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Accounts - Receivable 604
Accounts - Receivable 604
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Disclaimer
This document is for informational purposes only and is subject to change without notice. This document and its contents, including the viewpoints, dates and functional content expressed herein are believed to be accurate as of its date of publication. However, Epicor Software Corporation makes no guarantee, representations or warranties with regard to the enclosed information and specifically disclaims any applicable implied warranties, such as fitness for a particular purpose, merchantability, satisfactory quality or reasonable skill and care. As each user of Epicor software is likely to be unique in their requirements in the use of such software and their business processes, users of this document are always advised to discuss the content of this document with their Epicor account manager. All information contained herein is subject to change without notice and changes to this document since printing and other important information about the software product are made or published in release notes, and you are urged to obtain the current release notes for the software product. We welcome user comments and reserve the right to revise this publication and/or make improvements or changes to the products or programs described in this publication at any time, without notice. The usage of any Epicor software shall be pursuant to an Epicor end user license agreement and the performance of any consulting services by Epicor personnel shall be pursuant to Epicor's standard services terms and conditions. Usage of the solution(s) described in this document with other Epicor software or third party products may require the purchase of licenses for such other products. Where any software is expressed to be compliant with local laws or requirements in this document, such compliance is not a warranty and is based solely on Epicor's current understanding of such laws and requirements. All laws and requirements are subject to varying interpretations as well as to change and accordingly Epicor cannot guarantee that the software will be compliant and up to date with such changes. All statements of platform and product compatibility in this document shall be considered individually in relation to the products referred to in the relevant statement, i.e., where any Epicor software is stated to be compatible with one product and also stated to be compatible with another product, it should not be interpreted that such Epicor software is compatible with both of the products running at the same time on the same platform or environment. Additionally platform or product compatibility may require the application of Epicor or third-party updates, patches and/or service packs and Epicor has no responsibility for compatibility issues which may be caused by updates, patches and/or service packs released by third parties after the date of publication of this document. Epicor is a registered trademark and/or trademark of Epicor Software Corporation in the United States, certain other countries and/or the EU. All other trademarks mentioned are the property of their respective owners. Copyright Epicor Software Corporation 2010. All rights reserved. No part of this publication may be reproduced in any form without the prior written consent of Epicor Software Corporation.
ED807905 90521-905-9203-583604 9.05.604 Revision: March 02, 2011 5:35 p.m. Total pages: 106 course.ditaval
Contents
Contents
Accounts Receivable Course..................................................................................................8 Before You Begin....................................................................................................................9
Audience.........................................................................................................................................................9 Prerequisites....................................................................................................................................................9 Environment Setup..........................................................................................................................................9 Workshop Constraints............................................................................................................................10
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Update Customer Terms...........................................................................................................30 Enter Bill To Information...........................................................................................................30 Enter Credit Detail....................................................................................................................31 Enter Ship To Information.........................................................................................................31 Enter Contact Information........................................................................................................31 Workshop - Review and Modify a Customer Record.........................................................................32 Electronic Interface Maintenance............................................................................................................32 National Accounts..................................................................................................................................33 National Account Relationship Maintenance....................................................................................34 Workshop - Update a National Account Relationship Record............................................................35 Review a National Account Relationship...................................................................................35 Add a Child Customer..............................................................................................................35 Share a Credit Pool with a Child...............................................................................................35 Update a Child Customer's Credit............................................................................................35 Finance/Late Charge Maintenance..........................................................................................................36 Workshop - Create and Assign a Finance Charge.............................................................................37 Create a Finance Charge Code.................................................................................................37 Enter a Finance Charge Rate.....................................................................................................37 Assign a GL Control Code........................................................................................................37 Add the Finance Charge Code to a Customer Record...............................................................38 Process Finance/Late Charges..........................................................................................................38 Workshop - Process Late Charges.............................................................................................40 Reminder Group Maintenance................................................................................................................40 Workshop - Create and Assign a Reminder Group...........................................................................42 Create a Reminder Group ........................................................................................................42 Design a Reminder Sequence...................................................................................................42 Assign a Reminder Group.........................................................................................................43 Reminder Letter Generation.............................................................................................................43 Workshop - Generate and Post a Reminder Letter.....................................................................44 Payment Instrument Type Maintenance...................................................................................................45 Workshop - Create AR Payment Instrument Types...........................................................................46 Pay Method Maintenance.......................................................................................................................46 Workshop - Create a Payment Method............................................................................................48 Payment Instrument Status Maintenance................................................................................................48 Workshop - Create Payment Instrument Receivable Status Codes....................................................50 Create an Unapproved Status...................................................................................................50 Create a Portfolio Status...........................................................................................................50
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Workshop - Create Advance Billing Invoices.....................................................................................54 Create an Invoice Group...........................................................................................................54 Add an Advance Billing Invoice Header.....................................................................................54 Add a Line................................................................................................................................54 Add an Additional Line.............................................................................................................55 Create Another Advance Billing Invoice....................................................................................55 Add a Line................................................................................................................................55 Print Preview the Invoice Group Edit List...................................................................................55 Post the Invoice Group.............................................................................................................56 Deposit Billing Invoices............................................................................................................................56 Workshop - Enter a Deposit Billing Invoice.......................................................................................57 Enter a Deposit Billing Invoice Header.......................................................................................57 Add Deposit Information..........................................................................................................57 Post the Invoice Group.............................................................................................................57 Advanced Billing/Deposit Balance Report................................................................................................58 Workshop - View Sales Order Balances............................................................................................59 Sales Order Tracker.................................................................................................................................59 Workshop - Use the Sales Order Tracker..........................................................................................60 Shipment Invoices...................................................................................................................................60 Workshop - Ship Customer Orders..................................................................................................61 Ship Sales Order Lines..............................................................................................................61 Add a Miscellaneous Charge....................................................................................................61 Workshop - Invoice Shipments.........................................................................................................63 Create an Invoice Group...........................................................................................................63 Generate Shipment Invoices.....................................................................................................63 Review Miscellaneous Charge Information................................................................................63 Post the Invoice Group.............................................................................................................64 Cancellation Invoices..............................................................................................................................64 Workshop - Cancel a Posted Invoice................................................................................................65 Credit Memo Entry.................................................................................................................................65 Workshop - Create Credit Memos...................................................................................................66 Create an Invoice Group...........................................................................................................66 Enter a Credit Memo Header....................................................................................................66 Add a Line Miscellaneous Charge.............................................................................................66 Create an Advance Billing Credit Memo...................................................................................67 Add a Line................................................................................................................................67 Post the Credit Memos Group..................................................................................................67 Miscellaneous Invoices............................................................................................................................67 Workshop - Enter a Miscellaneous Invoice........................................................................................68 Create an Invoice Group ..........................................................................................................68 Create a Miscellaneous Invoice.................................................................................................68 Enter Line Information..............................................................................................................68 Create a Miscellaneous Income Product Group.........................................................................68 Add a GL Control to the Product Group...................................................................................69 Add a Product Group to the Invoice.........................................................................................69
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Review the Payment Schedule..................................................................................................69 Print the Invoice.......................................................................................................................69 Workshop - Create a Miscellaneous Invoice for Tax Only..................................................................70 Create a Miscellaneous Invoice.................................................................................................70 Add Tax to an Empty Invoice Line.............................................................................................70 Print Preview the Edit List..........................................................................................................70 Post the Invoice Group.............................................................................................................70 Adjust Sales Accounts on AR Invoice Lines..............................................................................................71 Workshop - Update the Sales Account on a Miscellaneous AR Invoice Line......................................72 AR Aged Receivables Report...................................................................................................................72 Workshop - Use the Aged Receivables Report..................................................................................74 Cash Receipts Entry........................................................................................................................................74 Invoice Payments....................................................................................................................................75 Workshop - Apply Payment and Cancellation Invoice to Open Invoices............................................76 Create a Cash Receipt Entry Group...........................................................................................76 Add an Invoice Payment...........................................................................................................76 Select Invoices to Pay................................................................................................................76 Workshop - Apply Cash and a Credit Memo to Invoices...................................................................77 Create an Invoice Payment.......................................................................................................77 Select Invoices to Pay and a Credit Memo to Apply...................................................................77 Allow Unapplied Cash to Post..................................................................................................77 Miscellaneous Payments.........................................................................................................................77 Workshop - Enter a Miscellaneous Cash Payment............................................................................78 Prepayments...........................................................................................................................................78 Workshop - Enter Deposit Payments................................................................................................80 Enter an Unallocated Deposit Payment.....................................................................................80 Enter an Allocated Deposit Payment.........................................................................................80 Workshop - Post a Cash Receipt Group...........................................................................................81 Workshop - Convert a Deposit Payment to a Deposit Invoice...........................................................82 Debit Notes............................................................................................................................................82 Workshop - Post a Debit Note.........................................................................................................83 Enter a Debit Notes Only Group...............................................................................................83 Enter an Invoice Payment.........................................................................................................83 Enter a Debit Note without Specifying an Invoice......................................................................83 Place the Debit Note On Account.............................................................................................84 Post the Debit Note..................................................................................................................84 Credit Card Processing............................................................................................................................84 Reverse Cash Receipt.....................................................................................................................................84 Workshop - Reverse a Posted Cash Receipt and Review Results...............................................................86 Reverse a Cash Receipt....................................................................................................................86 Review the Customer Tracker..........................................................................................................86 Apply Document............................................................................................................................................87 Workshop - Apply a Credit Memo to an Open Invoice.............................................................................88 Select a Credit Memo......................................................................................................................88 Select an Invoice to Credit...............................................................................................................88
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Apply the Credit Memo...................................................................................................................88 Workshop - Apply Document..................................................................................................................90 Select a Document to Apply............................................................................................................90 Select an Invoice..............................................................................................................................90 Apply the Document.......................................................................................................................90 Payment Instrument Receivable Entry.............................................................................................................91 Workshop - Work with Payment Instrument Receivables.........................................................................92 Generate a Promissory Note............................................................................................................92 Print the Promissory Note................................................................................................................93 Post the Invoice...............................................................................................................................93 Workshop - Receive the Promissory Note................................................................................................94 AR Write Off and Adjustment........................................................................................................................95 Workshop - Write Off a Customer's Bad Debt.........................................................................................96 Customer Credit Manager.............................................................................................................................96 Workshop - Manage Customer Records..................................................................................................98 Review a Customer's Credit.............................................................................................................98 Enter a Sales Order..........................................................................................................................98 View Customer Orders and Credit...................................................................................................98 Update Customer Credit Preferences...............................................................................................99 Recalculate the Credit National Account..........................................................................................99 Workshop - Perform a Mass Credit Information Update........................................................................100 Enter a Sales Order........................................................................................................................100 Mass Update a Customer's Credit..................................................................................................100
Conclusion...........................................................................................................................105
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Audience
Specific audiences will benefit from this course. AR Clerk CFO/Controller Cost Accountant
Prerequisites
In order to complete the workshops in this course, all necessary modules must be licensed and operating in your training environment. For more information on the modules available, contact your Epicor Customer Account Manager EpicorCAM@epicor.com. It is also important that you understand the prerequisite knowledge contained in other valuable courses. Navigation Course - This course introduces navigational aspects of the Epicor application's user interface. Designed for a hands-on environment, general navigation principles and techniques are available at each of the interface levels in the Epicor application - system, module, and program. Workshops focus on each of these levels and guide you through each navigational principle introduced. System Flow Course - This course introduces a basic quote to cash scenario that includes the process from the initial customer quote to final cash receipts and payment of supplier invoices. This course emphasizes the series of processes that make up the quote to cash process by using a simple scenario to highlight various transactions. Your organization may have more complex processing routines than those described in this course. Financial Foundations Course - This course introduces you to the maintenance programs in the Epicor application that set the basis for the financial activities within your company. General Ledger Course - This course provides a clear perspective of the maintenance programs, concepts, processes, and reporting tools you encounter as you work within the General Ledger (GL) module.
Environment Setup
The environment setup steps and potential workshop constraints must be reviewed in order to successfully complete the workshops in this course. Your Epicor training environment, in which the Epicor demonstration database is found, enables you to experience Epicor functionality in action but does not affect data in your live, production environment. The following steps must be taken to successfully complete the workshops in this course.
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1.
Verify the following or ask your system administrator to verify for you: Your Epicor training icon (or web address if you are using Epicor Web Access) points to your Epicor training environment with the Epicor demonstration database installed. Do not complete the course workshops in your live, production environment. Note It is recommended that multiple Epicor demonstration databases are installed. Contact Support or Systems Consulting for billable assistance. The Epicor demonstration database is at the same service pack and patch as the Epicor application. Epicor's education team updates the Epicor demonstration database for each service pack and patch. If your system administrator upgrades your Epicor application to a new service pack or patch, he or she must also download the corresponding Epicor demonstration database from EPICweb > Support > Epicor > Downloads and install it. If this is not performed, unexpected results can occur when completing the course workshops. Your system administrator restored (refreshed) the Epicor demonstration database prior to starting this course. The Epicor demonstration database comes standard with parts, customers, sales orders, and so on, already defined. If the Epicor demonstration database is shared with multiple users (that is, the database is located on a server and users access the same data, much like your live, production environment) and is not periodically refreshed, unexpected results can occur. For example, if a course workshop requires you to ship a sales order that came standard in the Epicor demonstration database, but a different user already completed this workshop and the Epicor demonstration database was not restored (refreshed), then you will not be able to ship the sales order. Epicor's education team has written the course workshops to minimize situations like this from occurring, but Epicor cannot prevent users from manipulating the data in your installation of the Epicor demonstration database.
2.
Log in to the training environment using the credentials manager/manager. If you are logged into your training environment as a different user, from the Options menu, select Change User. From the Main menu, select the company Epicor Education (EPIC06). From the Main menu, select the Main Plant.
3. 4.
Workshop Constraints
Below is a list of workshops in this course that can be performed only once in each instance of a restored (refreshed) database. Where applicable, a detailed explanation of the workshop constraints is documented in the workshop itself. Note Multiple users can complete some of the workshops listed below if the Duplicating Sales Order Option is implemented. This option and steps to execute it are also listed below. Workshop - Update a National Account Relationship Workshop - Create and Assign a Reminder Group Workshop - Generate and Post a Reminder Letter Workshop - Create Advanced Billing Invoices Workshop - Enter a Deposit Billing Invoice Workshop - Cancel a Posted Invoice Workshop - Enter a Deposit Payment Workshop - Reverse a Posted Cash Receipt and Review Results Workshop - Work with Payment Instrument Receivables Workshop - Write Off a Customer's Bad Debt
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Workshop - Manage Customer Records Workshop - Create Payment Instrument Receivables Status Codes Duplicating Sales Orders Option Throughout this course, multiple staged sales orders are used to provide training on various accounts receivable functionality. If you are working on a shared database, you may encounter a sales order that has already been closed. In this case, follow the steps below to duplicate the necessary sales order to complete the workshops. 1. 2. 3. Navigate to Sales Order Entry. In the Sales Order field, enter the sales order number to duplicate. From the Actions menu, select Order > Copy Order. The new, duplicated sales order is created. It is essential to track all duplicated sales order numbers with the original sales order numbers. The course refers to the original sales order number throughout the course and must be replaced with the appropriate duplicate sales order number.
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Overview
Overview
Key Concepts of Accounts Receivable Processing In an interfaced environment, use general ledger (GL) control codes and GL control types to define accounts receivable (AR) accounts and sales-related GL accounts. Optional use of an AR clearing account controls the timing of Cost of Sales (COS) posting. Invoices and cash receipts are posted to the GL via the posting engine. Typical Sales Order to Payment Process Flow 1. 2. 3. 4. 5. Process sales order Ship goods Invoice customer Receive payment Post cash
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Application Setup
Application Setup
This section of the course reviews the key company and maintenance program configuration factors applicable to the Accounts Receivable (AR) cycle. This course does not review and discuss all programs and fields that contribute to every AR process. After you complete this course, if you want to learn more about programs or fields that were not mentioned, refer to the Application Help. The Application Help documents and defines all programs, fields, and operations that relate to every module contained within your application.
Company Configuration
Company Configuration specifies company level general ledger (GL) controls for Accounts Receivable (AR), as well as other modules. The Epicor application uses these controls if a higher level control is not available when a GL transaction posts. Only the Company Configuration fields specific to the Accounts Receivable process are covered in this course. Refer to the Application Help to define any other fields of interest. List Sheet Use the Modules > All Modules > GL Control > List sheet to specify the company's default GL control for Accounts Receivable. The Epicor application uses this control if no other control is available when a general ledger transaction is posted. More information on GL controls is available in the Application Help and the General Ledger course. General Sheet Use the Modules > Finance > Accounts Receivable > General sheet to set defaults that affect the operation of Accounts Receivable processes and programs. Select important information, such as your company's starting invoice number, methods for sales tax usage, and finance charge options, on this sheet. Other settings defined on this sheet are as follows: Select the Use A/R Clearing Accounting check box if your company plans to post to an AR clearing account when shipments are made. Select the AR Invoices and Credit Memos check box if your company requires legal numbers on these specific business document types. Select the Allow Invoice Settlement in a Different Currency check box to indicate that an AR invoice can be created first in one currency but then paid in a different currency. Select the Enable Invoice Dates Setup check box to allow the definition of options that set defaults for and behaviors of AR invoice date fields. Selecting this check box activates all the fields within the Invoice Dates Set Up pane. The selections made in these fields help support your company's tax reporting requirements and enforce consistency among dates entered in AR Invoice Entry. For more information on A/R Clearing Accounting, Legal Numbers, Multi-Currency options and Invoice Dates Setup fields, refer to the Application Help.
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Application Setup
National Accounts Sheet Use the Modules > Finance > Accounts Receivable > National Accounts sheet to designate relationship classes used to define national accounts. This sheet specifies the classes used to define credit sharing, reporting, and payer sold-to accounts. Credit sharing - National account customers can share credit. Implementation of this functionality requires the selection of a tiered relationship class in the Credit Checking field. Reporting - National accounts can define reporting relationships based on markets or other criteria. Implementation of this functionality requires selection of a tiered relationship class in the Reports field. Payer Bill-To Relationships - National accounts can establish payer-sold-to relationships, in which a payer customer pays for a sold to customer that receives invoices. Implementation of this functionality requires the selection of a non-tiered relationship class in the Payer-Bill To field. Menu Path Navigate to this program from the Main Menu: System Management > Company Maintenance > Company Important This program is not available in the Epicor Web Access interface. You can launch this program from an Epicor Smart Client (Windows ) interface.
Maintenance Programs
This section of the course reviews the most significant maintenance programs applicable to the AR processing cycle. In many cases, not all fields within a program are described. If you are interested in learning more about specific program fields, refer to the Application Help.
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Application Setup
Menu Path Navigate to this program from the Main Menu: Financial Management > Accounts Payable > Setup > Aging Report Format Financial Management > Accounts Receivable > Setup > Aging Report Formats
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Application Setup
Payment Methods Use the Payment Methods > AP Payment Methods and the Payment Methods > AR Payment Methods sheets to define which payment methods are available for the current bank account in Accounts Payable and Accounts Receivable. You can select as many payment methods as necessary, but only one can be the default method. When you select a bank account on a record, the payment methods defined on this sheet display in the accompanying Payment Method field for the account.
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Application Setup
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Application Setup
Service Management > Field Service > Setup > Product Group
Terms Maintenance
Use Terms Maintenance to establish conditions that define how customers pay their invoices (for example, discounts, number of payments, and payment frequency). Terms define the due dates, payment frequency, applicable discounts, and number of payment installments. Each accounts receivable (AR) code defines a time period and a discount percentage period schedule. To begin setting up the selling terms, select one of the following term code types: Days Day Of Month End of X Month(s) On Y Day(s) Determine whether the discount percentages for a term code calculate against partial or full payments. Each terms code can have either one discount period or multiple discount periods. Each discount period has a specific percentage which is valid for a specific period. Together, the discounts gradually reduce the percentages based on the passed period (months, days) within the overall terms period. Enter as many discount percentage periods as you need. Note that the discounts have the same types as the term codes: Days Day Of Month End of X Month(s) On Y Day(s) You do not need to select the same type for a term code and a discount assigned to this term code. When a payment is received, the percentage active on the payment date is used to calculate the discount amount. AR terms display on sales orders and AR invoices. Select default payment terms for customers and on AR invoices. A terms record is required for all customers. When creating a customer record, a default terms record displays in the new record, but you can override this selection. Menu Path Navigate to this program from the Main Menu: Financial Management > Accounts Receivable > Setup > Terms Sales Management > Demand Management > Setup > Terms Sales Management > Order Management > Setup > Terms
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Application Setup
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Application Setup
Create a Terms ID
1. From the New menu, select New Terms ID. 2. In the Code field, enter XXX2 (where XXX are your initials). 3. In the Description field, enter XXX Multiple Discounts (where XXX are your initials). 4. In the Number of Payments field, accept the default value of 1. 5. In the Terms Type field, accept the default value of Days. 6. In the Number of Days field, enter 30. 7. In the Discount Type field, accept the default value of Days. 8. Click Save.
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Application Setup
1. In the Customer field, enter CODOMETAL and press Tab. 2. Navigate to the Billing > Detail sheet. 3. In the Terms field, select XXX Multiple Discounts (where XXX are you initials). 4. Click Save and exit Customer Maintenance.
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Application Setup
Tax Setup
This section of the course reviews the following five tax maintenance programs: Tax Type Maintenance Tax Liability Maintenance Product Tax Category Maintenance Tax Jurisdiction Maintenance Tax Authority Maintenance All tax information is government mandated and someone who is familiar with the taxation guidelines for your company should enter this information into the Epicor application.
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Application Setup
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Application Setup
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Application Setup
Tip Use tax authority codes only when financial integration with other applications is necessary.
Tax authorities are optional within the Epicor application. If used, all records in Customer Maintenance can be associated with the appropriate tax authority. Menu Path Navigate to this program from the Main Menu: Financial Management > Accounts Payable > Setup > Tax Authority Financial Management > Accounts Receivable > Setup > Tax Authority Material Management > Purchase Management > Setup > Tax Authority Sales Management > Order Management > Setup > Tax Authority
Tax Allocation
Three of the five tax maintenance programs work together to properly allocate tax and tax rates to invoices. The image below displays the relationship between customers, tax liabilities, tax types, tax rates, tax categories, products/charges, and invoices.
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Application Setup
Important Tax categories are not tied to tax liabilities. If a customer is not assigned a tax liability, taxes are not added to the invoice. Although a tax category might display on the invoice line(s), taxes are not charged because a tax liability is not assigned to the customer. Tax liabilities and tax categories can be manually added to invoice lines at the time of invoice entry. Example The tax liability, Minnesota - Hennepin County (MN-2), is selected on the Ace Molding Company (ACEMOLD) customer record. Tax types, City Tax and MN State Tax, are attached to the Minnesota - Hennepin County tax liability. Tax type, City Tax, has two rates - City Tax Rate (2%, document level, default) and Alternate City Tax Rate (0%, line level). Tax type, MN State Tax, has two rates - MN Tax Rate (6.5%, line level, default) and Alternate MN Tax Rate (0%, line level). The tax category, Products, is selected on the 00P1 (Product P1) part record. Tax types/rates, City Tax/Alternate City Tax Rate, and Local Tax/Conversion, are attached to the Products tax category.
Customer Maintenance
Customers are businesses to whom you sell products and services. Use Customer Maintenance to enter customer records. Use customer records to create quotes, sales orders, and accounts receivable (AR) invoices. Customer records are also used during the Customer Relationship Management (CRM) process. Six important sheets in Customer Maintenance include: Customer > Detail Billing Contacts > Detail Ship To > Detail Tax Exemptions > Detail Banks > Detail Other sheets include Attributes, Manifest Info, and Documents. If you want to learn more about these topics, refer to the Application Help.
Detail Sheet
Use the Customer > Detail sheet to enter all the primary information about the customer. For example, you create the customer identifier on this sheet, as well as enter the customer's main address. There are also other options you can define here such as the customer's language and primary salesperson. The following information discusses significant fields and options to note when working on the Customer > Detail sheet and why they are important. Important Fields and Options Type A new customer record has a default type of Prospect if the Customer Relationship Management (CRM) module is not enabled. When a sales order is created for the new customer, the type automatically updates to Customer. If the CRM module is installed, the default type for a new customer is Suspect. If a customer record displays as a suspect, it indicates that the record is for a potential customer that has not yet been contacted by your sales team.
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Application Setup
Territory A Territory is the sales area where the customer is located. In addition, this field indicates which salesperson is responsible for transactions with this customer. If the CRM module is installed, this is a mandatory field. Click the Get Territory button to automatically assign a territory to this customer. The program locates the territory that contains this customers address. To manually select the territory, select the Territory Locked check box. The Territory field activates; select a new territory from this list. If the CRM module is not installed, this field is not mandatory, and the Get Territory button, as well as the Territory Locked check box, are both unavailable. For reference, a territory can be selected manually. Valid Payer, Valid Sold To, and Valid Ship To Select the Valid Payer check box to indicate that this customer is a valid payer who is authorized to remit cash receipts in AR. Cash receipts can be entered for this customer only if this check box is selected. Select the Valid Sold To check box to indicate that this customer account is authorized to enter as a sold to customer in AR Invoice Entry and Order Entry. AR invoices and orders can be entered for this customer only if this check box is selected. Select the Valid Ship To check box to indicate that this customer account is authorized to be entered as a ship to customer in Order Entry. This customer account can be entered or selected as a ship to customer in Order Entry only if this check box is selected. By default, all new customer records have the Valid Payer, Valid Sold To, and Valid Ship To check boxes selected. Clear the appropriate check boxes when you add new customers. Allow One Time Ship To Select the Allow One Time Ship To check box to specify that alternate one-time ship to addresses can be entered for this customer account on sales orders, service contracts, service calls, AR invoices, and at the time of shipment. Example If this customer account is designated as the sold to customer on an order, select this check box to allow the data entry person to enter one time ship to information. This is useful when you wish to ship a sold item on a one-time basis to an alternate address to which you usually do not ship. Allow Ship To Third Party Select the Allow Ship To Third Party check box to specify if alternate third party ship to addresses can be entered or selected when this customer number is entered as the sold to customer for certain transactions (sales orders, service contracts, service calls, AR invoices, and at the time of shipment) in the Epicor application. Example If this customer account is designated as the sold to customer on an order, you can also select a third party as the bill to customer for the same order. Select this check box to allow the data entry person to (optionally) enter ship to address information for the designated third party on the order. This is useful when you wish to ship a sold item on a one-time basis to an alternate address to which you usually do not ship for this third party. Statements Select this check box to indicate that Customer Statements should be generated for this customer. Only customers that have this option selected display in the AR module's Customer Statements Report. You can print customer statements any time for any date range. If any activity occurs during a statement period, a statement prints, even if the net activity results in a zero balance.
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Application Setup
Billing Sheets
Use the Billing sheets to enter and edit billing information about the current customer. Detail Sheet Use the Billing > Detail sheet to enter billing information for the selected customer. This sheet allows you to define the selected customer's AR account, currency, tax options, billing terms, shipping terms, payment methods, and other default transaction information. These default settings are used on all sales orders and AR invoices unless otherwise specified. Bill To Sheet Use the Billing > Bill To sheet to enter a bill to address for this customer. Either the main customer address can be used or a different billing address can be entered. If the bill to address is in another country or requires a new address format, use the Billing > Address Format sheet found next to the Billing > Bill To sheet to modify the format. National Account Sheet Use the Billing > National Account sheet to override the company's Payer Bill To Relationship Class for this customer. You can also view any national accounts of which this customer is a member. Price Lists Sheet Your company has the option to set up price lists to reflect seasonal price changes or special price breaks you give to specific customers or ship to locations. Once these lists are created, use the Billing > Price Lists sheet to rank the priority of these lists for the current customer or current ship to location. When you create an order, use the price lists assigned to this customer or ship to location to calculate the total price of the sales order. Credit Detail Sheet Use the Billing > Credit > Credit Detail sheet to enter and update the current customer's credit information. Use this sheet to define credit limits for the current customer. You can also define other credit options. Important Before you can edit customer credit information, you must have security rights to access this sheet. These rights are defined on your user record. For more information, refer to the User Account Maintenance topic in the Application Help. You also use this sheet to place the customer on or off Credit Hold. If a customer is on credit hold, warning messages display when you attempt to create a new packing slip or sales order for this customer. Depending upon how you set up your Order module configuration, these messages may either warn you about the credit problem, or completely prevent you from creating a new quote, order, or invoice. Note The Epicor application places customers on hold when they exceed their credit limit during AR invoice posting and sales order entry. Additionally, if you enter or update a credit limit for a customer that already exceeds your new limit, that customer is also automatically placed on credit hold. On this sheet you can also define whether you wish to receive non-traditional payment information (Payment Instruments) such as post dated checks and bank drafts, and use it in calculating a customer's global credit limit. The Billing > Credit > National Account Credit sheet allows you to check credit for customers in national account relationships.
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Application Setup
Billing > Alternates > Detail Every customer record has at least one bill to address which can be the main customer address or a different one as mentioned above. There are times when the bill-to address is not a different billing address but an entirely different customer or entity than the customer ordering and receiving the goods. Only valid customers created in Customer Maintenance can be defined as Alternate Bill To customers. Select the Allow As Alternate Bill To option on the Billing > Detail sheet if this customer can be selected as an Alternate Bill To. Credit checking for a sales order is based on the bill-to customer. Example Addison orders goods from your company. This customer is on credit hold, but his Alternate Bill To customer (Dalton) has not exceeded its credit limit. Because Dalton is the paying customer, and is in good credit standing, Addison's order is not placed on credit hold. Billing > GL Controls > Detail If a customer wants to post its records to an alternate AR account, create a specific general ledger (GL) control code for the AR Account control type within the GL module, and add it to the customer's record on the Billing > GL Controls > Detail sheet.
Banks Sheet
Use the Banks > Detail sheet to enter banking information for customers who want to make Electronic Funds Transfer (EFT) payments to your company. The Bank sheet also holds information that pertains to the contract the customer signed, which allows your company to withdraw money from the customer's account and specifies for how long the contract is valid. EFT payments are possible via an electronic interface between your company and the customer's bank. This interface is defined in Electronic Interface Maintenance. In order for an EFT to take place, define an electronic payment method with a valid output file in Payment Method Maintenance and (optionally) link it to the customer's Billing > Detail sheet.
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4. Navigate to the Billing > Credit > Credit Detail sheet. 5. In the Customer Credit pane, select the Include Payment Inst check box. This check box indicates that the customer wishes to receive non-traditional payment information (Payment Instruments) such as post dated checks and bank drafts, and that these payment instruments are included in the customers credit limit. 6. Click Save and exit Customer Maintenance.
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Electronic interface definition allows their selection as: A payment method in Payment Method Maintenance. You can associate the interface with a customer with which the company has a direct-debit agreement. An interface used to generate reports. You can use interfaces defined in this program to export reports electronically. Menu Path Navigate to this program from the Main Menu: Financial Management > Accounts Payable > Setup > Electronic Interface
National Accounts
National accounts define customer interdependencies that affect credit sharing, payer bill-to relationships, and reporting. National accounts serve the following functions: Credit sharing - National account customers can share credit. In credit-sharing, a child customer can access its own credit, the credit of its parent, and the credit available in one or more credit pools associated with its national account. Implementation of this functionality requires the definition of a tiered relationship class used by the company for credit sharing. Customers that belong to national accounts based on the class can share credit. Payer Bill-To Relationships - National accounts can establish payer bill-to relationships in which a payer customer pays for a bill-to customer that receives invoices. Implementation of this functionality requires definition of a non-tiered relationship class the company uses for payer bill-to relationships. Customers that belong to national accounts based on the class can receive and pay invoices based on the relationship. Reporting - National accounts can define reporting relationships based on markets or other criteria. National accounts can be used to sort entries on aged receivable reports and sales analysis reports. Implementation of this functionality requires definition of a tiered relationship class the company uses for reporting. Customer information for each child displays within its parent throughout all account levels. Use the following programs to implement national accounts: Use Relationship Class Maintenance to create the relationship classes used to define national accounts. You must define separate classes for credit sharing, reporting, and payer bill-to relationships to implement all national account functionality. Use Company Configuration to implement national account functionality and set the relationship classes used to define accounts. The National Accounts sheet specifies the classes used to define credit sharing, reporting, and payer bill-to accounts. You can implement one, two or all of the functions. Use National Account Relationship Maintenance to define customers involved in a national account relationship and the credit pools available to the account's customers. Use Customer Maintenance to define a customer as a valid payer bill-to and to enter customer-specific settings that affect credit sharing and payer bill-to relationships. Settings on a customer record's National Account sheet allow child customers to pay their parent's invoices as well as invoices for all customers in a payer bill-to account. The National Account Credit sheet defines settings for a customer in a credit-sharing account. Settings determine the credit types the customer uses and the order in which they are used.
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1. In the Customer field, enter BUCK675 and press Tab. 2. Navigate to the Billing > Credit > National Account Credit sheet. Note the line in the Credit Pool pane. This line of data shows that customer BUCK675 has $200,000.00 of credit available (20% of parent customer, Buckstar's $1,000,000 in credit). This was set up in the previous workshop task in National Account Relationship Maintenance. 3. In the National Accounts pane, select the Use Parent's Credit check box. 4. In the Max Percentage to Use field, enter 20.00. 5. Select the Share Credit check box. 6. In the Percentage Shared field, enter 50.00. This allows other children in the national account relationship to use 50% of this customer's credit. 7. In the Credit Preferences pane's Selected Preferences column, select Credit Pool and click the up arrow to move this preference up one level. This action prioritizes this customer's credit options. 8. Click Save and exit Customer Maintenance.
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3. In the Type field, search for and select Finance Charge. 4. In the Control field, search for and select FINCHG. 5. Click Save. 6. Exit Finance/Late Charge Maintenance.
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After entering this information, submit the process. When it completes, a FINCHG group is available for selection in AR Invoice Entry. That group contains an interest invoice for each customer attached to the charge who is late on a payment as of the date defined in the As of Date field above. Menu Path Navigate to this program from the Main Menu: Financial Management > Accounts Receivable > General Operations > Process Finance/Late Charges
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the schedule, so generation of the first letter 10 days after the due date results in the second printing 40 days after the due date. Association of a group with a customer results in the customer's receiving letters based on group settings. The association occurs in Customer Maintenance, and letters are printed and posted in Reminder Letter Generation. You might chose to create one group with a milder set of messages for customers who routinely pay on time and a group used with customers who routinely pay late. The particulars of each message typically vary according to their position in the group's sequence. Menu Path Navigate to this program from the Main Menu: Financial Management > Accounts Receivable > Setup > Reminder Group
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11. In the Days to Reminder field, enter 60. 12. In the Finance/Late Charge field, select Late Payment Fee. 13. In the Message field, enter the contents of the final reminder letter. For example: This is your final notice of late payment. You have been charged a late fee. To avoid possible litigation, please contact our billing department at 1-800-555-5555. 14. Click Save and exit Reminder Group Maintenance.
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You can select payment methods on bank accounts; each bank account can have multiple methods defined. You can also select payment methods on supplier records. You set an overall payment method for each supplier record, but other methods can be defined for each bank linked to the supplier. A default payment method can always be overridden by selecting a different payment method for a group within AP Payment Entry. The following are the key fields: Payment Method This field specifies the name of the payment method. If you are creating a new payment method, enter the value you need in this field. To edit an existing payment method, either enter its name directly or click the Payment Method button to find and select it. Scope This field specifies the source of payment method, select the accounts payable (AP) or accounts receivable (AR) option. Pay Method Type This field defines the how the current method processes the payments. Select the option you need from the drop-down list. Available options are: Electronic Interface (AR or AP) Generated Promissory Note (AR) In Cash (AR or AP) Manual (the default option) (AR or AP) Received Payment Instrument (AR) Payment Instrument Type This field specifies a payment instrument type for the current method. Fields open for data entry depending upon your selection. Generation Method This field specifies the payment instrument generation method. Available options are: With Invoice Batch Manual Menu Path Navigate to this program from the Main Menu: Financial Management > Accounts Payable > Setup > Payment Method Financial Management > Accounts Receivable > Setup > Payment Method Financial Management > Cash Management > Setup > Payment Method Service Management > Expense Management > Setup > Payment Method Service Management > Time Management > Setup > Payment Method
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Statuses defined as Posted enable the fields on the GL Control sheet. The following stages with a Posted status may involve the entry of GL controls: AR Portfolio stage AR Apply to Bank stage AP Portfolio stage Menu Path Navigate to this program from the Main Menu: Financial Management > Accounts Payable > Setup > Payment Instrument Status Financial Management > Accounts Receivable > Setup > Payment Instrument Status
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AR Invoice Entry
Use AR Invoice Entry to bill customers for products and services a company sells. Revenue and the corresponding AR values for shipped products do not update the general ledger (GL) until an invoice is created and posted. A group methodology is used to collect invoices and post them as a group (batch) to the GL in the same fiscal period. Until a group posts, the GL does not update. The actual group ID is immaterial and can be used again as soon as the original posts. Note Reports and trackers used throughout the invoicing process are illustrated in this section of the course. Menu Path Navigate to this program from the Main Menu: Financial Management > Accounts Receivable > General Operations > Invoice Entry
Actions Menu
The Actions menu in AR Invoice Entry contains several processes you can use on your open invoices. The Get functions allow you to pull information from various sources to create invoices within the current group. The Group functions allow you to view and post the invoices within the current group. The Invoice functions allow you to move invoices from one group to another as well as update payment schedules.
Transfer
Use the Invoice > Transfer option to move a selected invoice from one entry group to another. Tip Use this option if you have invoices in several groups that you want to print and post at the same time. When you transfer invoices into a single entry group, you only need to run the Print and Post functions once.
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AR Invoice Types
This section of the course describes six unique AR invoice types. Advanced Billing Invoice Deposit Billing Invoice Shipment Invoice Cancellation Invoice Credit Memo Miscellaneous Invoice As each invoice type is discussed, note the individual characteristics that differentiates it from the others. Example The choice of whether to create an advance billing or deposit billing invoice comes down to how the prepaid amount must be consumed. An Advance Billing Invoice links prepaid amounts to specific order lines and releases. As shipments occur to the specified lines and releases, the prepaid amounts are consumed. A Deposit Billing Invoice only requires a sales order reference. Shipment of any line or release tied to the specified sales order consumes the prepaid amount. Note Most invoice types (excluding Cancellation Invoices) allow pre-defined records from Miscellaneous Charge Maintenance, Product Tax Category Maintenance, and Tax Liability Maintenance to be added at the time of invoice entry. Attach these records to any invoice line. To create an invoice for a miscellaneous charge or for taxes only, add a blank line to the invoice and attach the charge or tax record to it. Note If you have Tax Connect installed, disable it on the Company Configuration > Modules > Finance > Tax Interface sheet or in Tax Reconciliation in order to complete the upcoming workshops.
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Add a Line
1. From the New menu, select New Line. 2. In the SO Line/Rel field, enter the following information: Field SO Line Rel Data 1 1
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4. Click Save.
Add a Line
1. From the New menu, select New Line. 2. In the SO Line/Rel field, enter the following information: Field SO Line Rel Data 1 1
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3. Click Print Preview to view the details and general ledger (GL) recap for this invoice group. Note Review the deferred revenue account. Only the line amounts of the first invoice entered affect this account.
4. When complete, close the report and the Invoice Entry - Group Edit List window.
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This total value can never be less than zero. Tip Note that this report does not show the specific payments that the customer made for the total deposit or advance amounts. To view these specific payments, run the AR Aging report. Use this program to produce the Advanced Billing/Deposit Balance report. Use the Selection sheet to select the report parameters. Use the Filter sheet(s) to select the specific records to include on the report. For more information, refer to the Filters Overview topic in the Application Help. Important For more information on how to review any report status you print, preview, or generate, refer to the System Monitor Overview topic in the Application Help. Menu Path Navigate to this program from the Main Menu: Financial Management > Accounts Receivable > Reports > Advance Billing/Deposit Balance
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Shipment Invoices
Invoices for products or services shipped via Customer Shipment Entry generate automatically using the Action menu's Get > Shipments option. Note Pack slips that do not have the Shipped check box selected cannot have an invoice generated through Get Shipments. As noted above, the shipped status of a customer packing slip plays an important role in determining whether an invoice can be automatically created. Other factors that impact a shipment's ability to generate an invoice via Get Shipments include: Shipment Date vs. Invoice Group Date. Billing Day settings on an individual customer's maintenance program setup. The Company Configuration setting for the Save Shipments for Invoicing option. The number of invoices generated for each customer is based on two selections on the customer record's Billing > Detail sheet in Customer Maintenance. Consolidate Sales Orders - Select this check box if you want Get Shipments to generate one invoice that contains multiple shipped orders. If you clear this check box, separate invoices are created for each order placed by this customer that has shipped. Combine Packing Slips - Select this check box if you want Get Shipments to generate a single invoice for all packing slips created for the same order and fiscal period. If you clear this check box, each packing slip pulled into the AR invoice group creates a separate invoice. This happens even if they were created for the same sales order. For more information about these settings, refer to the Application Help.
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Cancellation Invoices
AR Invoice Entry provides the ability to directly cancel a posted invoice. The result is a credit memo created directly against the invoice selected for cancellation. This process copies all previous invoice lines and detail information into the credit memo. Note The invoice cancellation process does not reopen order packing slips. Invoice Cancellation Process
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Add a Line
1. From the New menu, select New Line. 2. In the SO Line/Rel field, enter the following information: Field SO Line Rel Data 1 1
Miscellaneous Invoices
A miscellaneous invoice can reference a sales order or an inventoried line item but does not have to. If a non-part line item is invoiced, the Part and Description fields can be used to enter the reason for the invoice (for example, Cancellation Fee). A miscellaneous invoice can also be created for tax only. In a miscellaneous invoice, the offsetting credit account(s) derives from the product group chosen on the invoice lines. Often, a product group called Misc Income is created and used on miscellaneous invoices. Although a valid part can be selected, corresponding Cost Of Sales (COS) amounts are not recorded for miscellaneous invoices.
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5. Click Save.
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Example An invoice is dated 5/1/09 and has payment terms set to Net 30. It is due on 6/1/09. On the Due Date version of this report, it is in the Future column because it is not yet due. On the Invoice Date version, this invoice is in the Current column. Tip This report can work as a subsidiary ledger for your AR accounts. Select Apply Date and enter the first and last dates of the current fiscal period in the Age From Date and Age To Date fields. As a result, the report total should reconcile to the ending balance of the Accounts Receivable account. Use the Selection sheet to select the report parameters. Use the Filter sheet(s) to select the specific records to include on the report. For more information, refer to the Filters Overview topic in the Application Help. Important For more information on how to review any report status you print, preview, or generate, refer to the System Monitor Overview topic in the Application Help. Menu Path Navigate to this program from the Main Menu: Financial Management > Accounts Receivable > Reports > Aged Receivables
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3. Close the preview window and exit the Aged Receivables Report.
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Note You can use Apply Credit Memos to assign this amount to another invoice. You can also use AR Write Off and Adjustment to adjust the balance. For more information, refer to the Apply Credit Memo, and AR Write Off and Adjustment topics in the Application Help. When cash receipts post, they update invoice balances, create GL entries, and update Bank Reconciliation deposit information. Menu Path Navigate to this program from the Main Menu: Financial Management > Accounts Receivable > General Operations > Cash Receipt Entry Financial Management > Cash Management > General Operations > Cash Receipt Entry
Invoice Payments
An invoice payment is a customer cash receipt entered with basic check information, and includes detail lines that describe how the check is used against the customer's outstanding invoices. Key components used when entering an invoice payment include: Invoice Selection - If known, an invoice number can be entered on a cash receipt's header, and the corresponding customer numbers default. If unknown, a customer ID and its invoice(s) can be selected by using the A/R Receipt > Invoice Selection sheet, where all open invoices display. If multiple invoices are selected, and their sum is greater than the check amount, the dollars are applied to the oldest invoice first, and then each subsequent invoice until there are no dollars left to apply. Allocate - Once dollar amounts are applied to selected invoices, use the Allocate sheet to change the cash amount applied to specific invoices if necessary. On Account - Once all dollars are applied to selected invoices, the remaining balance, if one exists, can be placed on the customer's current account by selecting the On Account check box in any of the sheets. On Account amounts update the Unapplied Cash account defined in the default GL control code (Type - AR Account) and are treated the same as credit memos. Credit memos can be applied against open invoices in Cash Receipt Entry or applied to open invoices using Apply Credit Memo.
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Miscellaneous Payments
Use Cash Receipts Entry to enter miscellaneous payments. These transactions track miscellaneous cash received from sources other than customers; they do not change customer AR balances. Miscellaneous transactions debit the Cash account and credit the account number you select. You can also use the Misc sheet to enter or select sales taxes for miscellaneous payments. After you enter the main information for the payment, enter tax information. Enter or edit sales taxes within the Miscellaneous Payment Tax List grid.
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Prepayments
In the Epicor application, there are two ways to enter accounts receivable (AR) prepayments, unapplied cash receipts and deposits. Deposits can be entered as invoices or as cash receipts but must be linked to open sales orders. Neither unapplied cash receipts or deposits allow you to calculate or manually enter taxes. Deposits functionality: Unallocated deposits (deposits not linked to sales orders). The ability to convert a deposit payment to a deposit invoice (invoice is created based on the payment and is completely paid at the time of creation). The ability to calculate tax on deposit invoices. The ability to apply credit memos to all deposits (payments and invoices). Note An unpaid deposit invoice is not a deposit in the sense of the commonly understood business meaning, money received from the customer in advance shows intention to complete the deal. Rather, an unpaid deposit invoice is a request for deposit. Deposit invoices become actual deposits only after you receive payment from the customer. Create deposit payments as allocated deposits (linked to sales orders), or as unallocated deposits (not linked to sales orders). When you enter deposit invoices manually, the invoices must always link to sales orders. On the other hand, deposit payments that you convert to deposit invoices do not have to be linked to sales orders; therefore, deposit invoices can also be allocated or unallocated. Allocated deposits are processed and closed automatically once you process a shipment invoice for the linked sales order. Note Unallocated deposits play almost the same role as credit memos - they credit the customer balance and affect the credit limit calculation accordingly. Also, an unallocated deposit must be matched to a regular AR invoice. Unpaid, unallocated deposits do not affect customer balances or credit limits. Further, unallocated deposit invoices are stored in the application as zero-amount invoices. Use of deposit invoices (whether created manually or converted from deposit payments) provides extended options which are not available in the case of deposit payments. These extended options are as follows: Deposit invoices can be printed, and therefore are necessary when documentation is required. Taxes can be calculated and booked for deposit invoices but not for deposit payments. More complex posting is available for deposit invoices.
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Deposit invoices you create manually are best to use when tracking of payments is necessary (for example, when you receive payments with sufficient delay, in several installments, in a foreign currency, or when you can apply payment terms or finance/late charges).
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Debit Notes
Debit notes (charge-backs) from customers can be entered as part of the cash receipts process and can be applied as part of the settlement process. Debit notes either relate to specific invoices or remain unassigned. They remain as open receivables until they are matched with a credit memo or subsequently paid. Entering a debit note does not admit liability. It creates an open debit note which can be collected later or matched to an off-setting credit memo in the future. To learn more about the debit note process, refer to the Debit Note Processing course.
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2. Select the On Account check box. In the Invoices grid, the invoice displays as 9999999 since there was no invoice assigned to the debit note. 3. Click Save.
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The reversal process: Creates a receipt that contains a reversing entry. This negative receipt updates the balances of allocated invoices. This process leaves an audit trail. Allows the application of new cash receipts to invoices to which the original receipt applied. Reverses journals in books affected by posting of the original receipt. This process does not apply to miscellaneous cash receipts or deposits applied to an invoice. In some cases, a portion of the cash receipt can be unapplied. This can occur when a credit memo is created for an invoice to which the receipt applies. In this case, the process: Creates a debit memo to reverse the unapplied portion of the receipt. The Epicor application uses the credit memo settings to create a debit memo marked as unapplied cash. Transfers the unapplied portion of the credit memo to the new debit memo. Reverse Cash Receipt Process
Menu Path Navigate to this program from the Main Menu: Financial Management > Accounts Receivable > General Operations > Reverse Cash Receipt Financial Management > Cash Management > General Operations > Reverse Cash Receipt
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Apply Document
Use Apply Document to place an open credit memo, unallocated deposit invoice, or unallocated deposit payment balance against an open invoice. You can apply one of these document types against one or multiple invoices or credit payment. You can only select invoices created for the customer listed on the document. Note Credit Memo - a specific type of Accounts Receivable invoice; it contains a transaction that reduces, or credits, a customer's receivable balance. Credit memos may or may not refer to a sales order. Important Before you can apply a credit memo through this program, you must post to your general ledger (GL) via AR Invoice Entry. For more information, refer to the Application Help topic: AR Invoice Entry > Post Invoice Group. On the Summary sheet in this program, select the credit memo with which you want to work. Next, define the amount from the credit memo to apply. Use the Detail sheet to select which invoices will receive the credit amount or the Credit Payment sheet to select credit payments to receive the amount. Lastly, apply the credit memo amounts the command available from the Actions menu. Tip You can place credit memos against invoices in Cash Receipts Entry.
Tip When you apply credit memos, you also create GL transactions. Transactions are placed within the GL accounts selected for the customer credit memo. For details on the creation of GL transactions, refer to the Application Help topic: Posting to GL. Menu Path Navigate to this program from the Main Menu: Financial Management > Accounts Receivable > General Operations > Apply Credit Memo
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Select an Invoice
1. Navigate to the Detail sheet. 2. From the New menu, select New Invoice. 3. In the Invoice field, enter 10040 and press Tab. 4. In the Credit Amount field, enter 100.00. 5. Click Save. 6. Navigate to the Summary sheet. Invoice 10040 displays in the Applied Invoices grid.
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Immediate cash receipt generation for invoices the promissory note pays. Check, credit card, purchase card, debit card, or Electronic Funds Transfer (EFT) usage to receive payment from the customer. Example A company prints, posts, and sends customer invoices for $1,200, $1,300, and $1,000 and a promissory note for $3,500. The posting of the invoices debits the asset accounts and credits the revenue accounts. Once the customer returns the note, the company enters and posts the invoices in AR Invoice Entry and the promissory note in Payment Instrument Receivable Entry. The promissory note specifies the bank accounts used for deposit and withdrawal, defines the payment schedule, and lists the invoices to which the promissory note is allocated. As a result, the Epicor application does the following: Marks the invoices as paid and closes them. Opens a new receivable to represent the note. The note is ineligible for payment through cash receipts or other payments. This receivable is reconciled when it is selected as a Cleared Bank on a bank statement in Bank Reconciliation. Reflects any bank fees collected in connection with the note, on the note itself, and in journals. Shows deposits connected with the note as credits to the company's bank account. Closes the note when the debt is paid. You cannot change a note after it is closed. Menu Path Navigate to this program from the Main Menu: Financial Management > Accounts Receivable > General Operations > Payment Instrument
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18. Click Submit. 19. Close the AR PI Payment Post Process window. 20. Exit Payment Instrument Receivable Entry.
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relationship that was affected by the update. When a recalculation is needed, a message displays on the record that states Should be recalculated. This message not only displays on the updated record but also on all customers in the relationship that were affected by the update. A similar message displays on the master account relationship record and the customer maintenance record. You can perform the action within National Account Relationship Maintenance instead of Customer Credit Manager if necessary. The credit checking functionality only reviews the credit for Bill To Customers. These are the customer locations that make payments on your invoices. Each customer record either uses a default Bill To location or an alternate Bill To location (a leasing company or a head office) for payment. Menu Path Navigate to this program from the Main Menu: Financial Management > Accounts Receivable > General Operations > Customer Credit Manager
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3. Navigate to the Orders sheet. 4. Click Retrieve. The order added in the previous task now displays. 5. Navigate to the National Account Credit sheet and review the Credit Available pane. 6. Note the amount in the Parent's field. ____________ 7. In the National Accounts section, in the Credit Used pane, review the amounts in the fields. The open order used all of the customer's Own credit and 1,500.00 of the Pool credit. None of the Parent's credit was used. The order in which the credit is used relates to the credit preferences selected on the customer record.
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8. Click Save and exit the Customer Credit Manager. Note You can now enter another sales order for this customer without going back on credit hold (as long as it is under $1,000.00). Also, you can ship the open order because the customer is no longer on hold.
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Reports
AR Invoice/Credit Memo Forms Menu Path: Financial Management > Accounts Receivable > General Operations > Invoice Entry These forms print in AR Invoice Entry during invoice processing. Each form can print individually, or an entire group can print at the same time. If a new copy of an invoice or credit memo is needed, it can print from either Posted Invoice Update or the Invoice Tracker. Commission Report Menu Path: Financial Management > Accounts Receivable > Reports > Commission The Commission Report displays sales commission information for selected salespeople. The report pulls commission records from a specific time period, as determined by the From Date and To Date you specify. If the salesperson is paid commissions based on customer payments, miscellaneous charges and credit memo amounts are deducted before the final commission amount is calculated. Customer Statements Menu Path: Financial Management > Accounts Receivable > Reports > Customer Statements Customer Statements are forms that can be sent to a customer to recap current AR activity. Only customers coded for Statement Print in Customer Maintenance are selected to print when printing for all customers. If a customer is not coded for Statement Print in Customer Maintenance, to print a statement, select that customer in the report options. Discount Analysis Report Menu Path: Financial Management > Accounts Receivable > Reports > Invoice Discount Analysis The Discount Analysis Report provides information on customer invoices that have received discounts in cash receipts. You can print this report for Earned Discounts or for Not Earned Discounts. G/L Distribution Menu Path: Financial Management > Accounts Receivable > Reports > G/L Distribution The G/L Distribution Report shows the GL effect of the transaction types selected. You have the option to print by a selected date range or by a specific fiscal period. Sales Tax Report Menu Path: Financial Management > Accounts Receivable > Reports > Sales Tax The Sales Tax Report lists all the tax reportable sales within the selected taxing jurisdictions. You can select any date range for the report.
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Shipped Not Invoiced Report Menu Path: Financial Management > Accounts Receivable > Reports > Shipped Not Invoiced The Shipped Not Invoiced Report displays sales orders whose parts were shipped to customers; these customers have not received shipment invoices for these shipments. Sales orders shipped during a selected date range display on the report.
Trackers
Trackers are available in most modules and are located in the General Operations folder. Many trackers display in multiple modules. By right-clicking selected grid cells, you are presented with the Open With option. This option allows quick navigation from one tracker to another related tracker or entry form. The key information automatically passes from the calling tracker to the accessed tracker. Access to trackers or data entry forms using the Open With functionality is determined by security settings. Customer Tracker Menu Path: Financial Management > Accounts Receivable > General Operations > Customer Tracker Use the Customer Tracker to view information about a customer. Various sheets contain information pertinent to that sheet. Each sheet contains links to additional trackers. For instance, the Invoice sheet can take you to the Invoice Tracker. The Invoice sheet also provides the ability to see an online aging report for a selected customer. Further, the Actions menu provides an option to add quotes, sales orders, RMAs, and more. When selected, the Epicor application redirects you to the appropriate program and defaults in the specified customer. Contact Tracker Menu Path: Financial Management > Accounts Receivable > General Operations > Contact Tracker The Contact Tracker is a display-only version of consolidated contact-related programs such as, Customer Maintenance, Sales Order Entry, Quote Entry, and more. This tracker is useful for reviewing activity for a particular contact, throughout the Epicor application. For example, if a contact named John Smith exists in the application, his name can be entered at this point. The customer he is affiliated with can be reviewed, along with e-mail information, quotes, orders, jobs, or any other record that bears his name. AR Invoice Tracker Menu Path: Financial Management > Accounts Receivable > General Operations > Invoice Tracker Use the AR Invoice Tracker to drill into selected invoices and get information for an invoice. This includes information such as the posted status, shipping information, payment activity, schedules, GL transactions, header and line item information, as well as any memos linked to the selected invoice. Access the Sales Order Tracker can also be accessed from within the Invoice Tracker. The Invoice Tracker is a display-only version of AR Invoice Entry which contains supplemental sheets not found in AR Invoice Entry. Records cannot be added or updated in any tracker. Cash Receipts Tracker Menu Path: Financial Management > Accounts Receivable > General Operations > Cash Receipt Tracker Important This program is not available in the Epicor Web Access interface. You can launch this program from an Epicor Smart Client (Windows ) interface.
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The Cash Receipts Tracker displays cash receipt record information in a dashboard format. This includes information such as the check number, invoice and applied amount, payment type, unapplied amounts, fiscal year and period. You cannot edit or add records in this tracker.
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Conclusion
Conclusion
Congratulations! You have completed the Accounts Receivable course. Please take a moment to let Epicor know how to serve you better by completing a course evaluation at http://www.keysurvey.com/survey/191084/2e21/ or by clicking the Course Evaluation link below. Your feedback provides the guidelines for the future direction of Epicor education.
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Additional information is available at the Education and Documentation areas of the EPICWeb Customer Portal. To access this site, you need a Site ID and an EPICweb account. To create an account, go to http://support.epicor.com.