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 PersonnelAccounts Payable clerksAccounts Receivable clerks

Objectives

Discuss Disputed vouchersCash receipt reversalsCash and bank reconciliationAdditional 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 printingDispute entire voucher or a line on voucher

Manually, by checking Dispute checkbox on Voucher header or line itemAutomatically, when voucher variance exceeds variance tolerance setting

Voucher Query by ExampleCreate and print disputed memos

System Settings

System Settings / Accounts Payable / General node

System Settings

Acceptable Variance LevelsTotal invoiceInvoice line

System Settings

System can automatically create credit/debit memo for amount entered in disputed columnCan print disputed memo

Dispute Vouchers

Disputed checkbox on header ofVoucher Entry by AmountVoucher Entry by ItemConvert PO to VoucherConvert Inventory Return to Voucher

Disputed Checkbox Effects

When enabling the Disputed checkbox:Posts to GL like normal voucher creationExcludes voucher from check printing windowsLists 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 VoucherDisputed vouchers print on Unvouchered PO Report

Disputed Checkbox Effects

Previously saved undisputed vouchersCan be disputedSystem doesn’t reverse postingsInventory value doesn’t changeVoucher displays in disputed column on Cash Requirements and AP Trial BalanceVoucher excluded from check printing

Undisputed Voucher

Voucher by Item or Amount windowDebit/credit memos created for disputed amounts on invoice’s line itemsMemos adjust open amount of voucherAccess 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 disputeUndisputed voucher appears for check printing

Dispute Voucher lines

Disputed line checkbox found:Voucher Entry by AmountVoucher Entry by ItemConvert PO to VoucherConvert 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 vendorNegative values increase the amount owed

Disputed amount prints on check stub.Subject to terms on invoiceDisputed lines create a disputed amount debit/credit memo

Dispute Voucher lines

When voucher with disputed line is saved:Makes normal postings to GLExcludes line amount from amount to be paidPlaces disputed amount on Cash Requirements and AP Trial BalanceMaintains the terms calculations for line

If dispute resolved within terms date, system takes termsIf 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 amountsMemos adjust open amount of voucherAccess memos in AP Drill Down by drilling into Memo Amount field on original voucherGL Postings debit or credit AP and inventory cost variance for disputed amount in period/year voucher removed from disputeUndisputed 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 disputeIf qty invoiced is greater than zero, but less than the qty to invoice, system disputes the differenceDifference displays in Disputed Amount fieldIf just invoice is disputed, you can pay balance of disputed lineDisputed unit price displays difference between PO cost and changed price in Disputed Amount

Convert PO to Voucher

Unit price discrepancyLine item and voucher header automatically disputed

Charges Tab

Charges can be disputedCheckbox on each line

When charge is disputed:Makes normal postings to GLExcludes disputed amount from check printingLists disputed amount on Cash Requirements and AP Trial BalancePosts 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 voucherAccess memos by drilling into memo amount of original voucher

Charge displayed in check printing windowsCharge removed from AP Trial Balance and Cash Requirements reports

Example of Resolving Disputed Charge

GL PostingCost variance Debit $200IRC Debit $500AP Credit $700

Example continued

Vendor invoice had typo, true cost of items was $10 eachBring up Voucher in Voucher Entry

Clear Disputed checkboxLeave entry in Disputed Value

Debit/credit memo created when disputed voucher, line or charge is made undisputedGL Posting made upon saving

AP Debit $200Cost variance Credit $200

Debit/Credit Memo

Debit/credit memo created when disputed voucher, line or charge is made undisputedGL effects

Debit MemoDebit – APCredit – Inventory Cost Variance

Credit MemoDebit – Inventory Cost VarianceCredit - 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 EntryCheck stubs print disputed amountsAny amounts disputed and then cleared have label “previously disputed”

Disputed Voucher Fast Edit

Purchasing/Maintenance/Disputed Voucher

Disputed Voucher Fast Edit

To update disputed voucherCheck Select checkboxUpdate Price to Pay for pricing issuesUpdate Qty to Pay for quantity issuesCan have both quantity and price issuesRMB click to Select All or Deselect AllSave

Update Disputed Voucher Lines

AP/Transaction/Update Disputed Voucher Lines

Update Disputed Voucher Lines

Price and/or quantity boldedTo accept buyer’s updates, check Update Voucher checkbox

Voucher line reflects buyer selected price and qtyVoucher 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 disputeAny other changes must be done in Voucher Entry by Item or AmountIf some of original voucher had been paid in full, a new voucher number createdLine item detail available in drill downs and voucher entry screens for new voucher

Disputed Voucher Reason Codes

AP / System / Disputed Voucher Reason CodesDefine 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 depositsEnter bank balance and adjustments to cash account on worksheetWhen reconciling bank statement balance to cash account balance, system posts journal entries upon saving the transactionsCan print reconciliation form

Getting Started

Bank Account Maintenance

Bank account may have only one GL cash account assigned to itIf Track AP/AR by branch is engaged then there should be a separate bank account for every branchBranch 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 reconciliationsPrior reconciliations may be printed at any timeGL Account balance displayed in new Balance fieldOnce 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 bankUse window to compare deposits and transactions recorded on bank statement, to deposits and transactions recorded in systemRetrieve 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 recordedSystem keeps this as a separate payment type and breaks it out on the reconcile checks screenAbility 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 NumberRecord ACH/Fed Wire Number

Reconcile Disbursements

Changes to Reconcile Check windowNew name – Reconcile DisbursementsPeriod information and vendor names added to Cleared Disbursement tab

Reconcile Disbursements

Recall disbursement records as of a particular period and yearVoided checks remain outstanding until period in which they were voided

Reconcile Disbursements

Outstanding Disbursements Report

New nameNew criteria allows the selection of a period and yearReport 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 reconcilementSelect the bank number, period to be reconciled and retrieve the querySystem returns the GL balance, outstanding deposits, and outstanding checksEnter the balance per bank statement and adjusting entries

Bank Reconciliation Worksheet

View Deposit Detail and Disbursement detail on the upper tabsView 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 tabsMake adjusting journal entries on the worksheetReverse the appropriate adjusting journal entries if neededSave as unapproved as needed

Bank Reconciliation Worksheet

When the Adjusted Bank Balance equals the Adjusted Cash Account Balance the worksheet may be saved as approvedWhen 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 periodWorksheet may be printed, faxed, or emailed as needed from the reports menuPeriods 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 accountsLimit by Account Mask

GL Drill Down Criteria

Period and Year – current period or a rangeMost 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 balanceColumn sorting by clicking on Column Header

Journal Detail Tab

Displays account number, description, period, year, and encumbered amountSorting is available on each columnDrill down options expanded for Source field

Transaction Detail Tab

Sorting available on columnsDescription column displaying item, vendor, customer or reference information to explain what occurred in the transaction

Chart of Accounts Maintenance

No default Account TypeGeneral Ledger Report Printing Default

General Ledger Report Printing Default

Detail – this is the default and prints account details on GL ReportSummary – only ending balance printsBrief by Journal – total ending balance by journal prints

General Ledger Report Changes

Report Options

Account Default – defaults to Chart of Accounts MaintenanceBrief by Journal – total ending balance by journalDetail – all transactionsSummary – 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 invoicesHelpful in three scenarios

Need to reverse payment because of returned checkApplied payment multiple timeApplied payment to wrong invoice or wrong customer

Can charge service charges to returned checks

Setting up Receipt Reversals

Approvals Setting

ON – Default to YESAll transactions default to approvedTransactions will be marked complete and post to the general ledger without any review required

ON – Default to NOAll transactions default to unapprovedEach transaction must be reviewed

OFFApprovals feature will not be turned onAll payment reversal transactions approved.

Company Maintenance

Revenue account for return check fees

Reverse Payments

AR / Transaction / Reverse Payments

Reverse Payments

QueryCriteria to limit the payments for reversal displayed on the Payment List View tab

Payment Form ViewChange date and period info for the reversal transaction

Payment List ViewDecide which payment or payments to reverse

ChargesApply charges to a returned check payment reversal

Reverse Payments

Invoice NotesView/enter notes related to the invoice for the payments

Invoice InformationApply a reversed payment to another customer and invoice

BranchBranch 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 branchReversing 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 invoiceReturned 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 reversePayment View Tab displays payments meeting query criteriaScroll to right to check Reverse checkboxSave record

Payment Applied to Wrong Customer

Use Query tab to find paymentCheck Reverse Payment checkboxClick the Payment Form View tab - make sure Date Reversed and Period and Year fields reflect correct valuesEnter 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 tabIn Amount Received field, enter amount to reverse and save record

Reversing Returned Check Payment

Use Query tab to find payment, choose Reverse checkboxClick Charges tabEnter Branch ID and any fee to apply for returned check in Returned Check Fee fieldChange customer’s credit status, if desiredSave record

Cash Receipts Reversals Cont’d

Any invoice that is reversed maintains the original invoice date and ages appropriatelyGL postings are in the period in which it is reversedAR drill down by Customer and Payment displays the reverse payments

Other Changes

AR Drill Down by Deposit provides deposit detailCash 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 stubAdded AP Drill Down by POAP Drill down by Vendor show the associated PO informationAP Drill downs will display the related Container and Vessel informationLanded 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 InvoicesWill 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 balanceSummary tab to show the total per vendor

1099 Div

1099 DIV types were added for Ordinary Dividends and Cash Liquidation DistributionsAdded to the 1099 Type drop down boxAdded to the vendor fast edit screen and vendor import1099 DIV Balance report added and 1099 Payment Type Proof report will include the additional 1099 DIV payment typesAdded to 1099 Balance MaintenanceAbility to submit 1099 INT form electronically

Journal Modifications

Journal reports moved into Crystal reportsFinal summary pages added to the reportTotals by branchTotals for account activity on all reportsTotal number of vouchers on the Voucher and purchases journalsTotals 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

BranchLocationLocation/Branch

Inventory Value Report

Summary

Discuss Disputed vouchersCash receipt reversalsCash and bank reconciliationAdditional AP and GL modifications

Determine how you can use these new features in your company

For More Information…

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