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Part 7 – Accounting - 3 -
adjusting entries are listed in 2-column (debit - credit) journal format in keeping with generally accepted
accounting principals. You may produce this report at the end of any accounting period (daily, weekly,
monthly, or at any time you wish). The system keeps a log of this report to prevent gaps or overlapping of
reporting revenues, etc. The AR Summary report is in regular General Journal entry format, with credit
and debit adjustments and a bottom line balance for quick and easy entry into your General Ledger.
4.
Using this AR Summary report, you would then enter General Journal entries in your General Accounting
system. This modifies your accounting system’s GL account balances either up or down…by crediting or
debiting the accounts as directed.
5.
You derive your regular financial statements and reports from your General Accounting system.
All invoices must be created by Quantrac 2005 or recorded into Quantrac 2005 (as in the case of field invoices).
All receipts for payment of outstanding invoices or prepayments must be entered and applied through the system’s
“Enter Invoice Payments” procedure. This procedure contains checks and balances to insure that payments are
entered properly. In addition, it provides for adjusting entries when the receipt does not match the balance due for
any invoice. The procedure also contains the method for creation of customer credits for pre-payments, down
payments, and lay-away payments. You may also apply customer credits to invoices, payment of late fees, and
uncollectable invoices.
As you proceed through the invoice payment application process, the system creates a “Bank Deposit Ticket”,
eliminating the manual task of hand written deposit slips. When all entries for a deposit have been entered, you
post the receipts to their respective invoices and print a simple deposit ticket. Banks will accept these computer-
generated deposit tickets in lieu of an adding machine tape.
You may generate an unlimited number of bank deposits per day, week, month, etc. The system maintains a
historic record of the deposits, which may be printed at any time for any date range. You may carry-over a bank
deposit from day to day, adding receipts as they come in. You can also enter receipts retroactively to adjust month-
end or year-end accounting.
With this scenario, there is no requirement for double entry of invoices! All accounts receivable functions,
reporting, statements, aging reports, etc. are contained within Quantrac 2005. Only the period-end account balance
adjustments are transferred to your own general ledger system. This greatly reduces personnel training and labor
requirements. This procedure also eliminates the necessity of maintaining (in perfect synchronization) two identical
databases (operational software and accounting software). Your company can spend more time servicing customers
and generating revenue without having to learn or use complicated accounting principles.
Quantrac 2005 Accounts Receivable Module includes the following major functions. (Each will be discussed in
detail later in this chapter.)
Customization of your system accounting parameters
Creation of default customer parameters (credit limit, payment terms, etc.) that apply to all new customers
The ability to modify customer parameters on-line
Ability to apply specific payments (checks, cash, credit cards payments, etc.) to one or more invoices
Ability to write-off all or part of an invoice
Ability to create credit memos for unpaid invoices
Deposit Ticket generation (simple ticket for the bank or detailed ticket for your office reconciliation)
Ability to apply a receipt to pre-pay for an undefined future service, creating an increase in a liability account
The ability to accrue customer credit balances resulting from overpayments or prepayments
Application of the credits to outstanding invoices
The ability to calculate and accrue finance charges for past due invoices
The ability to write off finance charges for individual invoices
The ability to create custom dunning letters and record them in customer accounts for quick reference
The ability to log verbal or other dunning communications and record them for quick reference
The ability to delete an invoice, which has not been AR Summarized
The ability to cancel an invoice payment, including audit trail tracking
Accept payments in advance for future services
The ability to print customized invoice sales messages on all invoices generated by your company
Produce an Accounting Summary report (used to enter affected GL accounts into your accounting system)
Produce an Accounting Detail report (for account reconciliation)
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