SIX MAJOR TRANSACTION TYPES:
Payments, discounts, adjustments, invoices, finance charges, and miscellaneous cash receipts are available within FP/AR.
TRANSACTION TYPES DEFINED BY APPLICATION SUPERVISOR:
The manager or supervisor can define industry and/or company specific transaction codes using familiar terminology. One benefit is that transaction lists are easier to comprehend. Another benefit is consistency, as the transaction code processing rules are incorporated into all applications and functions of the software. Sometimes the benefit of simplification is also realized, such as when data entry requirements are reduced. Many customers take advantage of the ability to standardize the types of adjustment frequently used. This includes such specifications as the G/L account, a default comment, whether or not the transaction must be applied to an existing invoice, and others.
AUTOMATIC PAYMENT TERMS CALCULATIONS:
Standardized due date, discount date, and discount amount calculation formulas can be stored in the database under a â€œterms codeâ€. Default and override terms calculations can be performed at the following levels: application, customer, transaction code and individual transaction.
SPECIAL PROCESSING FOR EACH TYPE OF DISPUTED AMOUNT:
Each type of disputed item may be identified within a certain category. Each category or dispute code contains options that indicate any exception processing during cash posting and/or calculations pertaining to customer credit statistics.
USER DEFINED HISTORY SUMMARIES BY TRANSACTION TYPE, SALES REP, ETC.:
Receivables transaction history (including multiple categories of sales), is available by time frame, customer, and transaction code. This summarized history may be accumulated by week in addition to being tracked according to the primary financial calendar. History records can be consolidated by transaction type and/or sales person. Another feature is the ability to consolidate one-time customers (in summarized history).
MULTIPLE CATEGORIES OF ACCOUNTS RECEIVABLE:
Companies with multiple categories of accounts receivable can be handled easily. This could include one or more A/R trade accounts (for example by customer type, product line or division), an A/R account for employees, etc. The accounting user is not affected during cash posting because the appropriate G/L account for A/R is always relieved automatically. When new items are created, the G/L account for A/R can be determined at the transaction code level, customer level, or system level.
MULTIPLE LOCATION AND PROJECT BASED ACCOUNTS RECEIVABLE:
Accounts Receivable can be segregated by project and/or location independently of the A/R trade category. Each open item is assigned a project or location code at the time of creation based on the transaction code used.
AUTOMATIC G/L INTERFACE:
G/L transactions can be written automatically based on the receivables transactions posted. Each transaction code within accounts receivable determines the G/L Transaction category, the G/L accounts affected, and the level of summarization to be performed.
FIVE WAYS TO SUMMARIZE G/L TRANSACTIONS:
There are five summary levels to choose from when configuring the outbound G/L interface. Based on company preferences and issues such as transaction volume, the application supervisor configures the A/R transaction codes and JE processing codes accordingly. Since the summary level can be different for each type of transaction being input, the flexibility is there to get just the right amount of detail flowing to G/L. Summary of G/L transactions can be based on the following: transaction date and G/L account, customer, check (or order) number and invoice. A full detail option is also available. The summary level for transactions posting against the subsidiary ledger control account can be specified separately.
G/L REFERENCE NUMBERS:
The customer number, A/R reference number (check number, order number, credit memo number, etc.), and invoice number may optionally be included within each G/L transaction. The reference numbers provide increased audibility and analysis capabilities within the General Ledger Application.
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