When an order is shipped and the invoice created, the revenue recognition process is deemed completed for US GAAP purposes. At this point, the revenue is recognized, the AR record created, the Average Cost assigned to the products on the order, the Average Cost table updated, the COGS computed, the inventory quantities reduced, and the […]
Category: Receivables
Using Manual Invoices
Accolent ERP provides Manual Invoices that have a variety of uses. Manual Invoices do not have any line items and do not affect inventory. Because of this, Manual Invoices can be used to, among other things: adjust invoices that were priced incorrectly, enter special adjustments or discounts, adjust sales tax charged, add freight and labor, […]
GL Posting of Deposits or Payments on Orders
Accolent ERP posts deposits or prepayments taken on orders to a Customer Deposits Liability-type General Ledger Account. Deposits or prepayments booked to the Customer Deposits account do not show up in or affect Accounts Receivable Aging. Once the order is invoiced, the Customer Deposits balance is moved to Accounts Receivable as a payment on that […]
Using List Screen Grid Functionality
Most List screens in Accolent ERP work the same way and natively offer extensive on-screen display count/pagination, display size, grid filtering, grid sorting, grid grouping and grid re-ordering options. These features are extremely powerful and can be used instead of, or in addition to, the Advanced Search and Keyword Search functionality. Display Count At the […]
Taking Deposits or Payments on Orders
Accolent ERP allows taking deposits or payments at any time on orders. Prior to invoicing, any such payments are linked to the specific order and are booked to a Customer Deposits liability account in the General Ledger. The Customer Deposits Account must be set up in the Warehouse GL Defaults. The link between the deposit […]
Giving AR Payment Discounts
Accolent ERP allows for early payment discount terms to be specified by the customer. If early payment discounts are available on a particular invoice paid prior to the expiration of the discount, the Accounts Receivable (AR) payment receipts screen allows giving these discounts when recording the payment. If payment discounts have expired, they may be […]
Entering AR Write-Offs
Accolent ERP allows users to enter write-offs on Accounts Receivable (AR) items in conjunction with receiving payments. Write-offs may be used to eliminate small balances outstanding or to reverse interest charged but not paid or for other purposes. Receiving Payment To record a payment on account, go to Receivables > Payment Receipts > List Payment […]
Backdating Payment Receipts
Accolent ERP allows entry of Payment Receipts which, typically, will be dated as of the date created; however, it is possible to back-date Payment Receipts, if desired. This might be needed, for example, if due to vacations or absences, there was a backlog of payment receipts that hadn’t been recorded when received. Payment receipts should […]
Backdating Bank Deposits
Accolent ERP allows payment receipts with the status of Ready for Deposit to be selected and deposited to a Bank. Typically, the resulting Bank Deposit will be dated as of the date created; however, it is possible to create the Bank Deposit with a prior date, if desired. Deposit Date Go to Receivables > Payment […]
Customer AR Balances
Accolent ERP provides the Customer’s open AR Balance in several different places throughout the system. Customer Record Go to the Customer screen – shows the Current AR Balance (as of today). Collections screen Go to Customer > Views > Collections – shows detail of Open (and Closed) Invoices (as of today) At the top right […]