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Accounting in WESPaC

Accounting in WESPaC. *Slideshow Contains Animation. Quality degrades when viewing a static copy. AP, Payroll, & AR. Sean Schaeffer. Accounting in WESPaC. Have you ever wanted to see AP, AR, or Payroll transactions explained with traditional general ledger entries and T-accounts?

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Accounting in WESPaC

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  1. Accounting in WESPaC *Slideshow Contains Animation. Quality degrades when viewing a static copy. AP, Payroll, & AR Sean Schaeffer

  2. Accounting in WESPaC • Have you ever wanted to see AP, AR, or Payroll transactions explained with traditional general ledger entries and T-accounts? • Have you ever wanted to understand which fields or settings impact the accounting for these transactions?

  3. Accounting in WESPaCAgenda • Perpetually Closing System • AP Factors and Scenarios • Payroll Factors and Scenarios • AR Factors and Scenarios

  4. Accounting in WESPaCPerpetually Closing System • Revenue and Expenditures are closed to Equity/Fund Balance account codes with each Accounting Update • System identifies the Equity account code to post to by the applicable fiscal year’s link/relationship with the Revenue or Expenditure account code • Posting Date determines the applicable fiscal year • Viewable in Account Profile for Current Year • Viewable for all years on Budgetary Data Mining reports

  5. Accounting in WESPaCPerpetually Closing System Link used during Accounting Update

  6. General – Equity Summary Posting Report shows Equity Summary Relationship

  7. Accounting in WESPaCAccounts Payable • Several factors influence the accounting in AP • Invoice Distribution Line • Account Code • Amount & Signage • Status • Check Type • Accrual (Account) • Bank Cash Account • Posting Dates • *Comp Tax option

  8. Accounting in WESPaCAccounts Payable • Invoice Account Distribution Line • Account Codes for first portion of accounting entries • Also identifies Equity account code for closing • Amount & Signage • Total amount, which includes sales tax or other charges • Signage (such as positive or negative amount) contributes to determination of debiting or crediting the Distribution Lines’ account codes.

  9. Accounting in WESPaCAccounts Payable Invoice Account Distribution

  10. Accounting in WESPaCAccounts Payable • Status • Along with the distribution’s amount signage, contributes to determination of debiting or crediting distribution account codes. • Two relevant Statuses: Batch and Reversal (V) • For a Regular-Check Type invoice with positive Distribution amounts, a status, Batch, debits its Distribution account codes and credits the Accrual account code. • Reversal Status applies the opposite logic to reverse or wash-out the accounting of preceding Open-Status invoice. • For a Regular-Check Type invoice with positive Distribution amounts, a Reversal will credit its Distribution account codes and debit the Accrual account code.

  11. Accounting in WESPaCAccounts Payable • Check Type • Along with the Amount signage and Status, determines the Distribution account code(s) will debited or credited • Determines if the accounting is accrued or if cash is recognized during Batch Update • Certain Check Types offset to selected AP Accrual account code • Other Check Types offset to selected Cash account code

  12. Accounting in WESPaCAccounts Payable • Accrual • Identifies the account code that invoice’s Distribution is accrued against. • Automatically offsets Distribution account codes during Invoice Accounting Updates (Batch Update) • Alleviated or reversed when Check Register is Updated • Only applicable for Check Types: Regular, Hold, Single, Pay, and ACH • Uses Summary Account mechanism: • “**” replaced with Distribution Account codes’ fund to determine actual account code • If Summary Account code doesn’t have an actual account in the COA, then it posts to default AP Accrual code’s account. Otherwise, the Update errors.

  13. Accounting in WESPaCAccounts Payable Accrual

  14. Accounting in WESPaCAccounts Payable • Bank Cash Acct: • Identifies the account code for impacting cash • Offsets Account Distribution during Batch Updates for Check Types, Manual, Void, and Wire Transfer • Offsets the Accrual Account code during Check Register Update for other Check Types • Uses Summary Account mechanism: • “**” replaced with Distribution Account codes’ fund to determine actual account code

  15. Accounting in WESPaCAccounts Payable Bank Cash Account

  16. Accounting in WESPaCAccounts Payable

  17. Accounting in WESPaCAccounts Payable • Posting Dates • Determines timing of accounting • Impacts the Month and Fiscal Year that the invoice and payment post to • YTD reports

  18. Accounting in WESPaCAccounts Payable • Posting Dates • Select during Accounting Update (Batch Update) • Select while creating Check Register

  19. Accounting in WESPaCAccounts Payable • Several factors influence the accounting in AP • Invoice Distribution Line • Account Code • Amount & Signage • Status • Check Type • Accrual (Account) • Bank Cash Account • Posting Dates • *Comp Tax option

  20. Accounting in WESPaCAccounts Payable – Scenario #1 • Scenario #1 – Regular Issue • Account Distribution Account: 10 E 530 • Account Distribution Amount: +$1,540.00 • Status: Batch • Check Type: Regular • Accrual: ** L 601 • Bank Cash Account Summary Acct: ** A 241

  21. Accounting in WESPaCAccounts Payable – Scenario #1 • Invoice Accounting Update (Batch Update) Accrual Equity Summary Acct Account

  22. Accounting in WESPaCAccounts Payable – Scenario #1 • Invoice Accounting Update (Batch Update) Accrual Posting Date Equity Summary Acct Account

  23. Accounting in WESPaCAccounts Payable – Scenario #1 • Invoice Accounting Update (Batch Update) ** L 601 0000 00 0000 000 0000 0000 1,540 10 Q 890 0000 00 0000 430 0000 0000 10 E 530 0100 32 5000 430 0000 0000

  24. Accounting in WESPaCAccounts Payable – Scenario #1 • Invoice Accounting Update (Batch Update) 10 ** ** L 601 0000 00 0000 000 0000 0000 01/31/2013 1,540 10 Q 890 0000 00 0000 430 0000 0000 10 E 530 0100 32 5000 430 0000 0000

  25. Accounting in WESPaCAccounts Payable – Scenario #1 • Invoice Accounting Update (Batch Update) View Update History (Financial Management\Account Management\AM\Setup\AU\VU)

  26. Accounting in WESPaCAccounts Payable – Scenario #1 • Check Register Update Accrual Bank Cash Acct

  27. Accounting in WESPaCAccounts Payable – Scenario #1 • Check Register Update Accrual Bank Cash Acct Posting Date

  28. Accounting in WESPaCAccounts Payable – Scenario #1 • Check Register Update ** L 601 0000 00 0000 000 0000 0000 ** A 241 0000 00 0000 000 0000 0000

  29. Accounting in WESPaCAccounts Payable – Scenario #1 • Check Register Update ** ** L 601 0000 00 0000 000 0000 0000 10 ** 10 ** A 241 0000 00 0000 000 0000 0000 02/15/2013

  30. Accounting in WESPaCAccounts Payable – Scenario #1 • Check Register Update View Update History (Financial Management\Account Management\AM\Setup\AU\VU)

  31. Accounting in WESPaCAccounts Payable – Scenario #1 10 L 601 ** (Accrual Summary) 10 E 530 ** (Dist. Account) 10 A 241 ** (Bank Cash Acct) 10 Q 890 ** (Equity Sum Acct) 1,540 1 1,540 1 1,540 2 1,540 2 Post Regular Check Type Invoice (positive amount) 1,540 1 Post Check Register with Invoice from #1

  32. Accounting in WESPaCAccounts Payable – Scenario #2 • Scenario #2 – Payment from check book/imprest account Account Distribution • Account: 10 E 530 • Account Distribution Amount: +$ • Status: Batch • Check Type: Manual • Accrual: ** L 601 • Bank Cash Account Summary Acct: ** A 200

  33. Accounting in WESPaCAccounts Payable – Scenario #2

  34. Accounting in WESPaCAccounts Payable – Scenario #2 10 L 601 ** (Accrual Summary) 10 E 530 ** (Dist. Account) 10 Q 890 ** (Equity Sum Acct) 10 A 200 ** (Bank Cash Acct) 1,540 1 1,540 1 Post Manual Check Type Invoice (positive amount) 1,540 1 Run Invoice through Check Register

  35. Accounting in WESPaCAccounts Payable – Scenario #3 • Scenario #3: Voided Payment • Original invoice that needs to be voided or cancelled • Distribution Account: 20 E 530 0033 21 7000 500 0000 0000 • Distribution Line Total: $5,500.00 • Check Type: Regular • Accrual: ** L 601 • Cash: ** A 241

  36. Accounting in WESPaCAccounts Payable – Scenario #3 • Post Original invoice. • Update Check Register for the Original Invoice. • Post Void Check Type Invoice to cancel Original invoice. • Update Check Register for Void Check Type Invoice. 20 A 241 ** (Bank Cash Acct) 20 L 601 ** (Accrual Summary) 20 E 530 ** (Dist. Account) 20 Q 865 ** (Equity Sum Acct) 5,500 2 5,500 1 5,500 1 5,500 2 5,500 3 5,500 3 5,500 1 5,500 3

  37. Accounting in WESPaCAccounts Payable – Scenario #4 • Scenario #4: Prepayment • Invoice to record items purchased for next year • Distribution Account: 10 E 530 0100 27 5000 430 0000 0000 • Distribution Line Total: $4,400.00 • Check Type: Regular • Accrual: ** A 430 • Cash: ** A 241 • Invoice Posting Date: 09/01/2013 • Payment Posting Date: 07/15/2013

  38. Accounting in WESPaCAccounts Payable – Scenario #4

  39. Accounting in WESPaCAccounts Payable – Scenario #4

  40. Accounting in WESPaCAccounts Payable – Scenario #4

  41. Accounting in WESPaCAccounts Payable – Scenario #4 10 A 241 ** (Bank Cash Acct) 10 A 430 ** (Accrual) 10 A 430 ** (Accrual) 10 E 530 ** (Dist. Account) 10 E 530 ** (Dist. Account) 10 A 241 ** (Bank Cash Acct) 10 Q 890 ** (Equity Sum. Acct) 10 Q 890 ** (Equity Sum. Acct) 2012-13 4,400 2 4,400 2 1. Posting an Invoice for prepaid items 2. Update the Check Register for the payment. 2013-14 4,400 1 4,400 1 4,400 1

  42. Accounting in WESPaCAccounts Payable – Scenario #5 • Scenario #5: Voiding a Prepayment (from Scenario #4) • Create a Void Check Type Invoice and post it to next year • Requires a Journal Entry to completely “wash out” the transaction

  43. Accounting in WESPaCAccounts Payable – Scenario #5 10 Q 890 ** (Equity Sum. Acct) 10 A 241 ** (Bank Cash Acct) 10 A 430 ** (Accrual) 10 E 530 ** (Dist. Account) 10 A 241 ** (Bank Cash Acct) 10 E 530 ** (Dist. Account) 10 A 430 ** (Accrual) 10 Q 890 ** (Equity Sum. Acct) 2012-13 4,400 2 4,400 2 4,400 5 4,400 5 5. Post Journal Entry to 12-13 to completely void the payment. Update Check Register with Void Check Type Invoice 3. Post a Void Check Type Invoice 4. Post Journal Entry to 13-14 to completely void the payment. 2013-14 4,400 3 4,400 1 4,400 1 4,400 1 4,400 4 4,400 4 4,400 3 4,400 3

  44. Accounting in WESPaCAccounts Payable – Scenario #6 • Scenario #6: Comp Tax • Distribution Account: 10 E 530 0100 27 5000 430 0000 0000 • Distribution Line Amount: $100.00 • Check Type: Regular • Accrual: ** L 601 • Cash: ** A 241 • Comp Tax Accrual: ** L 630 • Comp Tax Rate: 10% • Invoice Posting Date: 02/25/2013 • Payment Posting Date: 02/28/2013

  45. Accounting in WESPaCAccounts Payable – Scenario #6

  46. Accounting in WESPaCAccounts Payable – Scenario #6

  47. Accounting in WESPaCAccounts Payable – Scenario #6 10 E 530 ** (Dist. Account) 10 L 630 ** (Comp Tax Accrual) 10 Q 890 ** (Equity Sum Acct) 10 A 241 ** (Bank Cash Acct) 10 L 601** (Accrual) • Post invoice. • Update Check Register for the invoice. 100 2 100 1 10 1 110 1 100 2 110 1

  48. Accounting in WESPaCAccounts Payable – Scenario #6 • Comp Tax – Processing a Comp Tax Generated invoice and paying Comp Tax to DOR • Check Type: Wire Transfer • Accrual: ** L 601 • Cash: ** A 240 • Distribution Account: 10 L 630 0000 00 0000 000 0000 0000 • Distribution Total: $10.00 • Invoice Posting Date: 04/10/2013 • Payment Posting Date: 04/10/2013

  49. Accounting in WESPaCAccounts Payable – Scenario #6 10 A 240 ** (Bank Cash Acct for Comp Tax Inv) 10 A 241 ** (Bank Cash Acct for Original Inv) 10 E 530 ** (Dist. Account) 10 L 630 ** (Comp Tax Accrual) 10 Q 890 ** (Equity Sum Acct) 10 L 601** (Accrual) • Post Comp Tax Generated invoice. • Update Check Register for the Comp Tax Generated invoice. 100 2 100 1 10 1 110 1 100 2 10 3 10 3 110 1

  50. Accounting in WESPaCPayroll • Payroll’s Update step posts activity to account codes

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