Service Receivables Startup

Methods for entering historical service receivable records

Service Receivables features are available only if you have purchased the Service Receivables Add-On Module.

When entering service receivable invoices and credits, you can choose from three methods of entry. Each successive method provides more detail for reports than the previous method, and requires more time to enter data.

Regardless of which method you select, you must post the transaction to the period before the current posting period. For example, if you are setting up during period 7, post the records to period 6.

Method 1

For each client, enter a single and separate record for the total outstanding balance. While this method is the quickest, it has numerous limitations:

• The statements do not list the invoices.
• The agings do not reflect the invoices entered during startup because the balance is entered as a single amount.
• The detail for prime contract audits is limited.

Method 2

For each client, enter a record for the outstanding balance of each unpaid or partially paid item. When entering a partially paid invoice, make two separate entries. When using method 2, you will be entering a significant amount of information with each item.

Method 3

For each client, enter a record for each receivable invoice or credit. Not only are you entering the outstanding balances for unpaid and partially paid items, but you are also entering fully paid invoices and credits. When entering a partially paid invoice, make two separate entries. Then assign paid records status 4-Paid, and assign open records status 1-Open.

Enter all items in chronological order so that statement and contract audits display the invoices in sequence.

Entering service receivable items at initial setup

Service Receivables features are available only if you have purchased the Service Receivables Add-On Module.

Post the service receivable items against the same clearing account used earlier to enter the service receivable balances. The process transfers the balances into the Service Receivables ledger account.

When entering the receivable items, post the records to the appropriate posting periods. Post any open items from the prior year to period 0.

It is not necessary to enter the individual parts as line items in the grid. A single line containing a description, quantity, price, and ledger account number is all that is necessary.