how to perform write-offs & other...
TRANSCRIPT
PeopleSoftAR for Non-Sponsored Accounts
FMS580
How to Perform Write-offs & Other Adjustments 11/7/2008
© 2008 Northwestern University
FMS580
1
How to Perform AR Write-Offs and Other Adjustments This is a training guide to step you through performing write-offs and other adjustments in the AR module.
Before you begin . . . When is this used? This training guide should be followed when the sponsor should be refunded for over payments made for invoices, or when NU needs to perform write-offs for uncollectible sponsored and non-sponsored AR items, and when sponsored invoices need to be offset with each other. This also includes processes to correct system errors such as incorrect payment worksheets or posting errors.
Who has access? • Accounting Services
Upon completion of this guide, you should be able to: • Un-post Payments • Perform Write-offs
Where to get help? For assistance, contact NUIT Support Center at 847-491-HELP (4357), or email [email protected]
Additional Resources: Project Café website is located at http://cafe.northwestern.edu
PeopleSoftAR for Non-Sponsored Accounts
FMS580
How to Perform Write-offs & Other Adjustments 11/7/2008
© 2008 Northwestern University
FMS580
2
Step 1a: Unpost Payments These steps should be followed when a successfully posted payment needs to be un-posted due to user error (e.g., payment was applied to wrong AR item) or because a check was returned due to insufficient funds. Quick Navigation: Click AR Receivables Update Unpost Groups Payment Group
PeopleSoftAR for Non-Sponsored Accounts
FMS580
How to Perform Write-offs & Other Adjustments 11/7/2008
© 2008 Northwestern University
FMS580
3
Step 1b: Unpost Payments
NOTE: Other Un-post Reason options; INC (Incorrect Customer); NSF (Non-Sufficient Funds); STOP (Stop Payment)
PeopleSoftAR for Non-Sponsored Accounts
FMS580
How to Perform Write-offs & Other Adjustments 11/7/2008
© 2008 Northwestern University
FMS580
4
Step 1c: Un-post Payments
PeopleSoftAR for Non-Sponsored Accounts
FMS580
How to Perform Write-offs & Other Adjustments 11/7/2008
© 2008 Northwestern University
FMS580
5
Step 2a: Run AR Update Process (Optional) Runs as a nightly batch. Only run this update if you need access to the funds immediately. Quick Navigation: Click Accounts Receivable Receivables Update Request Receivables Update
NOTE: Run Control ID will only need to be setup the first time you run a process. The Run Control ID can be named anything, but your NetID would be a good choice, because it is easy to remember and identifiable.
PeopleSoftAR for Non-Sponsored Accounts
FMS580
How to Perform Write-offs & Other Adjustments 11/7/2008
© 2008 Northwestern University
FMS580
6
Step 2b: Run AR Update Process (Optional)
1 Group Unit Select NWUNV 2 Process Frequency Select Always 3 High Balance Basis Date Select Calc Date or Run Date 4 Accounting Date From Enter 01/01/1900 (to avoid missing transactions) 5 Accounting Date To Enter applicable To date
PeopleSoftAR for Non-Sponsored Accounts
FMS580
How to Perform Write-offs & Other Adjustments 11/7/2008
© 2008 Northwestern University
FMS580
7
Step 2c: Run AR Update Process (Optional)
PeopleSoftAR for Non-Sponsored Accounts
FMS580
How to Perform Write-offs & Other Adjustments 11/7/2008
© 2008 Northwestern University
FMS580
8
Step 2d: Run AR Update Process (Optional)
PeopleSoftAR for Non-Sponsored Accounts
FMS580
How to Perform Write-offs & Other Adjustments 11/7/2008
© 2008 Northwestern University
FMS580
9
Step 2e: Run AR Update Process (Optional) The AR Update process is complete when the status is generated as Success.
PeopleSoftAR for Non-Sponsored Accounts
FMS580
How to Perform Write-offs & Other Adjustments 11/7/2008
© 2008 Northwestern University
FMS580
10
Step 3a: Verify Payment Availability Quick Navigation: Click Accounts Receivable Payments Review Payments Incomplete Payments
PeopleSoftAR for Non-Sponsored Accounts
FMS580
How to Perform Write-offs & Other Adjustments 11/7/2008
© 2008 Northwestern University
FMS580
11
Step 3b: Verify Payment Availability
PeopleSoftAR for Non-Sponsored Accounts
FMS580
How to Perform Write-offs & Other Adjustments 11/7/2008
© 2008 Northwestern University
FMS580
12
Step 4a: Perform an AR Write-off (This action does not apply to removing expenses) This process variation occurs when an outstanding AR item needs to be written-off because it is uncollectable, e.g. the sponsor/ customer going bankrupt or any other reason for which department or PI is responsible for the AR balance. The Cash Manager will perform the write-off after consulting with the GCFA. Quick Navigation: Click AR Receivables Maintenance Maintenance Worksheet Create Worksheet
PeopleSoftAR for Non-Sponsored Accounts
FMS580
How to Perform Write-offs & Other Adjustments 11/7/2008
© 2008 Northwestern University
FMS580
13
Step 4b: Perform a Write-off Enter as much information on this screen as possible.
PeopleSoftAR for Non-Sponsored Accounts
FMS580
How to Perform Write-offs & Other Adjustments 11/7/2008
© 2008 Northwestern University
FMS580
14
Step 4c: Perform a Write-off
Type: MT Offset an Item RF Refund a Credit WO Write Off a Debit WOC Write Off a Credit
PeopleSoftAR for Non-Sponsored Accounts
FMS580
How to Perform Write-offs & Other Adjustments 11/7/2008
© 2008 Northwestern University
FMS580
15
Step 4d: Perform a Write-off
PeopleSoftAR for Non-Sponsored Accounts
FMS580
How to Perform Write-offs & Other Adjustments 11/7/2008
© 2008 Northwestern University
FMS580
16
Step 4e: Perform a Write-off In this step you will be creating a transaction that reduces revenue and reduces accounts receivables.
PeopleSoftAR for Non-Sponsored Accounts
FMS580
How to Perform Write-offs & Other Adjustments 11/7/2008
© 2008 Northwestern University
FMS580
17
Step 4f: Perform a Write-off
PeopleSoftAR for Non-Sponsored Accounts
FMS580
How to Perform Write-offs & Other Adjustments 11/7/2008
© 2008 Northwestern University
FMS580
18
Step 5: Run AR Update Process AR Update process creates entries in ITEM_DST table.
Follow the steps from 3a-3e