Accounts Receivable Balancing [R0404]

End of Period symbol End of Period: This process can be run either interactively through this update or seleted to run as a special month-end version during EOP End of Month. As an EOP module, the process is:

EOP Only Yes*
Frequency Monthly
Sequential Updates No
Skip Notes No restrictions

*The special month-end version of this report is only available through EOP End of Month, but is otherwise the same as the interactive version, using the same processing but with selection criteria specific to End of Month.

Overview symbol For more information about End of Period, refer to U04 End of Period Overview.

 

The Accounts Receivable Balancing report [R0404] provides a register of all outstanding accounts receivable items. It may be used to reference payments/charges accrued but not yet paid and to reconcile the Lease Payments Receivable General Ledger account balance on the General Ledger Entries Listing report [R0406]. The Accounts Receivable Balancing report [R0404] may also be used when reversing partial payments and prepayments via the Payment Reversal option of the Payment update [U0102].

For leases with a suspended earnings status, receivables due after the effective date of the earnings suspension are identified and reported as memo items on this report. All use tax continues to be reported as normal, however, because use tax receivables (set up in the Lease Payments Receivable General Ledger account) are unaffected by the suspended earnings status. Lease payments due on or before the earnings suspension effective date are also unaffected.

For leases extended using the RES method on a cash basis, deferred income and deferred residual are identified separately and reported as memo items on this report. They are still included in the total balance for Lease Payments Receivable and as such will print in the payments column. These fields may be used to reconcile the corresponding General Ledger account balances on the General Ledger Entries Listing report [R0406].

If the JULE Fund 1994 enhancements are purchased, advanced invoices may be produced up to 120 days before their due dates. Such invoices do not affect the G/L until they accrue, but they do appear on the Accounts Receivable Balancing report with an A (advanced) suffix on their invoice number. Subtotals for advanced invoice amounts appear for each portfolio/ company/region/office.

Two reports are produced, one for other than interest bearing loans [R0404A] and one for interest bearing loans [R0404B].

The report may be accessed through the Audit Control report menu [R04] and may be selected interactively for:

The report may be automatically generated for each portfolio at the end of the month through the End of Period update [U0401].Use the End of Period MODULES AND REPORTS screen under the End of Period Customizations option of the Portfolio update [U0212] to specify whether the report is created.

LeasePak always uses the tax rate applicable to the lease due date, not the tax rate applicable to the date on which the accrual occurred.

Accounts Receivable Balancing Selection

Accounts Receivable Balancing Report

Note: that the AR Balancing Report appears in the xml format if, on the Reports tab page of the Report Profile window, the XML Reports switch is selected.

The Accounts Receivable Balancing report [R0404A] reports at the invoice level and provides the following detail for each accounts receivable item:

For Vertex O users only: The above screen will only appear for vertex O invoices.

R0404 AR Balancing report displays all receivables that have not yet received payment including advanced invoices that have not accrued yet.

The XMl view of R0404 details and displays invoice. Click on Invoice No. to view details.

R0404 displays all receivables that have not yet received payment including advanced invoices that have not accrued yet. When user creates an assessment invoice as an “I” type invoice in the future and advanced invoice is created for the same due date on that lease, the advanced invoice is an "H" type invoice. AR Balancing take both the "I" type invoice and the "H" type invoice and merges them together using the invoice number from the "I" type invoice.

 

IBL Accounts Receivable Balancing Report

The IBL Accounts Receivable Balancing report [R0404B] reports at the invoice level and provides the following detail for each accounts receivable item:

Balancing Procedures

The PAYMENT + TAX AMOUNT DUE totals for each accounting unit (portfolio, company, region, and office) should balance to the Lease Payments Receivable General Ledger account on the General Ledger Entries Listing report [R0406]. When balancing, both the Accounts Receivable Balancing report [R0404] and the General Ledger Entries Listing report [R0406] should be generated at the same time.

 

LeasePak 7.6a Documentation Suite

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