This section describes the general process of posting charges, credits, reversals, refunds and returned checks (NSFs) on a unit within the TR module. As these transactions are posted, a record of these transactions is immediately posted on each units account. Charges and credits can be [C]loned to multiple units within a client (e.g. you can create a $10.00 charge for unit# 1 and [C]lone the charge to unit#s 2, 3, 4, 5, etc).
This form is a multi-use form that manages charges and credits on units that are not payments. You can create individual charges here, a single charge for multiple units, or multiple charges in the case of an NSF and its associated NSF charge.
Enter Transaction Information
As you process these charges and credits, there are some important points to remember:
The general rule is that if a transaction was entered in error, it should be reversed rather than entering a transaction for the opposite amount.
Select G/L Account Numbers
Each charge or credit can be created with a single G/L account#. Normally, the selection of the status description will automatically select the G/L account#. Be very careful when selecting the G/L account number for a transaction and always use the system to correct a transaction if necessary. G/L account selection determines the proper accounting of a transaction and its reflection on financial statements. If the wrong account number is used to post a transaction, corrections can be made easily in the same accounting period, usually by a reversing entry. However, if month-end updating has occurred, transactions have been reported already on financial statements and cannot be made to go away for that period. They can be corrected, but the error and the correction will show on financial statements in the subsequent period(s).
There is a special function pertaining to the 'A/P-Mgmt Co' G/L account# (see the critical accounts table). If you create an invoice using this G/L account#, because you are billing back for work your company did, then an A/P invoice will be created from the Client to your Corporate A/P Vendor!
Select a Update Button
It is important that you select the correct update button when attempting to save an item. If you want to reverse or issue a refund, use the [Reverse] or [Refund] button. The [Reverse] option allows you to reverse an invoice, credit or previous payment. You can also [Reverse] a payment, when notified, rejected by the bank for Non-Sufficient funds (or something similar). The [Refund] option allows you to reverse a payment, but issue an A/P check back to the payee!
If any button is disabled then it cannot and should not be used.
Cloning is as simple as creating a charge or credit invoice for a unit# and selecting other unit#s to create the same invoice for. To do this, enter the invoice you want to create then click on the [Clone] button.
This pops open a window with a list of all other non-special unit#s for this client. Select the unit#s to create this invoice for, or "All Units", then click the [Save] button and multiple invoices will be created.