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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:
Type 1 – Accounts Receivable and press enter.
Type 2 – Monthly Routines and press enter.
Type 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 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 to balance to accounts receivable.
Note: 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 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 a sales figure to balance to the G/L month.
From the Optifacts main menu:
Type 1 – Accounts Receivable and press enter.
Type 1 - Daily Routines and press enter.
Type 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:
Type 1 – Accounts Receivable and press enter.
Type 2 – Monthly Routines and press enter.
Type 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:
Type 1 – Accounts Receivable and press enter.
Type 2 – Monthly Routines and press enter.
Type 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 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’.
If there are outstanding items, you will be prompted to correct them before a statement can be run.
- This error means that a payment, discount, or credit was entered for an open item account after the end date that is set in the Prepare Month End. Please unapply the amount(s) via menu 1-1-9, then remove the payment (menu 1-1-3).
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 again after the update is complete.
- The two reports MUST MATCH. If they do not match the system will tell you that someone has done something to an account that will need to be researched and corrected.
From the Optifacts main menu:
Type 1 – Accounts Receivable and press enter.
Type 2 – Monthly Routines and press enter.
Type 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 will give you a cash receipts figure to balance to accounts 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 cash receipts figure to balance to the G/L month.
From the Optifacts main menu:
Type 1 – Accounts Receivable and press enter.
Type 3 – Other Routines and press enter.
Type 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:
Type 1 – Accounts Receivable and press enter.
Type 2 – Monthly Routines and press enter.
Type 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:
Type 1 – Accounts Receivable and press enter.
Type 2 – Monthly Routines and press enter.
Type 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. 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.
From the Optifacts main menu:
Type 1 – Accounts Receivable and press enter.
Type 2 – Monthly Routines and press enter.
Type 6 – Customer Ranking and press enter.
- Follow the on-screen prompts pressing 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.
*** 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.
Step 12 - Run End of Month Update (required)
Warning
ONLY DO THIS ONCE – NEVER MORE THAN ONCE
This routine updates and ages all account balances.
From the Optifacts main menu:
Type 1 – Accounts Receivable and press enter.
Type 2 – Monthly Routines and press enter.
Type 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.
- Run as soon after the backup as possible.
- Run as soon after the final statements are run as possible. If not done for a week or more after the statements are run, or if you have made any changes, RUN ANOTHER BACKUP. Label it the same as above with the new date added.
Warning
*** 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
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 menu:
Type 1 – Accounts Receivable and press enter.
Type 2 – Monthly Routines and press enter.
Type 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:
Type 1 – Accounts Receivable and press enter.
Type 2 – Monthly Routines and press enter.
Type 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:
Type 1 – Accounts Receivable and press enter.
Type 2 – Monthly Routines and press enter.
Type 9 – History Report and press enter.
- Follow the on-screen prompts pressing enter past each field.
