1. Run the GL Account Summary report, FAR505 to reconcile deposits and credit card refunds to your bank.
a. Use FAR505_CKRECONCILE for cash and checks.
b. Use FAR505_MSVSRECONCILE for Master Card and Visa.
c. Use FAR505_AERCONCILE for American Express.
d. The above are base setups and need to be updated by entering the relevant cash account and receipt types on each setup.
2. These reports will print in sequence by date and batch within date.
3. Cash and check reconciliation should be relatively smooth provided the deposit date is entered as the batch date.
a. Match the total amount for each day to the total deposit for each day.
i. If you are doing one deposit per day, it should match.
ii. If the total amount for the day doesn’t match, try to figure out which batches match the total amount for the day.
iii. Make sure that all Personify360-related deposits in your bank have a matching amount in Personify.
4. Master Card and Visa will typically take about 2 days to settle.
a. Match the total amount for a particular day on the FAR505 to a deposit for about 2 or 3 days later.
5. Other credit cards may take longer to settle.
a. Match the total amount for a particular day on the FAR505 to a deposit for about 3 or 4 days later.
1. Run FAR610_A for a report with the aging of both debit and credit balances.
2. Another alternative is to run FAR610_C for a report of debit balances only.
a. This report will show only outstanding debit balances.
b. The disadvantage of using this version of FAR610 is that the same customer may have a credit balance that offsets the debit balance. If this is the case, the credit balance can be transferred to the order line with the debit balance provided it complies with ABC policies.
c. You can also run this version of FAR610 and then look up the customer on the Customer Financial Analysis screen to determine if there are any credit balances.
3. Enter the current date as the end date.
4. The youngest interval can be changed on this report if you only want to contact customers with older balances. 0 in the youngest interval shows current balances, 1 shows balances over 30 days, etc.
5. Choose the relevant subsystem. The subsystem parameter can be left blank to select all subsystems.
1. Run FAR610_A for a report with the aging of both debit and credit balances.
2. Another alternative is to run FAR610_E for a report of credit balances only.
a. This report will show only outstanding credit balances.
b. The disadvantage of using this version of FAR610 is that the same customer may also have a debit balance. If this is the case, the credit balance can be transferred to the order line with the debit balance provided it complies with ABC policies.
c. You can also run this version of FAR610 and then look up the customer on the Customer Financial Analysis screen to determine if there are any credit balances.
3. Enter the current date as the end date.
4. The youngest interval can be changed on this report if you only want to refund order lines with older balances. 0 in the youngest interval shows current balances, 1 shows balances over 30 days, etc.
5. Choose the relevant subsystem. The subsystem parameter can be left blank for all subsystems.
6. Review the report for credit balances that should be refunded.
7. Enter a refund for the credit balance.
8. Research unapplied receipts and transfer them to the appropriate order. As a standard, unapplied receipts should be applied to the relevant order within a week from the time the money was received.
See Also:
· Overview: Accounting Best Practices
· Daily Financial Reporting Best Practices
· Financial Data Entry Best Practices
· Batch Creation Best Practices