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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 Menu:
Select Option 1 – Accounts Receivable and press Enter.
Select Option 2 – Monthly Routines and press Enter.
Select Option 10 – Prepare Month End and press Enter.
- Follow the on-screen prompts pressing Enter past each field.
Step 2 - Daily Totals Report
Print this report for the monthly sales figures.
- 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 report provides sales figures to balance accounts receivable.
If you ended the previous month on the 29th i.e., due to a weekend, you must run this report starting on the 30th of the previous month in case some work processed over the weekend.
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 report provides a sales figure to balance to the G/L month.
From the Optifacts Main Menu:
Select Option 1 – Accounts Receivable and press Enter.
Select Option 1 - Daily Routines and press Enter.
Select Option 7 – Daily Totals Report and press Enter.
- Follow the on-screen prompts pressing Enter past each field.
Step 3 - Aging Report (Optional)
Print this report for aged account balances.
From the Optifacts Main Menu:
Select Option 1 – Accounts Receivable and press Enter.
Select Option 2 – Monthly Routines and press Enter.
Select Option 1 – Aging Reports and press Enter.
- Follow the on-screen prompts pressing 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 Menu:
Select Option 1 – Accounts Receivable and press Enter.
Select Option 2 – Monthly Routines and press Enter.
Select Option 2 – Monthly Statements and press Enter.
- Follow the on-screen prompts pressing Enter past each field.
‘Is this the first statement run of the month?’ is a crucial 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 is lost.
You must determine when to answer ‘Y’ and when to answer ‘N’ before proceeding. If in doubt about what happened previously, run the statements to the screen for all accounts with a ‘Y.’
If there are outstanding items, a prompt displays to correct them before statements can run.
The error shown in the following diagram means that payments, discounts, or credits applied for an open item account after the end date set in Prepare Month End.
Please unapply 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 unapplying 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 it needs to be rerun after the update is complete.
The two reports MUST MATCH. If they do not match, the system presents a message that someone has done something to an account that needs to be researched and corrected.
From the Optifacts Main Menu:
Select Option 1 – Accounts Receivable and press Enter.
Select Option 2 – Monthly Routines and press Enter.
Select Option 3 – Account Summary Report and press Enter.
- Follow the on-screen prompts pressing 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 report provides cash receipts figures to balance accounts receivable.
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 report provides cash receipts figures to balance to the G/L month.
From the Optifacts Main Menu:
Select Option 1 – Accounts Receivable and press Enter.
Select Option 3 – Other Routines and press Enter.
Select Option 1 – Cash Receipts Report and press Enter.
- Follow the on-screen prompts pressing Enter past each field.
Step 7 - Tax Report (Optional)
Run this report for taxes that have changed.
From the Optifacts Main Menu:
Select Option 1 – Accounts Receivable and press Enter.
Select Option 2 – Monthly Routines and press Enter.
Select Option 4 – Tax Report and press Enter.
- Follow the on-screen prompts pressing Enter past each field.
Step 8 - Commission Report (Optional)
From the Optifacts Main Menu:
Select Option 1 – Accounts Receivable and press Enter.
Select Option 2 – Monthly Routines and press Enter.
Select Option 5 – Commission Report and press Enter.
- Follow the on-screen prompts pressing Enter past each field.
Step 9 - Customer Ranking Report (Optional)
This report ranks customers by the amount of business that they have done. It can run by purchases or by balances. Running by purchases shows what the customer purchased most from the lab. Running by balances shows if a particular customer is not paying their bill.
From the Optifacts Main Menu:
Select Option 1 – Accounts Receivable and press Enter.
Select Option 2 – Monthly Routines and press Enter.
Select Option 6 – Customer Ranking and press Enter.
- Follow the on-screen prompts pressing Enter past each field.
Step 10 - Check Statements for Accuracy (REQUIRED)
Essential
This step is essential so that the customer does not receive an inaccurate statement. Reviewing the statements saves much time during the month if something is wrong.
- Check figures on the Statements.
- Balance all figures as you usually would.
- Check figures on the Statements.
- Balance all figures as you usually would.
Step 11 - Backup (REQUIRED)
Backup!
Wait to run the month-end update until the nightly backup has occurred. Also, save that backup for 2-3 months.
*** If the backup does not complete ***
(i.e. a power failure occurs during the update process)
*** contact Optifacts before continuing. ***
- Label the tape 'statement backup – mm/dd/yy.'
- Store in a safe place and do not re-use the tape for 2 months.
Be sure that the accounting month has closed and the above steps have completed.
Step 12 - Run End of Month Update (REQUIRED)
This routine updates and ages all account balances.
Month-end Update
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 done.
- Run this routine after the accounting month has closed, and the Daily Totals Report is printed and balanced for the accounting month.
Caution
*** While this routine is running, do not do any other work on the system. ***
*** Shipping must 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 before finishing, call Optifacts before continuing.
From the Optifacts Main Menu:
Select Option 1 – Accounts Receivable and press Enter.
Select Option 2 – Monthly Routines and press Enter.
Select Option 8 - End of Month Update and press Enter.
- Follow the on-screen prompts pressing 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.
- Do the End of Month Update as soon as possible after the backup.
- Run as soon as possible after the final statement run. If changes were processed, or a week or more has passed since the statement run, and a backup did not occur, RUN ANOTHER BACKUP.Label it the same as above with the new date added.
Warning
*** If the 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 statement run. The two reports MUST MATCH EXACTLY.
- If they do not match, find the accounts that are different.
- Contact Optifacts.
From the Optifacts Main Menu:
Select Option 1 – Accounts Receivable and press Enter.
Select Option 2 – Monthly Routines and press Enter.
Select Option 3 – Account Summary Report and press Enter.
- Follow the on-screen prompts pressing Enter past each field.
Step 14 - Run another Aging Report
From the Optifacts Main Menu:
Select Option 1 – Accounts Receivable and press Enter.
Select Option 2 – Monthly Routines and press Enter.
Select Option 1 – Aging Reports and press Enter.
- Follow the on-screen prompts pressing Enter past each field.
Step 15 - Run the Account History Report (Optional)
From the Optifacts Main Menu:
Select Option 1 – Accounts Receivable and press Enter.
Select Option 2 – Monthly Routines and press Enter.
Select Option 9 – History Report and press Enter.
- Follow the on-screen prompts pressing Enter past each field.
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