Accounting Software – Accounts Receivable Module
An augmented reality (AR) module uses information from GPS, compass and other input devices to detect a location. It then superimposes a virtual object, text or pattern over the physical marker.
AR applications are used in a range of industries, from chemistry learning to historical tours. They are also available in a number of devices, including smartphones, tablets and AR glasses.
The Accounts Receivable module includes a number of invoice generation tools that allow you to create professional-looking, date and time-stamped bills for services or goods that you have sold. These tools include the flexible Price Book and Inventory Pricing feature that enables consistent pricing of tasks and materials; the customizable Invoice Formatter that streamlines the creation of detail, lump sum, and service invoices; and an “email invoice” function that allows you to transmit an invoice to your customer with one click.
Invoices are used for recording payments that you receive from a customer, or to record advance payments that you make to a supplier or employee. They are also used for recording unbilled AR (accrued revenue), which can be an important part of your business’s revenue recognition.
AR Invoices can be entered manually or automatically, using the AR Invoice Entry form or the automatic write-off transaction. They can be matched to Purchase Orders and invoices, and you can adjust their invoice amount and tax information in a variety of ways.
You can enter adjustments to invoices in the form of Credit Memos or Write Offs. Credit Memos debit a credit account rather than the original revenue account. Unlike Credit Memos, write-offs do not update Job Cost, but they do debit an account that contains retainage, tax, or discounts information.
If you enter a write-off, you can adjust the line items that exist on the original invoice, or you can create new lines for tax, retainage, finance charges, and discounts. You can also enter cost adjustment entries that adjust the line items that do not exist on the original invoice.
When you enter an Adjustment, Credit Memo, or Write Off, you can view additional information about the original invoice to which you are applying the transaction by selecting Other Info in the Lines section of the AR Invoice Entry form. This information is displayed to the right of the date fields.
You can also edit the Invoice Paid and Invoice Balance fields on an AR Invoices record. The Invoice Paid field displays the total amount of AR Payments that have been applied to this record, and the Invoice Balance field shows the Invoice Total less the Deposit Amt Applied.
Receivables is an area of accounting that involves collecting cash from customers, depositing it into bank accounts and placing journal entries related to accounts receivables in the general ledger. This includes credit card payments, cash receipts, cash remittances and bank transfers between countries for business activities.
AR module generates invoices that are sent to customers for goods or services that they have ordered from the ar module University. They may be based on cost incurred (cost invoices) or on an event completed that was set up when the award was made (event invoices).
The system generates invoices from customer records that include information about how you will process them for receipt and G/L distribution information such as a credit to a revenue account or a debit to a receivables account. This is done through a combination of manual and electronic entry processes.
When creating an AR Invoice from Shipments, Orders or AR Invoice Credits (credits) records, the Customer Info data is inserted automatically. Alternatively, the Customer Info data can be entered before using the Add From Shipment or Order buttons.
A Search of Customer Lookup grid is available to display Organisation records with the Customer ID field set to Active Customer. The grid returns records that match the selected Customer ID. The Customer ID field is a seven-digit alpha-numeric code that can be obtained from the Standalone Project/Grant record or Parent/Sub Project/Grant record.
You can enter information for the invoice by completing the Detail Lines, including the Invoice Total. You can also use the Freight field to indicate what type of freight was used on the invoice, and the Ship Method field to specify what service was used for shipping the goods or services.
In addition to generating invoices, the system is capable of creating credit memos, which are AR section invoice types that apply credit to the customers’ accounts. These are typically created from the Accounts Receivable (AR) home screen and can be applied to a particular customer.
Credit memos are legal documents vendors issue to customers to correct charge mistakes on invoices and manage the balance due on a particular invoice or account. They can also be used to recoup an amount previously charged to customers and refund it to them.
Credit memorandums can be issued by sellers for a variety of reasons, including a price dispute or if the buyer returns goods. The buyer who receives the credit memo has two choices: They can offset future invoices by the amount of the credit memorandum or they can request a cash payment based on the credit amount.
The credit memorandum must be recorded as a reduction in the buyer’s accounts payable, and the seller must record the memo as a reduction in its accounts receivable. When a credit memorandum is processed, the seller must enter the memo number into the cross-reference field on the BANNER invoice form.
You can generate credit memos by bill runs, or you can create credit memos manually by creating an invoice that doesn’t result from a bill schedule. For example, you might overcharge a customer for an annual subscription service, and they decide to cancel it before the next scheduled bill run.
If the customer recoups the overcharge, you might need to write off the refunded amount to your account balance or apply a credit memo to the invoice to reduce it to zero. This can help you avoid a potential audit, as a credit memo is a written document that the customer can reference if they have questions about their invoice.
In many countries, credit and debit memos are required for adjusting invoices. They are a widely adopted and well-understood billing construct that makes it easier to audit a company’s billing and verify the correctness of receivables accounting.
The ar module supports both credit and debit memos, enabling you to adjust charges and balances in any way necessary to resolve outstanding debts. You can also create and unapply credit and debit memos, as well as preview and post them through the REST API.
A cash receipt is a printed acknowledgement of the amount of cash received during a transaction. It is typically given to the customer, but it may be kept by the seller for accounting purposes.
Cash receipts are a key part of a business’s accounting process, as they record all transactions that result in the receipt of cash. They also help to maintain a company’s cash flow, which is essential to a business’s success.
In iMIS, cash receipts are recorded in a separate journal called the Cash Receipts Journal. The journal enables the business to quickly track all of its cash receipts, allowing it to prepare its cash ledger and a cash flow statement for an accounting period.
The journal is used to record all of the cash that is collected from customers, debtors, or other sources. It also records cash ar module sales and any other transactions that involve the transfer of cash or cash equivalents from one entity to another.
Although the journal is not as comprehensive or detailed as a sales journal, it does allow a business to keep track of its cash collections more easily. In addition, it can be faster to complete a cash receipts journal than to complete a sales journal because it does not require double-entry bookkeeping.
A cash receipts journal is a key part of an organization’s daily accounting process. It enables the business to quickly record all of its cash receipts, allowing them to prepare their cash ledger and a cash flow statement in a more accurate manner.
It also helps to ensure that all the cash receipts are properly accounted for and accurately posted to general ledger accounts. Specifically, all of the totals in the different columns of the cash receipts journal (as well as the other account column) should be posted to the appropriate general ledger accounts.
At the end of an accounting period, all of the entries in the cash receipts journal should be totaled. The totals are then posted to the subsidiary accounts receivable ledger on a daily basis.
When a cash receipt is not deposited, it should be left unapplied for the recipient or award and receivable record that the receipt was intended to post to. Identifying and posting unapplied cash receipts is an important responsibility for operating locations.