CLASS DESCRIPTION
In this class we will review invoice entries in accounts payable and GL distributions, also pull balance sheets and income statements, look at the check register and discuss the function keys within this area. We will also use the print function in the check register to show two reports that are most used
TRAINING PHILOSOPHY
Our goal is to streamline your implementation and staff training. To make this process effective, we have created a training system designed specifically for your business. We ask for your commitment to preparation and training. Your commitment to Training will make a significant impact on your cash flow, processes & overall profitability.
KEY TERMS
Bill- an Invoice received from a vendor that will be paid by your company. (can be interchangeable with Invoice)
Invoice- a Bill received to be entered and paid by your company (can be interchangeable with Bill)
Db- Debit
Cr- Credit
Accounts payable Subledger- The AP subledger is a detailed list of unpaid and paid bills managed through the AP GL. As soon as an item or a bill (with payment terms) is received, it is entered and listed as unpaid in the AP subledger. The bill payment is then managed based on cash management processes. Once paid, the bill is marked paid in the subledger, the bill amount is no longer part of the AP liability balance and the payment details are added to the bill.
SECTION 1. REVIEW
Putting invoices into accounts payable (ACCT 1)
Enter one or two invoices in the vendor module
Enter one or two invoices in the vendor module
Pull up the chart of accounts
Accounting (Shift F7) - Chart of Accounts ©
Pull the balance sheet and income statement
A - Accounting System
D - Chart of accounts
Print (F7)
A - Financial Statements
You can print this for your reference if you would like
Income Statement
Balance Sheet
NOTES
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SECTION 2: CHECK REGISTER
Pulling up the check register:
A- accounting
C-Check register
The system will always default to checks when the check register is opened. HOW DO YOU FIND THE DEPOSITS IN THE CHECK REGISTER.
Function Keys are as follows:
F2 - Will issue an on-demand check.--COD purchases, quick run for parts, lunch, etc.
F3 – Find- Item within the Check Register
F4 - Is the edit function, this allows you to see how the check was distributed or to see the invoices paid by this check
F5 - To Void or delete the check- Difference between VOID and Delete?
F6 - Is the options menu and shows the hotkeys to change views?, go to the bank reconciliation, etc.
F7 - Is the print command and will reprint a check as well as a list of reports
F8 - Is not an available function in this screen.
F9 - Will take you to the Accounts Receivable screen from the Deposit view. Secting ‘OK’ will bring you back to the check register.
F10 - Is not available at this screen
F11 - Will summarize deposits to batch totals and only shows when viewing the deposits (we will cover this at a later time)
F12 - Will show you the invoices from accounts payable that are attached to this check. You can also see the distribution on the invoice.
NOTES
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SECTION 3: REPORTS
1. List of Checks from the Check Register
Accounting F7
C- checking account register
Choose the account you want to see the checks printed for – click “OK”
F7- print ( Bottom of Screen or F7)
Select B - Report Checks By Date
The next screen is a prompt to print by date range
Choosing today's date will put up any checks written today
if there have been no checks written for the period selected no report will display
If we put in a range of dates it will cover any checks printed in that time period range
The report prints to screen and you can save or print from here
The running balance is the amount of each check added
The total of the checks written at the bottom
NOTES
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Report 2. Report Check Db Cr Distribution
Accounting F7
C- checking account register
Choose the account you want to see the checks printed for – click “OK”
F7- print ( Bottom of Screen or F7)
Select E – Report Check Db Cr Distribution
Most accountants like this report to see exactly what was paid with in a specific date range and how the invoices were posted to the general ledger
These are the same checks as the previous report but the total is different
The total on this report is taking the balance of the check book after the checks listed are applied to the account
I recommend printing the other reports listed to see which reports you like
Any questions about what we have covered so far?
NOTES
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