 - Customer Ranking Report (optional)
This report ranks customers by the amount of business that they have done. You It can run it by purchases or by balances. Running by purchases allows you to see shows what the customer purchased most from your the lab. Running by balances will also tell you if that shows if a particular customer is not paying their bill. Therefore, although you may have a customer who uses your the lab a lot, they might not be a good customer.
From the Optifacts main menuMain Menu:
Type 1 – Accounts Receivable and press enterEnter.
Type 2 – Monthly Routines and press enterEnter.
Type 6 – Customer Ranking and press enterEnter.
- Follow the on-screen prompts pressing enter Enter past each field.
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)
Note: Wait to run the month end update until the nightly backup has occurred. Also, save that backup for 2-3 months.
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*** If the backup does not complete *** (i.e. a power failure occurs during the update process) *** contact Optifacts before continuing. *** |
- Label the tape “statement 'statement backup – mm/dd/yy”yy.'
- Store in a safe place and do not re-use the tape for 2 months.
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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)
This routine updates and ages all account balances.
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ONLY DO THIS ONCE – NEVER MORE THAN ONCE |
Before running this routine, make sure all statements are correct, AR balances, accounting figures, balances, and a backup
isdone.
Run this routine after the accounting month has closed and
you havethe Daily Totals Report is printed and balanced
the daily totals reportfor the accounting month.
*** While this routine is running, do not do any other work on the system. ***
*** Shipping must be stopped stop before running the update. Choose a point to stop mailing anything out and then run the update until finished. ***
If this is interrupted by a power failure
prior tobefore finishing, call Optifacts before continuing.
From the Optifacts main menuMain Menu:
Type 1 – Accounts Receivable and press enterEnter.
Type 2 – Monthly Routines and press enterEnter.
Type 8 - End of Month Update and press enterEnter.
- Follow the on-screen prompts pressing enter Enter past each field. The dates are auto-populated from the dates set in Prepare Month End and should not be changed. Contact Optifacts Support if you have questions.Run
Do the End of Month Update as soon as possible after the backup
as possible.
Run as soon as possible after the final
statements arestatement run
as possible. If
not done forchanges were processed, or a week or more
after the statements are run, or if you have made any changeshas passed since the statement run, and a backup did not occur, RUN ANOTHER BACKUP.
LabelLabel it the same as above with the new date added.
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*** If the Update update 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
Compare this summary with the summary run after the statements were run. The two reports MUST MATCH EXACTLY.
- If they do not match, find the accounts that are different.
- Contact Optifacts.
From the Optifacts main menuMain Menu:
Type 1 – Accounts Receivable and press enterEnter.
Type 2 – Monthly Routines and press enterEnter.
Type 3 – Account Summary Report and press enterEnter.
- Follow the on-screen prompts pressing enter Enter past each field.
Step 14 - Run another Aging Report
From the Optifacts main menuMain Menu:
Type 1 – Accounts Receivable and press enterEnter.
Type 2 – Monthly Routines and press enterEnter.
Type 1 – Aging Reports and press enterEnter.
- Follow the on-screen prompts pressing enter Enter past each field.
Step 15 - Run the Account History Report (optional)
From the Optifacts main menuMain Menu:
Type 1 – Accounts Receivable and press enterEnter.
Type 2 – Monthly Routines and press enterEnter.
Type 9 – History Report and press enterEnter.
- Follow the on-screen prompts pressing enter Enter past each field.
