Interprise Suite Community / Interprise Suite Community Forums / Questions and Comments About Features, Functions and Workarounds

Customer Finance Charge Calculation

KM-NET — Sat, 20 Feb 2010 09:33:34 GMT

One of my customers is having issues with finance charges not applied to customer statements.
Are we missing something or what have we missed.

Has anyone else had this issue and is there a work around

Deleting all data in the Database

Christian Byrne — Fri, 14 Aug 2009 13:35:21 GMT

Hi,

I was just wondering if anyone had the proper SQL code to wipe all data out of the database?

After doing a recent import of products I now need to wipe all data...everything from the database.

Any help would be greatly appreciated.

Christian

Differentiating Between Cash Receipts and Payments at the Counter

Mlittman — Fri, 17 Apr 2009 04:14:56 GMT

Does anyone know how I can differentiate on a DAILY report all the Cash Receipts that I have done versus Receipts that may have been done at the counter through Invoicing?

They both may have Checks, Cash, and Credit Cards...but I am looking for a balancing report to show Cash Receipts sub totaled and Cash at Counter Subtotaled separately.

Where do I enter this Transaction?

Bill Dimes — Sat, 11 Apr 2009 00:40:07 GMT

Probably the most common support question we get is, “Where do I enter this transaction?“

The answer to this question lies in the knowledge that in Interprise Suite, like most accounting packages, information flows down into deeper levels of the program but doesn’t flow “uphill” very well at all. Enter your transaction at the highest possible level so that if properly updates everything beneath it!

Interprise Suite Transaction Flow Diagram

As you can see from this diagram, if I enter a customer’s payment received through a “Customer Receipt,” that transaction will write information down into my checking account register (Banking Module) as well as the General Ledger.

Same with a “Customer Invoice,” it writes down into the Inventory Module (reducing on-hand quantities, creating movement histories, etc.) as well as the General Ledger (sales, cost of goods, accounts receivable, inventory accounts).

Subsidiary Ledgers

Accounting systems are made up of a collection of lists or “Ledgers.” The General Ledger is the “lowest common denominator” of all the lists and contains the information your financial reports are pulled from. The other ledgers such as “Accounts Receivable” are known as “Subsidiary Ledgers” because they store secondary lists of the detailed transactions making up the information in that module and should balance with the information in the General Ledger.

Think about it… The Accounts Receivable subsidiary ledger is a listing of all of your customers’ open transactions and should total the amount in the Accounts Receivable account in the General Ledger. Same with Accounts Payable. Same with the Inventory valuation. Same with the bank transactions in a Bank Account matching their related asset account in the General Ledger.

It’s important that all of these ledgers stay in balance with their control accounts!

An Example of a Mistake

Consider this: I want to refund my customer $25 so I write a hand check and create a Journal Entry to the General Ledger that credits the bank and debits Accounts Receivable. Is this correct?

NO! It would look right in the General Ledger, but the transaction wouldn’t write “uphill” into the Customer Module or the Banking Module. My customer’s balance would be wrong. I’d have no refund to allocate to an open credit memo. My bank balance in the Banking Module would be wrong. I’d have a mess!

What should I have done?

I should have gone into the Customer Module and entered a customer refund. That would have updated my customer, my bank account, and the General Ledger all in one transaction. Remember, information flows downhill.

The Cardinal Rule

How do I know if I’m entering a transaction in the wrong place? Here is the most important piece of information to remember:

If you are in a place where you are selecting a General Ledger account and you are picking a “Control Account,” you are doing it wrong!

A control account is any Subsidiary Ledger balance. For example: Accounts Receivable or Payable, a Bank Cash account or the Inventory Control account. Even on initial setup, the opening balance tools create these balances using module transactions.

We spend a lot of time helping our customers find and correct entries that were made incorrectly in the system. Remembering this simple rule can save you a lot of money and time!

Using Your Credit Card To Pay Your Suppliers

John Grande — Fri, 10 Apr 2009 13:55:24 GMT

If you are using a credit card to pay your vendors / suppliers, managing that function insode is Interprise Suite can be a bit detailed. This is the method we have come up with:

1. A really cool feature of Interprise Suite is that any GL account can be set up as a bank account. So the first thing you'll want to do is set up a liability account in the COA and indicate that it's a bank account.

2. In the banking module, set up a bank account which in reality won't be a bank account but a credit card account. Be sure to tie it back to the above liability account.

3. Set up a payment method that uses the above bank account.

4. When you pay a vendor bill with a credit card, make sure you use this payment method.

5. When you get your credit card statement, be sure to enter interest, finance charges, etc as a bank payment to that bank account.

6. Ok, now is when it kind of gets tricky: when paying the credit card bill, DO NOT go into AP.

7. When you pay your credit card, you will do it one of two ways, either online directly from you checking account or by writing a check. Here's how you handle the two scenarios.

a. If paying online, this is going to be pretty simple. Just do a bank transfer inside the banking module from your checking account to your credit card bank account. Your GL will be posted automatically and you're done.

b. If paying by check, you'll need to enter an AP bill that offsets to a GL clearing account. Then do a bank receipt in the credit card bank account (in the banking module) offsetting the same clearing account. Then pay the AP bill the same way you would pay any other supplier. Please note that in this scenario, your credit card is set up as both a bank account AND a supplier.