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Receivables and Accounting

It is very important to keep your receivables in sync with your accounting package.

 

Your accounting package will keep a single total dollar value that represents what your customers owe you. Your Point of Sale will give you a report (Account Summary and Aged Receivables) that will give you a breakdown of how much each customer owes you. The total for these reports should always match the total in your accounting.

 

You should be checking these reports against your accounting package at least monthly to make sure they are the same.

 

Your accounting should have an account that is only used for Point of Sale receivables. If you have receivables that are not tracked in your Point of Sale then these should be kept in a different account in your accounting package.

 

There are three different kinds of receivables in your Point of Sale. (You may or may not use all of them).

 

On Account – Use this account to make charges to you customers account for Food and Beverage, Proshop and other Sundry items.

 

Membership Account – Use this account to charge membership dues for a customer if you want your membership dues kept separate from regular on account purchases.

 

Tab Account – Used to track purchases for a day for the purpose of only having to pay once at the end of the day. These accounts are ideally closed out before the end of each day so their balance should always be zero in your accounting package. Note: If you are seeing tabs that are being carried over, have your staff review the guidelines for using tabs. 

 

If you use more than one account than setup multiple accounts in your accounting package for each one.

 

Reconcile on a regular basis

You should reconcile the receivables in your accounting with the receivables in your Point of Sale on a regular basis. This should be done a least once a month.

 

There are 2 reports you can use from the POS for reconciling receivables: The Aged Receivables Report and the Account Summary Report. The recommended report is the Account Summary because it also gives you total purchases and payments for a period. 

 

Activities that can cause an imbalance between your accounting and Point of Sale

  1. Backdating a transaction to a day in the past that has already been exported to your accounting. If you back date to a day that has already been exported you should remove the entry from your accounting and export the data again.
  2. Voiding/reinstating a transaction that was posted for a past date that has already been exported to your accounting.
  3. Performing a “set balance” for a customer. This can be done when editing a customer profile. This should only be done at the direction of Tee On Staff. The preferred method to update a balance that is incorrect is performing a transaction against the account using an item that you have created called “Account Adjustment”.
  4. Register Logs. Account Activity for a day including activity from the next day when exporting. For example, if a register is open Monday and not closed until after midnight into Tuesday morning due to an event. When you export Monday data it will include that account activity from early Tuesday morning. The account Summary report uses a simple date range (not registers) for creating the report. If you ran an Account Summary report for Monday it would not include the account activity from early Tuesday morning because it is only looking from 00:00:00 to 11:59:59 p.m. on the Monday. This is only a factor on the last day of the range you are looking at. For example, if you are reconciling the month of August you would only need to worry about transaction that happened early in the morning on September 1st

 

Troubleshooting an Imbalance

If you reconcile once a month and your balance was fine on July 31st but you were out of balance on August 31st then the following should be done:

 

If you export to your accounting package every day then you have 31 days you could check to find the problem. If you export your accounting package weekly than you would only have 4 periods to check

 

Assuming that you export every day to your accounting package the quickest way to find your problem is as follows

 

Step 1:

  1. Run an "Account Summary Report" for August 1st to 15th.
  2. Make sure the total balance at the end of the period matches your accounting for the 15th. If it does go to Step 2, if not go to Step 3.

Step 2:

  1. Run an "Account Summary Report" for August 1st to 22nd.
  2. Make sure the total balance at the end of the period matches your accounting for the 22nd. If it does go to Step 4, if not go to Step 5.

Step 3:

  1. Run an "Account Summary Report" for August 1st to 7th.
  2. Make sure the total balance at the end of the period matches your accounting for the 7th. If it does go to Step 4, if not go to Step 5.

Step 4:

  1. Run an "Account Summary Report" for August 1st to 27th.
  2. Make sure the total balance at the end of the period matches your accounting for the 27th. If it does go to Step 6 etc, if not go to Step 7 etc.

Step 5:

  1. Run an "Account Summary Report" for August 1st to 3rd.
  2. Make sure the total balance at the end of the period matches your accounting for the 3rd. If it does go to Step 6, if not go to Step 7

Following the above steps will get you to the day where the imbalance started.

 

Once you have found the day when the imbalance started than run a sales by accounting reference report and an Account Summary for that day.

  1. Compare the total payments and total purchases from the account summary report to the corresponding entries in the sales by accounting reference report. The only way these totals will not match is due to Activity 4 in the possible cause of imbalances.
  2. Compare the journal entry in your accounting package for that day with the sales by accounting reference report. If they do not match than one of Activities 1 to 3 in the possible causes of imbalance could be the culprit.

If you still can’t find the problem please call Tee On at (519) 434-7877  Ext. 1

 

Note: You MUST have a point in time in the past where your accounting matches your Point of Sale in order to troubleshoot an imbalance. This is required as a starting point. If your accounting is so messed up that you can’t find a starting point than we will have to pick a day where the imbalance is the smallest and perform a journal entry to make your accounting match your Point of Sale and start from there.