Accounts Receivable

Accounts Receivable provides income recording and reporting. This module integrates with Job Costing and General Ledger. Jobs may be identified with any General Ledger transactions from Accounts Receivable.

Customer
Customer records identify, among other things, the name, address, contact, phone number, customer type, default payment terms, balance forward for on-account balance, and default General Ledger accounts for each customer.

The system allows direct inquires into the customer’s history and current status as well as reporting on outstanding invoices, retainage, payments against invoices, credit memos and adjustments.

Income Journal
Entries into the Income Journal are quick and efficient. By defining your choice of default values for the company, customer and/or job, you can have three values inserted automatically whenever you make a new entry. This allows you to make a journal entry simply by entering the customer number, job number and invoice amount. At the same time, unusual or complex transactions are fully supported. Features include the ability to specify the relevant job and retainage amounts, a direct tie to AIA billing, computation of invoice amount relative to retainage, automatic (but optional) default of General Ledger accounts and automatic sales tax calculation.

Cash Receipts
Cash receipts may be applied directly against the invoices for a customer by simply checking off invoices from a list. The system will also allow for payments on-account as well as for “non- Accounts Receivable” transactions. When payments are applied against an invoice, the system will verify the validity of the application and, if necessary, reduce retainage. General Ledger accounts are automatically defaulted, but may be overridden.

Adjustments
Full or partial reversal of incorrect invoices and cash receipts may be made by simply entering the invoice number and correcting the existing data. This single-point adjustment will immediately update all Accounts Receivable, General Ledger and Job Costing files. A full and detailed audit trail of each adjustment is provided. Invoice numbers can be automatically purged in order to reuse the number.

Non-Standard Transactions
Accounts Receivable was designed specifically with construction companies’ unique needs in mind. Tracking receivables by the job is a natural feature of the system; however, the system handles non-standard transactions as well. For example, employee receivables and rental income may be recorded by Accounts Receivable. Cash receipts can be posted independently of Accounts Receivable, ensuring that it remains in balance with the General Ledger.

Optional Sales Tax
History of sales-taxable transactions can be kept. Sales tax reports which are based on tax liability (invoiced) or received (cash receipts) are available. Appropriate entries to the General Ledger are made automatically.

Audit History and Prior Period Reporting
Accounts Receivable history reports may be run for prior periods and years. This allows your company to continue operations into the next fiscal period while still closing out the previous period. A detailed audit history is maintained so that an inquiry into the transaction history of a client and/or job can be made at any time.

Reporting
Accounts Receivable reports may be arranged by client or job. A variety of keys may be chosen for sorting and summarizing to provide global reports for managers as well as current and detailed reports for the Accounts Receivable office. Among the variety of pre-defined reports are:

• Aged Receivables
• Invoice List
• Applied History Report
• Cash Receipts by Account
• Aged Receivables by Job
• Contract Receivables
• Full Invoicing Report
• Invoice Analysis Worksheet
• Invoice Transaction Analysis
• Sales Tax

AIA Billing
The user-friendly AIA function allows you to print a complete form on blank paper or use the pre-printed forms meeting the American Institute of Architecture’s specifications. The billing may be done separately or interfaced with the income journal.

The AIA entry screen resembles a standard schedule of values, allowing you to enter each billing item line by line. As you do so, FOUNDATION for Windows will perform the calculations of percentage complete and retainage. AIAs are automatically updated with each application, and can easily be modified for red-marked billings. Printed reports are immediately available.

The InvoiceGenie© Designer
This simple tool guides users through the creation of complex invoices. Users can create an unlimited number of varied invoice formats for printing. Each customer can be issued a different style of invoice, which may or may not include a free-form section, original contract amounts, retainage, amount due, previous estimates and invoices due.