How to Perform AR Write-Offs and Other Adjustments

Transcription

1 How to Perform AR Write-Offs and Other This is a training guide to step you through performing write-offs and other adjustments in the AR module. Before you begin... When is this used? This training guide should be followed when the sponsor should be refunded for over payments made for invoices, or when NU needs to perform write-offs for uncollectible sponsored and non-sponsored AR items, and when sponsored invoices need to be offset with each other. This also includes processes to correct system errors such as incorrect payment worksheets or posting errors. Who has access? Accounting Services Upon completion of this guide, you should be able to: Un-post Payments Perform Write-offs Where to get help? For assistance, contact NUIT Support Center at HELP (4357), or consultant@northwestern.edu Additional Resources: Project Café website is located at 1

2 Step 1a: Unpost Payments These steps should be followed when a successfully posted payment needs to be un-posted due to user error (e.g., payment was applied to wrong AR item) or because a check was returned due to insufficient funds. Quick Navigation: Click AR Receivables Update Unpost Groups Payment Group 2

3 Step 1b: Unpost Payments NOTE: Other Un-post Reason options; INC (Incorrect Customer); NSF (Non-Sufficient Funds); STOP (Stop Payment) 3

4 Step 1c: Un-post Payments 4

5 Step 2a: Run AR Update Process (Optional) Runs as a nightly batch. Only run this update if you need access to the funds immediately. Quick Navigation: Click Accounts Receivable Receivables Update Request Receivables Update NOTE: Run Control ID will only need to be setup the first time you run a process. The Run Control ID can be named anything, but your NetID would be a good choice, because it is easy to remember and identifiable. 5

6 Step 2b: Run AR Update Process (Optional) 1 Group Unit Select NWUNV 2 Process Frequency Select Always 3 High Balance Basis Date Select Calc Date or Run Date 4 Accounting Date From Enter 01/01/1900 (to avoid missing transactions) 5 Accounting Date To Enter applicable To date 6

7 Step 2c: Run AR Update Process (Optional) 7

8 Step 2d: Run AR Update Process (Optional) 8

9 Step 2e: Run AR Update Process (Optional) The AR Update process is complete when the status is generated as Success. 9

10 Step 3a: Verify Payment Availability Quick Navigation: Click Accounts Receivable Payments Review Payments Incomplete Payments 10

11 Step 3b: Verify Payment Availability 11

12 Step 4a: Perform an AR Write-off (This action does not apply to removing expenses) This process variation occurs when an outstanding AR item needs to be written-off because it is uncollectable, e.g. the sponsor/ customer going bankrupt or any other reason for which department or PI is responsible for the AR balance. The Cash Manager will perform the write-off after consulting with the GCFA. Quick Navigation: Click AR Receivables Maintenance Maintenance Worksheet Create Worksheet 12

13 Step 4b: Perform a Write-off Enter as much information on this screen as possible. 13

14 Step 4c: Perform a Write-off Type: MT Offset an Item RF Refund a Credit WO Write Off a Debit WOC Write Off a Credit 14

15 Step 4d: Perform a Write-off 15

16 Step 4e: Perform a Write-off In this step you will be creating a transaction that reduces revenue and reduces accounts receivables. 16

17 Step 4f: Perform a Write-off 17

18 Step 5: Run AR Update Process AR Update process creates entries in ITEM_DST table. Follow the steps from 3a-3e 18