Accounts receivable are charge accounts available to certain persons and businesses you specify. With Compeat, you can create and manage your receivable accounts, integrating them into your financial system.
To set up the use of accounts receivable, you should:
Set up the account and processing information on the Setup > Other Definitions > Accounts Receivable tab. The entity specified in the "A/R Statements Printed By" field will then have the Accounts Receivable submenu and all its functionality appear on its Transactions menu. Also, the A/R Account number and Undeposited Payments Account number are established here.
Check "Use House Accounts" on the Setup > DSR > DSR Definitions > Other Accounts tab so that the House Accounts tab will appear on the DSR screen.
Define your customers on the Setup > Accounts Receivable > Customers screen. You can add, modify, and delete these customer definitions as needed. If you choose to create and use customer groupings for your customers, create the groups on the Enterprise Definitions screen, and then create sub-groupings on the Customer Group screens.
To process accounts receivable, you will do the following:
Enter house charges through the DSR (on the House Accounts tab) on a daily basis. If you have an initial amount to enter for a new account, enter it on the Load Open A/R Items screen.
Receive payments either at this restaurant or at an entity designated to print statements. If payments are received at the restaurant, they should be entered through the DSR (on the House Accounts tab). If payments are received by a designated entity, they should be entered using the Transactions > Accounts Receivable > Receive Payments screen. They may or may not be applied to specific invoices when received. When a payment is posted as received, the Undeposited Payments Account is debited.
Apply customer payments to specific invoices subsequent to receiving, if any unapplied payments continue to exist, using the Transactions > Accounts Receivable > Apply Payments screen.
Adjust customer accounts as needed (recorded in accounts you have associated with the adjustment codes you have created) using the Transactions > Accounts Receivable > Adjust Accounts screen.
Select each payment (already entered through the Receive Payments screen), when you are ready to deposit payments into the bank, in the Transactions > Accounts Receivable > Deposit Payments screen, so that this corresponds with the checks included on the deposit slip. When a payment is posted as deposited, it debits the Cash account associated with the bank account for the deposit, and credits the Undeposited Payments account.
Bill your customers for outstanding balances using the Reports > Accounts Receivable > Customer Statements screen. By default, Customer Statements are printed for any customer with a non-zero balance.
Determine the status of your accounts receivable using the Reports > Accounts Receivable > Customer Aging Report, Customer Transaction Detail, Customer Payment Apply-To, and Customer Deposits reports.
The Compeat Accounts Receivable system uses the open item method to maintain account information, in which you selectively apply payments to specific invoices.