Processing month-end procedures

There are several month-end procedures associated with AR/Cash. From the Month-end procedures window in the Advanced Accounting Console, you can complete one of the following procedures:

  • Create a GL journal
  • Create credit invoices
  • Implement mass write-off debit/credit balances
  • Schedule deferred income records

After all transactions have been entered for a month, all batches for the month should be posted before creating the GL journal, credit invoices, and purging old invoices and transactions.

Before you can begin processing month end-procedures, you must first configure the GL interface. See Configuring the general ledger interface for more information.

The GL Journal feature allows you to transmit your cumulative iMIS-generated accounting transactions to the GL module monthly or more frequently.

Note: This feature is only available if you are licensed for General Ledger Interfaces.

When the GL interface is run, the following actions are performed:

  • Entries are created to move deferred income to current income
  • Due To-Due From tables are created as needed
  • The transaction posting flag is set so that the transaction cannot be posted again

Transaction lists reports include the following:

  • AR/Cash Daily Distribution Summaries – Provides an accounting entry recap by day for each of the days included in the Select Date Range window.
  • AR/Cash Distribution (Detail or Summary) – Lists entries generated throughout all iMIS modules, sorted by pseudo-account number and listing actual GL account numbers, if assigned.
  • AR/Cash Transactions – Yields the same format as the transaction journal, but prints transactions generated throughout all iMIS modules. Like the AR/Cash journal, this report lists detail audit trails of transactions and a summary report by GL account (or pseudo GL account). It lists any transactions not purged in the specified date range.

The Transaction Lists: AR/Cash Distribution Summary report provides a simple summary by GL account number. If there is anything wrong (such as invalid account numbers), you can address these errors before proceeding.

  1. In the Advanced Accounting Console, go to Continuum > Other Reports > Accounting reports.
  2. Select Transaction Lists from the Report Types drop-down list.
  3. Select AR/Cash Distribution Summary from the Available Reports drop-down list.
  4. Click Set Report Destination and select a report destination (for example, printer, screen, or file).
  5. Select any desired options (for example, margins) from the Options drop-down menu.
  6. Click Run.
  7. The AR/Cash Distribution Summary: Select Date Range window displays. Enter the date range of the transactions to include in the GL interface entry.
  8. Click OK.
  1. From the Month-end procedures window, click Create GL Journal. A message appears requesting verification of the request.
  2. Click Yes. The General Ledger Interface: Select Date Range window appears.
  3. Enter the date range of the transactions to include in the GL interface entry.
  4. Click OK. The search will not include any previously exported transactions, regardless of the date. If iMIS finds qualified transactions, iMIS displays a message identifying your GL package.
  5. Click Yes.

The credit invoices feature identifies and lists all AR items with a current credit balance. It provides the necessary options to select and process credit items for refund.

Before using the credit invoices feature, you must assign a refund clearing account for all appropriate entities on the AR/Cash Default Accounts window:

  1. In the Advanced Accounting Console, go to Finance > Options > Configure accounting options.
  2. Click Default Accounts.
  3. Assign a default account number in the Refund Clearing field.

The Refund Clearing account represents a bridge or clearing account between AR and AP. Use the Refund Clearing account for the debit distribution entries in the AP entries in the same manner that you use the clearing account for the credit side of the AR reversal entries.

To create credit invoices (refunds), use the Credit Invoices window. From Process month-end procedures, click Credit Invoices. You can use the Credit Invoices window to perform the following tasks:

  • View credit items
  • Mark credit items for refunds
  • Print the list of open invoice credits
  • Issue refunds
  • Credit Invoices scrolling list – This area contains a list of all credit invoices, including Date, Invoice/Ref, Balance, System, and Name/Company. Each item is labeled with the initial transaction date, invoice or reference number, credit balance, source system, and customer/customer name.
  • Mark/Unmark – Select to mark individual items for refund, which is indicated by an asterisk at the far left. The button toggles (turns off or on) the marking of any selected items.
    • * = marked
    • (no *) = unmarked
  • Mark All – Select to mark all items for refund. Click the Mark/Unmark button to individually unmark each item you do not want refunded.
  • Unmark All – Select to unmark from all items.
  • Ledger Card – Select to view an item's transaction detail or ledger card history on the Transaction Ledger window. To display this detail, double-click on a line item, or click on a line item and click Ledger Card.
  • Print Invoice List – Select to print a report of credit items, including initial transaction date, reference or invoice number, source system, general item description, total charges, total credits and resulting (credit) balance, and the customer ID and name.
  • Issue Refunds – Select to reverse the balances (for the marked items only) by generating the necessary debit-adjusting entries and print a report documenting the refunds (reversals).

    • The entries debit the appropriate AR account for the full balance and credit the default refund clearing account.

In a multiple-entity situation, the owner entity for the generated transaction is assigned according to the owning entity of the initial sales-related transaction. iMIS appropriately uses AR from the initial transaction, and uses the refund clearing account from the default tables for the owning entity.

Note: Use the generated report as the basis for the refund items, which should be processed in AP. The refund clearing account should be entered as the AP offset or distribution account, bringing the net effect on the clearing account to zero.

The Accounting features allow you to perform a mass write-off of debit/credit balances based on a user-defined cutoff date and a maximum dollar amount.

The system setup options for this feature include an option that allows you to define the maximum default dollar amount to write off. During the write-off process, all debit or credit balances less than or equal to this amount are written off. You can overwrite this default during the actual write-off process.

A default GL account number, entered on the AR/Cash Default Accounts window, that offsets the credit or debit created by the write-off process will be written. For example, if you write off credit balances, iMIS creates a debit to the default AR account and a credit to the write-off offset account specified on the AR/Cash Default Accounts window.

  1. In the Advanced Accounting Console, go to Finance > Options > Configure accounting options.
  2. Click Edit.
  3. Enter a default dollar amount in the Default cut off amount for write-offs field.
  4. Click Save.
  1. In the Advanced Accounting Console, go to Finance > Options > Configure accounting options.
  2. Click Default Accounts to open the AR/Cash Default Accounts window.
  3. Click Edit.
  4. Enter the GL account number to which you will be recording the write-offs in the Write-off/Offset field.
  5. Click Save.
  1. In the Advanced Accounting Console, go to Finance > Processes > Month-end procedures.
  2. Click Credit/Debit Write-Offs to open the Credit/Debit Invoices Write-Off window.
  3. Click Edit.

    4. Note: The Cutoff Date field defaults to the system date and the Amount field defaults to the amount specified on the Configure accounting options window. You can overwrite either or both of these fields as needed. iMIS writes off all debit or credit balances where the INVOICE_DATE is equal to or older than the date specified in the Cutoff Date field and the balance is equal to or less than the amount specified in the Amount field.

  4. Override the Cutoff Date and Amount desired, enable Debit or Credit, and click Load List. A list of all records that meet the Cutoff Date and Amount criteria are displayed. Select these records for write-off by:
    • Selecting an individual record by selecting the item and clicking Mark/Unmark.
    • Selecting all records by clicking Mark All.
  5. If you need to view the detail for an item, select the item and click Ledger Card. The Transaction Ledger window displays the balance details.
  6. Print a list of all displayed items by clicking Print Invoice List for an audit report before processing the actual write-offs.
  7. After you verify that the records selected for write-off are correct, click Write Off on the window to process the actual write-offs.
  8. Click Yes.

To view the write-off, post the associated batch. From the Staff site, go to Finance > View batches, then search for the batch. See Managing batches for more information.

To build the initial deferral matrix:

  1. In the Advanced Accounting Console, go to Finance > Processes > Month-end procedures.
  2. Click Deferred Income Records.
  3. To build the table, you must create one entry for each combination of Deferred Account – Income Account – Beginning Period – Term (number of months).
  4. Click New.
  5. Enter data into the Org Code, Def. Account, Inc. Account, Beg. Period, Term, Orig. Amt., and Amt. Transf'd fields, or click the Find icon to select a value.
  6. Click Save.

For more information, see Deferred Income in iMIS.

After specifying a date range, you can print AR transaction reports, which includes the Transaction Recap, Debit Memo Journal, Revenue-Sales Journal, and Payments Journal reports.