RM Open Item Customers Month End Procedures

By Tracey BrinkmanMicrosoft Dynamics GP, Receivables Management, , With 0 comments

RM Open Item Customers Month End Procedures:  These are recommended steps for RM Open Item Customers Month End Procedures

Follow these as they apply to your business.

I have compiled this document for our customers to have one place to find a list of steps with screenshots and descriptions that mostly come from the Help Text. Screenshots are from Dynamics GP 2015.

  • Post all transactions for the month:  Verify in your Receivables Batches that all batches for the month have been posted.
  • Make a backup of the company database: Microsoft Dynamics GP >> Maintenance >> Backup
  • Print the Unapplied Documents report to determine whether you want to apply all the documents:         Sales >> Reports >> Analysis >> Choose Unapplied Documents, then select Options and Modify Ranges as needed by Document Type, Document Number, Document Date. Insert>>
Sales Analysis Report

RM Open Item Customers Month End Procedures : Sales Analysis Report

 

  • Perform the aging routine: Sales >> Routines >> Aging
Receivables Aging Process

RM Open Item Customers Month End Procedures : Receivables Aging Process

 

    • Use the Receivables Aging Process window to age customer accounts, which are used to calculate the number of days old or past due customer accounts are, and adds amounts to the correct periods. You should enter and post transactions and payments before aging to ensure up-to-date calculations. Unapplied credit amounts will be aged if you marked Age Unapplied Credit Amounts in the Receivables Management Setup window.
    • Statement Cycles:
    • Include or exclude customers from the aging process, based on the statement cycle selected for each customer using the Customer Maintenance Options window. When you select a statement cycle, you include customers that have been assigned to the selected statement cycle. All statement cycles appear selected as a default entry.
    • Print Detail, Summary or No Report
    • Mark whether to print the Receivables Aging Report in detail or summary, or to print no report. The Receivables Aging Report lists all the documents for each customer and indicates each customer’s balance for each aging period.
  • Reconcile Receivables Management to the General Ledger: Financial >> Routines >> Financial >> Reconcile to GL Choose the Receivables Management Module.
    • Use the Reconcile to GL window to generate a Microsoft Excel spreadsheet that can help you match transactions in General Ledger with the original transactions in Payables Management, Receivables Management, Inventory Control, and Bank Reconciliation. The reconcile routine will not change data automatically, but helps you identify those transactions that may need to be corrected.
    Reconcile to GL

    RM Open Item Customers Month End Procedures : Reconcile to GL

    • Accounts – Enter the accounts you want to use to match transactions to General Ledger distributions. Only transactions using the accounts you enter will be used in the reconciliation.

 

  • Assess Finance Charges: Sales >> Routines >> Finance Charge
Assess Finance Charges

RM Open Item Customers Month End Procedures : Assess Finance Charges

 

    • You can define your finance charges options in the Assess Finance Charges window. You can enter a range of customers or select which types of accounts to assess finance charges for.
    • You also can mark whether to include unapplied credits in aged balances, so you can assess finance charges only for customers who have positive balances. Because payments are sometimes received but not applied before you assess finance charges, customers who actually have no outstanding balance might be assessed a finance charge. Marking this option assesses a finance charge on just the outstanding balance, not the total balance.
    • When you mark Include Unapplied Credits in Aged Balances, Receivables Management will calculate the remaining balance as if the credit documents were applied to the oldest aging periods first—although no documents are actually applied at this time. The remaining balance will be assessed a finance charge.
    • Print Register: Mark to print a Finance Charge Detail Report, which lists the finance charge documents created when finance charges were assessed for customer accounts.
    • Process Button: Calculates finance charges. Documents will be created for them in a batch named RM FIN CHG, which you must post to update customer records with the finance charges you calculated.

    For additional information on Finance Charges, see our blog titled: Dynamics GP Finance Charges in RM at: http://www.isolutionspartners.com/?p=573

    • Post the Finance Charges batches.
    • You can post your batch by selecting Series Post, marking your Finance Charge batch, and then clicking Post.
    Sales Series Posting

    RM Open Item Customers Month End Procedures : Sales Series Posting

    • Or you can select the batch from your Receivables Batches and post the batch. This also has a Printer icon that will allow you to print a batch edit report to review the Finance Charges prior to posting.
    Receivables Batch Entry

    RM Open Item Customers Month End Procedures : Receivables Batch Entry

    • You can also post the batch by selecting Receivables Transactions from the Sales Series Navigation pane.
    Sales Receivables Transaction NP

    RM Open Item Customers Month End Procedures : Receivables Transactions

    • From here you can mark the box in the header to post the full batch or select the Invoices that you are ready to post.
      Receivables Transactions NP

      RM Open Item Customers Month End Procedures : Receivables Transactions Navigation Pane

      Print Statements

    • Choose the Statement ID: You can create them for different Statement forms, Or different Customer Types that you want to use different settings.
    • If you have multiple Company addresses defined, choose the Address ID that you would like to have printed on the Statement.
    • Choose the Form you will use to print your statements.
    • Customers: Choose the sort order the Statements will be printed in.
    • Documents: Select the order the documents will be printed on each statement. Document number, Transaction Date or Due Date.
    • Choose the Print For options:
    • Select the customer groups that will receive statements. You also can indicate how applied payments should appear on statements.
    • Current Period Balance: Prints statements for customers with current balances.
    • Past Due Balance: Prints statements for customers with past due balances.
    • Credit Balance: Prints statements for customers with credit balances.
    • Current Period Paid In Full: Prints statements for customer with current balances paid in full.
    • No Activity: Prints statements for customers who have no current activity.
    • Zero Balance Due: Prints statements for customers with zero balances.
    • Show Applied Payments: The applied portion of a payment will appear on the report below the invoice it’s associated with.
    • Exclude Fully Applied Payments: Payments that have been fully applied don’t appear on the report.
    • Consolidated National Account: National account customers will have consolidated statements printed. If you select this option and you don’t mark Individual Child Statements, only one statement will be printed for each national account. If you mark Individual Child Statements, one statement will be printed for each national account, and an additional statement will be printed for each child included on a consolidated statement.
    • Select the Date to be printed on the Statement.
    • Summarize to: Select a date for summarizing information and enter a specific date, if applicable. Transactions on or before this date are summarized, and a total balance for those transactions is displayed; transactions after this date appear in detail
    • Cut-Off Date: Select a cutoff date. Transactions through the specified date are included on statements. If applicable, enter a specific date.
    • If you mark the checkbox for Reduce Oldest Aging Period Amounts by Unapplied Credit Amounts
    • The oldest aging period amount will be reduced first.
    • The aging periods will not be reduced to less than a zero amount.
    • Select to print for all Customer Types, or only Open Item or only Balance Forward
    • Select whether to print the following on the statements: Credit Limits, Finance Charges, Payment Terms, and Messages. If you have National Accounts you can also specify if you want Individual Child Statements.
    • Select Ranges that you will print Statements for:
    • By Customer ID, Customer Name, Class ID, Type, Salesperson ID, Sales Territory ID, Zip Code, or Statement Cycle.
    Print Receivables Statements

    RM Open Item Customers Month End Procedures : Print Receivables Statements

    • You can also click on the Messages button to enter the Message that will print if you have chosen to print messages.

 

  • Transfer Commissions: Sales >> Routines >> Transfer Commission
  • Use the Transfer Sales Commissions window to mark commission amounts as paid. When marking commission amounts as paid, you group the commissions that are payable and mark them as paid. Depending on whether you marked Pay Commissions After Invoice Paid in the Receivables Management Setup window, commissions are payable either when the invoices are posted or when they’ve been paid in full.Transfer: Mark whether to transfer commissions in detail or summary. When you transfer in detail, each commission distribution is posted individually. If you transfer in summary, all payable commissions for each salesperson are grouped together and only the summary amount is posted.
  • Write Off Documents: Sales >> Routines >> Write Off Documents
Sales Write Off Documents

RM Open Item Customers Month End Procedures : Write Off Documents

 

      • Use the Write-Off Documents window to write off outstanding credit or debit balance amounts for one or more customers. You can specify a write-off limit and cutoff date, and whether to create one credit or debit memo for each customer or document. The debit or credit memos that you create will be posted and applied to the documents you’re writing off balances for.
      • Writeoff Type: Choose Underpayments or Overpayments
      • Create One Writeoff per: Choose Customer or Document
      • Writeoff Limit: Enter the maximum outstanding balance for documents to be included.
      • Cut-off Date: Documents with a document date on or before the cutoff date you enter will be included.
      • Select Customers by: Customer ID, Name, Class ID or Type
      • Select All, or a Range
      • If you have National Accounts, choose to write-off from the Parent or Child.
      • Use the Preview Button to open the Write-Off Preview window. From the preview window you can view, mark, or unmark the customers to write off balances for.
      • Use the Process Button to complete the writeoff process. This will close the window.
      • NOTE: You can use the Sales Posting Journals window to reprint the Discounts/Write-offs Journal to view information about underpayments that you’ve posted using the Write-Off Documents window. However, you must reprint the Receivables Posting Journal to view information about overpayments that you’ve posted using the Write-Off Documents window.
    • You can choose File >> Print to print the Write-off Documents Preview Report to view the documents and amounts that will be written off when you choose Process.

 

  • Paid Sales Transaction Removal:  Sales >> Routines >> Paid Transaction Removal
Sales paid Transaction removal

RM Open Item Customers Month End Procedures : Paid Sales Transaction Removal

 

    • Use the Paid Sales Transaction Removal window to remove paid transactions. Paid transaction removal consolidates all balance forward transaction amounts and adds the total to the noncurrent period amount. If you’re keeping history, transactions are transferred to history; otherwise they’re deleted. If you’re using Multicurrency Management, multicurrency transaction information also is removed or consolidated when you remove paid transactions.
      • Customers select by: Customer ID, Name, or Type
      • Select to run for All customers or choose From:/To: to run for a Range of Customers or Customer Types.
      • Chose Class ID: All to run for all classes, or From:/To: to run for a Range of classes.
      • Cut Off: Enter a Date for transactions to be removed. Transactions with a Transaction Date on or before the cutoff date you enter will be removed.
      • Checks Cut Off: Enter a cutoff date to remove checks. Because checks that have been transferred to history ore removed from the system cannot be marked as NSF, enter a cutoff date to avoid removing any checks that might potentially have insufficient funds.
  • Mark to remove transactions. NSF, VOID, WAIVED, PAID TRANSACTIONS, CHECKS
    • Balance Forward Consolidation: If marked, consolidation moves current transactions to the noncurrent aging period, and clears the current aging period for Balance Forward customers.
    • Print Register: Mark to print the Paid Transaction Removal Report when you close the window. The Paid Transaction Removal Report shows paid transactions removed from the system or transferred to history. This report should be saved with your company’s permanent records as part of the audit trail.
    •  
    • Print month-end reports. Including: Receivables Transactions, Period Sales Analysis, Tax Period. (Optional)
    • Sales >> Reports >> Analysis

    Sales Analysis Report Options

    RM Open Item Customers Month End Procedures : Sales Analysis Report Options

 

  • Choose the report you would like to print:
  • Receivables Transaction
  • Period Sales Analysis
  • There are several other report options available. (Print them and see if they are something that would be beneficial for you to review.)
  • Once you have chosen the report, select an existing options or create a new one. Then use modify to choose the actual data to include in your report. How to sort the report, and ranges of data.
  • Review the Destination, then print.

 

  • In the Fiscal Period Setup window, close the fiscal periods for the Sales series: Administration >> Setup >> Company >> Fiscal Periods

If you are a customer of iSolutions Partners please contact us if you have any questions or need further assistance with your Receivables Management Month End Procedures for Open Item Customers in Dynamics GP. support@iSolutionsPartners.com