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Accounts Receivable Exercises
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8- Accounts Receivable Exercises
EXERCISE 1- ADDING A GENERAL BILLING ACCOUNT FROM THE
RECEIVABLES MANAGER
In this exercise you will add a manufacturer as a General Billing Account in the system.
A general billing account can be billed from any invoice.
1. Open the RECEIVABLES MANAGER and press Insert to add a new billing account
2. Modify the ACCT# to “DUNKIRK”
3. Tab to the COMPANY field and type “Dunkirk Boilers”
4. Enter the following ADDRESS information:
- 85 Middle Road
- Dunkirk, NY 14048
5. Tab to the PHONE 1 field and type “877-386-5475”
6. Tab to the Fax field and type “716-366-1209”
7. Checkmark No Email
8. Tab to the TERMS field and choose Net 30
9. Checkmark the following fields:
- NO FINANCE CHARGE
- NO STATEMENT
- DO NOT SOLICIT
- NO HAPPY CHECK
10. Tab to the NOTE field and type “To be used for Warranty billing”
11. Checkmark the GENERAL BILLING ACCOUNT field
12. Click OK to confirm the creation of a General/Global Account
13. Click Save
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EXERCISE 2- ADDING A RECEIPT DISTRIBUTION CODE TO THE REFERENCE
LIBRARY
In this exercise you will add a receipt distribution code which will accommodate the
receipt of money not related to an outstanding receivable.
1. Click on the 21 button in the upper left corner to open the MAIN MENU
2. Click on Setup at the bottom of the first column
3. Click on REFERENCE LIBRARY on the right
4. Select the Accounting volume
5. Double click on RECEIPT DISTRIBUTION CODES
6. Press Ctrl+Enter to edit the table
7. Press Insert to add a new adjustment code
8. Type “BC-REB” in the ADJUSTCODE field
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9. Tab to the ADJUSTCODEDESC field and type “Buying Club Rebate Check”
10. Tab to the GL_ACCOUNT and type “9130- Vendor Rebates”
11. Press Enter to save the line
12. Press Esc
13. Press Esc to close the table
EXERCISE 3- RECORDING A MISCELLANEOUS CASH RECEIPT IN THE
RECEIVABLES MANAGER
In this exercise you will record the receipt of a Buying Club rebate check for purchases
made in the first quarter of 2010
1. Open the RECEIVABLE MANAGER
2. Right-click anywhere on the screen and choose Post Cash Receipts from the drop-
down menu
3. Click the Miscellaneous radio button in the upper left corner
4. Tab to the DATE field and type “7/21/2017”
5. Tab to the AMOUNT field and type “1009.78”
6. Tab to the COMMENT field and type “1st Quarter 2015 Buying Club Rebate”
7. Tab to the PAYMENT METHOD field and choose Check
8. Tab to the Check# field and type “12-543”
9. Tab to the GL DISTRIBUTION area of the form
10. Press Insert to add an Adjust code
11. Press the down arrow, select Buying Club Rebate Check and press Enter
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12. Tab to the DEPT field and type “21”
13. Tab to the MEMO and type “QTR1- 2015”
14. Press Enter to save the adjustment information
15. Tab to the Post button and press Enter
16. Click OK to confirm post
EXERCISE 4- GENERATING A STATEMENT FOR A CUSTOMER ACCOUNT
In this exercise you will generate a statement for a single customer account
1. Open the RECEIVABLES MANAGER, tab to the Last Name field, type “Reynolds”
and press Enter
2. Right click on Reynolds and choose Single Statement
3. Tab to the THRU DATE field and enter “07/21/17”
4. Click the Preview button
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5. Close the Preview
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EXERCISE 5- RECORDING A CASH RECEIPT USING AN AUTO ALLOCATION
In this exercise, you will record a cash receipt from a customer, which will pay their open
invoice amount in full.
1. In the RECEIVABLES MANAGER, tab to the LAST NAME field, type Amore and press
Enter
2. Press F4 to open the Amore billing account
3. Click the Open filter to display only open items (and in this case highlight the
item you will be paying).
4. Click the Receipt button (or press 1 on the keyboard)
5. Type “07/21/17” in the DATE field
6. Tab past the AMOUNT field and into the PAYMENT METHOD field
7. Choose Visa
8. Tab to the CREDITCARD# field and type “4425”
9. Tab to the CARD NAME field and type “Mary Amore”
10. Tab to the EXPIRATION field and type “04/20”
11. Tab to the PAYMENT AUTHORIZATIONS field and type “GBOK 23100124975”
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12. Tab to the Post button and press Enter
13. Press Enter or click OK to confirm posting.
14. Close the customer billing account
EXERCISE 6- RECORDING A CASH RECEIPT USING A MANUAL ALLOCATION
In this exercise, you will record a cash receipt from a customer. The amount of the receipt
will not be equal to the open amount on the customer’s account so you will have to
manually allocate the payment to individual invoice balances.
1. In the RECEIVABLES MANAGER, tab to the LAST NAME field, type Reynolds and
press Enter
2. Press F4 to open the Reynolds billing account
3. Click the Open filter to display only open items
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4. Click the Receipt button (or press 1 on the keyboard)
5. Type “7/21/17” in the DATE field
6. Tab to the AMOUNT field and type “2139.08”
7. Tab into the COMMENT field “Ck# 804- Payment for multiple invoices”
8. Tab to the PAYMENT METHOD field and choose Check
9. Tab to the CHECK# field and type “804”
10. Be sure that MANUAL ALLOCATION is selected
11. Click Post
12. In the MANUAL ALLOCATION screen highlight each open item and press Enter to
allocate the payment to the item. (You could also press Ctrl+End to fully allocate
the check starting with the oldest open item)
13. Click Post
14. Click OK or press Enter to confirm posting
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EXERCISE 7- RECORDING A CASH RECEIPT WITH AN AUTO ADJUSTMENT
In this exercise, you will record a cash receipt from a Credit company, which was used by
a customer to finance an installation. The receipt will be for the total minus the Finance
company fee. You will create an adjustment to record the finance company chargeback.
1. In the RECEIVABLES MANAGER, tab to the BILLING ACCT ID field, type Liberty
and press Enter
2. Press F4 to open the Liberty Financial billing account
3. Click the Open filter to display only open items (and in this case highlight the
item you will be paying).
4. Click the Receipt button (or press 1 on the keyboard)
5. Type “07/21/17” in the DATE field
6. Tab to the AMOUNT field and type “2376.50”
7. Tab into the COMMENT field “Ck# 7241- Payment for Quincy Job 201111”
8. Tab to the PAYMENT METHOD field and choose Check
9. Tab to the CHECK# field and type “7241”
10. In the area below the CHECK# field choose Auto with Adjustment
11. Tab to the ADJUST CODE field and select Finance Company Chargeback
12. Tab to the DEPARTMENT and select 21-Residential Replacement
13. Tab to the COMMENT field and type “3% Finance Company Fee”
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14. Tab to the Post button and press Enter
15. Press Enter or click OK to confirm posting.
16. Close the customer billing account
EXERCISE 8- MAKING AN ADJUSTMENT TO A CUSTOMER’S RECEIVABLE
BALANCE
In this exercise you will make use an adjustment to lower a customer’s balance due to
zero by sending their balance to collections. You will create the Sent to Collection
adjustment code as part of the exercise.
1. In the RECEIVABLES MANAGER, tab to the LAST NAME field, type Reiner and press
Enter
2. Press F4 to open the Reiner billing account
3. Click the Adjust button (or press 2 on the keyboard)
4. Be sure that Credit Memo is selected
5. Type “7/21/17” in the DATE field
6. Click the Adjust drop down.- The adjustment code we need is not there, so we
will add it on the fly.
7. Press Ctrl+Enter to bring the table into edit more
8. Press Insert to add a new adjustment code
9. Type “COLLEC” in the ADJUSTCODE field
10. Tab to the ADJUSTCODEDESC field and type “Sent to Collections”
11. Tab to the GL_ACCOUNT and type “1102- Allowance for Doubtful Accounts”
12. Press Enter to save the line
13. Press Esc to exit edit mode
14. Select the Sent to Collections adjustment code
15. Tab to the AMOUNT field and type “5159.04”
16. Tab to the DEPARTMENT field and type “00”
17. Tab to the REFERENCE field and type “Collections”
18. Tab to the COMMENT field and type “Account Sent to Collections”
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19. Click Post
20. Press Ctrl+End to allocate the adjustment
21. Click Post
22. Press F3 to open the customer’s BILLING ACCOUNT DETAIL
23. Click Edit
24. Choose No Service to Customer from the RATING field
25. Checkmark the BAD RISK checkbox
26. Click Save
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EXERCISE 9- RECORDING A CUSTOMER DEPOSIT
In this exercise you will, through the JOB form, record a deposit that was taken from a
customer for an installation job that we will be performing next week. You will then
allocate the deposit to the invoice for the installation job.
1. Press Ctrl+F12 to open the CUSTOMER SEARCH form
2. Tab to the LAST NAME field, type “Bowser” and press Enter to apply the search
3. Press Enter to open Gloria Bowser’s location
4. Press F5 to open Gloria Bowser’s LOCATION HISTORY
5. In the SERVICE HISTORY area, be sure that the July 24th installation job is selected
6. Press F9 to open the job
7. Right click in the background of the job and select Record Deposit
8. Tab to the AMOUNT field and type “3000”
9. Tab to the PAYMENT METHOD field and select Check
10. Tab to the CHECK # field and type “449”
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11. Post the Deposit
12. Press F10 to open the job’s Invoice
13. Click the Apply Pmts button at the bottom of the invoice
14. In the lower left corner of the PAYMENT window select the deposit you just
recorded from the DEPOSIT drop down list
15. Click Save Changes
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16. Esc to close the invoice, job and customer
EXERCISE 10- RECORDING AN INSUFFICIENT FUNDS CHECK
In this exercise you will make 2 adjustments to a customer account to represent a balance
which is once again open due to a bounced check as well as charging the bounced check
fee to the customer. Then you will record an adjustment to the Checking Account to
lower its balance by the amount of the returned check.
Customer Account
1. In the RECEIVABLES MANAGER, tab to the LAST NAME field, type Johnson and
press Enter
2. Highlight the Jackson Johnson account and Press F4
3. Click the Adjust button (or press 2 on the keyboard)
4. Choose DEBIT MEMO- ADD TO BILLING ACCOUNT BALANCE DUE
5. Tab to the DATE field and type “07/21/17”
6. Tab to the ADJUST CODE field and select Insufficient Funds Check
7. Tab to the AMOUNT field and type “1500”
8. Tab to the DEPARTMENT field and select 00- Administrative
9. Tab to the REFERENCE field and type “301205”
10. Tab to the COMMENT field and type “Check 421 Returned NSF”
11. Choose UNAPPLIED
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12. Post the adjustment
13. Click OK to confirm adjustment
With the Johnson account still open, you will now make another adjustment which will
represent a $25 bounced check fee that you incurred when their check was returned from
the bank.
14. Click the Adjust button (or press 2 on the keyboard)
15. Choose Debit Memo- Add to billing account balance due
16. Tab to the DATE field and type “07/21/17”
17. Tab to the ADJUST CODE field and select Bounced Check Fee
18. Tab to the AMOUNT field and type “25”
19. Tab to the DEPARTMENT field and select 00- Administrative
20. Tab to the REFERENCE field and type “NSF BankFee”
21. Tab to the COMMENT field and type “Bounced Check Fee”
22. Choose UNAPPLIED
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23. Post the Adjustment
24. Click Yes or press Enter to confirm the Adjustment
Adjusting the Bank Balance
1. In the ACCOUNT REGISTER, click the Select an Account button and double-click
on Checking Account
2. Click the Adjust button (or press 3 on the keyboard)
3. Enter a DATE of “07/21/17”
4. Make sure that DECREASE BALANCE is selected
5. Tab to the AMOUNT and type “1500”
6. Tab to the REFERENCE field and type “Johnson NSF”
7. Tab to the ADJUSTMENT and choose Insufficient Funds Check
8. Tab the DEPARTMENT and choose 00-Administrative
9. Tab to the COMMENT field and type “Check Returned- Johnson 100105”
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10. Post the adjustment
11. Press Enter to confirm posting
The result of the two adjustment that you made are a follows, Customer now owes $1500
(Plus a bank fee), your checking account has $1500 less in it and GL account 2090(the
account used in both adjustment codes) has a balance of zero
EXERCISE 11- AGING ACCOUNTS AND APPLYING FINANCE CHARGES
In this exercise, you will age all accounts that have an open balance and apply finance
charges to those that are more than 30 days overdue.
1. Open the RECEIVABLES MANAGER and press Ctrl+Enter to list all accounts
2. Right-click in the grid and select Age Accounts
3. Click Yes to confirm aging accounts
4. Right-click in the aged accounts and select Post Finance Charges
5. Type 7/21/17 in the APPLY FOR: field
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6. Click Prepare to apply the finance charges
7. Click Post
8. Click OK or press Enter to confirm posting
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EXERCISE 12- REVERSING FINANCE CHARGES FROM A CUSTOMER BILLING
ACCOUNT
In this exercise you will record a payment received from a customer and adjust off the
balance of that customer’s finance charges.
1. In the RECEIVABLES MANAGER, tab to the last name field, type Lacki and press
Enter
2. Press F4 to open the Lacki billing account
3. Click the Open filter to display only open items
4. Select the open invoice for $289
5. Click the Receipt button (or press 1 on the keyboard)
6. Type “07/21/17” in the DATE field
7. Tab past the AMOUNT field and type 289
8. Tab to the COMMENT field and type “Ck# 510- Payment in full minus finance
charges”
9. Tab to the PAYMENT METHOD field and choose Check
10. Tab to the CHECK# field and type “510”
11. Tab to the Post button and press Enter
12. Click OK or press Enter to confirm posting
Adjusting the Finance Charges
13. Click the Adjust button (or press 2)
14. Tab to the DATE field and type “7/21/17”
15. Click the Credit finance balance button
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16. Tab to the Post button and press Enter
17. Press Ctrl+End to allocate the adjustment to all of the open finance charges
18. Tab to the Post button and press Enter
19. Click OK to confirm the adjustment