accounting in wespac
DESCRIPTION
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? - PowerPoint PPT PresentationTRANSCRIPT
WSIPC WSIPC
Accounting in WESPaC
AP, Payroll, & AR
Sean Schaeffer
*Slideshow Contains Animation. Quality degrades when viewing a static copy.
WSIPC
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?
Accounting in WESPaC
2
WSIPC
■ Perpetually Closing SystemAP Factors and ScenariosPayroll Factors and Scenarios AR Factors and Scenarios
Accounting in WESPaCAgenda
3
WSIPC
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
4
WSIPC
Link used during Accounting Update
Accounting in WESPaCPerpetually Closing System
5
WSIPC
General – Equity Summary Posting
Report shows Equity Summary Relationship
6
WSIPC
Several factors influence the accounting in AP Invoice Distribution Line
Account CodeAmount & Signage
Status Check Type Accrual (Account) Bank Cash Account Posting Dates *Comp Tax option
Accounting in WESPaCAccounts Payable
7
WSIPC
Invoice Account Distribution Line Account Codes for first portion of accounting
entriesAlso identifies Equity account code for closing
Amount & SignageTotal amount, which includes sales tax or other
chargesSignage (such as positive or negative amount)
contributes to determination of debiting or crediting the Distribution Lines’ account codes.
Accounting in WESPaCAccounts Payable
8
WSIPC
Invoice Account Distribution
Accounting in WESPaCAccounts Payable
9
WSIPC
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.
Accounting in WESPaCAccounts Payable
10
WSIPC
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 UpdateCertain Check Types offset to selected AP Accrualaccount codeOther Check Types offset toselected Cash account code
Accounting in WESPaCAccounts Payable
11
WSIPC
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 UpdatedOnly 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.
Accounting in WESPaCAccounts Payable
12
WSIPC
Accrual
Accounting in WESPaCAccounts Payable
13
WSIPC
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
Accounting in WESPaCAccounts Payable
14
WSIPC
Bank Cash Account
Accounting in WESPaCAccounts Payable
15
WSIPC
Interaction and
Impact by Chec
k Type
Check Type Accrues?
Cash Account Timing
Distribution Accounting
BatchStatus
ReversalStatus
Regular, Single, Pay, and ACH
Yes Check Register Update
Pos Amt - DrNeg Amt - Cr
Pos Amt - CrNeg Amt - Dr
Hold Yes N/A Pos Amt - DrNeg Amt - Cr
Pos Amt - CrNeg Amt - Dr
Manual,Wire Transfer
No InvoiceBatch Update
Pos Amt - DrNeg Amt - Cr
Pos Amt - CrNeg Amt - Dr
Void No InvoiceBatch Update
Pos Amt - CrNeg Amt - Dr
Pos Amt - DrNeg Amt - Cr
Accounting in WESPaCAccounts Payable
16
WSIPC
Posting Dates Determines timing of accounting Impacts the Month and Fiscal Year that the invoice and
payment post toYTD reports
Accounting in WESPaCAccounts Payable
17
WSIPC
Accounting in WESPaCAccounts Payable
Posting DatesSelect during Accounting Update (Batch Update)
Select while creating Check Register
18
WSIPC
Several factors influence the accounting in AP Invoice Distribution Line
Account CodeAmount & Signage
Status Check Type Accrual (Account) Bank Cash Account Posting Dates *Comp Tax option
Accounting in WESPaCAccounts Payable
19
WSIPC
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
Accounting in WESPaCAccounts Payable – Scenario #1
20
WSIPC
Invoice Accounting Update (Batch Update)
Accrual
Equity Summary Acct
Account
Accounting in WESPaCAccounts Payable – Scenario #1
21
WSIPC
Posting Date Account DR CRAccount Positive
Dist. Total
Posting Date Account DR CRAccount Positive Dist.
TotalAccrual Offset
Amt.
Posting Date Account DR CRAccount Positive
Dist. TotalAccrual Offset
Amt.Equity Summary Acct. Dist. Total
Posting Date Account DR CRPosting Date
Account Positive Dist.Total
Accrual Offset Amt.
Equity Summary Acct. Dist. Total
Posting Date Account DR CR
Posting Date
Invoice Accounting Update (Batch Update)
Accrual
Account
Equity Summary Acct
Accounting in WESPaCAccounts Payable – Scenario #1
22
WSIPC
Invoice Accounting Update (Batch Update)
10 Q 890 0000 00 0000 430 0000 0000
10 E 530 0100 32 5000 430 0000 0000
** L 601 0000 00 0000 000 0000 0000
1,540
Accounting in WESPaCAccounts Payable – Scenario #1
23
WSIPC
Posting Date Account DR CR01/31/2013 10 E 530 0100 32 5000 430 0000 0000 1,540
10 L 601 0000 00 0000 000 0000 0000 1,540
10 Q 890 0000 00 0000 430 0000 0000 1,540
Posting Date Account DR CR10 E 530 0100 27 5000 430 0000 0000 1,540
L 601 0000 00 0000 000 0000 0000
Posting Date Account DR CR10 E 530 0100 32 5000 430 0000 0000 1,540
10 L 601 0000 00 0000 000 0000 0000 1,540
Posting Date Account DR CR10 E 530 0100 32 5000 430 0000 0000 1,540
10 L 601 0000 00 0000 000 0000 0000 1,540
10 Q 890 0000 00 0000 430 0000 0000 1,540
Posting Date Account DR CRPosting Date Account DR CR10 E 530 0100 32 5000 430 0000 0000 1,540
Invoice Accounting Update (Batch Update)
10 E 530 0100 32 5000 430 0000 0000
1,540
** L 601 0000 00 0000 000 0000 0000
10
**
10 Q 890 0000 00 0000 430 0000 0000
01/31/2013
Accounting in WESPaCAccounts Payable – Scenario #1
24
WSIPC
Posting Date Account DR CR01/31/2013 10 E 530 0100 32 5000 430 0000 0000 1,540
10 L 601 0000 00 0000 000 0000 0000 1,540
10 Q 890 0000 00 0000 430 0000 0000 1,540
Invoice Accounting Update (Batch Update)
Accounting in WESPaCAccounts Payable – Scenario #1
View Update History (Financial Management\Account Management\AM\Setup\AU\VU)
25
WSIPC
Check Register Update
Accrual
Bank Cash Acct
Accounting in WESPaCAccounts Payable – Scenario #1
26
WSIPC
Posting Date Account DR CR
Check Register Update
Accrual
Bank Cash Acct
Posting Date Account DR CRAccrual Offset
Original Posted Amount
Bank Cash Acct Offset Amount to Accrual
Posting Date Account DR CRPosting Date Accrual Offset
Original Posted Amount
Bank Cash Acct Offset Amount to Accrual
Accounting in WESPaCAccounts Payable – Scenario #1
Posting Date
27
WSIPC
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
28
WSIPC
Posting Date Account DR CR02/15/2013 10 L 601 0000 00 0000 000 0000 0000 1,540
10 A 241 0000 00 0000 000 0000 0000 1,540
Posting Date Account DR CR L 601 0000 00 0000 000 0000 0000
A 241 0000 00 0000 000 0000 0000
Posting Date Account DR CR10 L 601 0000 00 0000 000 0000 0000 1,540
10 A 241 0000 00 0000 000 0000 0000 1,540
Posting Date Account DR CR
Check Register Update
** L 601 0000 00 0000 000 0000 0000
** A 241 0000 00 0000 000 0000 0000
**
**
10
10
02/15/2013
Accounting in WESPaCAccounts Payable – Scenario #1
29
WSIPC
Check Register Update
Posting Date Account DR CR02/15/2013 10 L 601 0000 00 0000 000 0000 0000 1,540
10 A 241 0000 00 0000 000 0000 0000 1,540
Accounting in WESPaCAccounts Payable – Scenario #1
View Update History (Financial Management\Account Management\AM\Setup\AU\VU)
30
WSIPC
10 E 530 **(Dist. Account)
10 Q 890 **(Equity Sum Acct)
10 L 601 **(Accrual Summary)
1,540 1
10 A 241 **(Bank Cash Acct)
1,540 11,540 11,540 21,540 2
1. Post Regular Check Type Invoice (positive amount)
2. Post Check Register with Invoice from #1
Accounting in WESPaCAccounts Payable – Scenario #1
31
WSIPC
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
Accounting in WESPaCAccounts Payable – Scenario #2
32
WSIPC
Accounting in WESPaCAccounts Payable – Scenario #2
33
WSIPC
10 E 530 **(Dist. Account)
10 Q 890 **(Equity Sum Acct)
10 L 601 **(Accrual Summary)
1,540 1
10 A 200 **(Bank Cash Acct)
1,540 11,540 1
1. Post Manual Check Type Invoice (positive amount)
2. Run Invoice through Check Register
Accounting in WESPaCAccounts Payable – Scenario #2
34
WSIPC
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
Accounting in WESPaCAccounts Payable – Scenario #3
35
WSIPC
Accounting in WESPaCAccounts Payable – Scenario #3
20 E 530 **(Dist. Account)
20 Q 865 **(Equity Sum Acct)
20 L 601 **(Accrual Summary)
5,500 1
20 A 241 **(Bank Cash Acct)
5,500 15,500 15,500 2
5,500 2
5,500 3
5,500 35,500 3
1. Post Original invoice.2. Update Check Register for the Original Invoice.3. Post Void Check Type Invoice to cancel
Original invoice.4. Update Check Register for Void Check Type
Invoice.36
WSIPC
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
Accounting in WESPaCAccounts Payable – Scenario #4
37
WSIPC
Accounting in WESPaCAccounts Payable – Scenario #4
38
WSIPC
Accounting in WESPaCAccounts Payable – Scenario #4
39
WSIPC
Accounting in WESPaCAccounts Payable – Scenario #4
40
WSIPC
2013-14
2012-13
Accounting in WESPaCAccounts Payable – Scenario #4
10 A 241 **(Bank Cash Acct)
4,400 1
10 A 430 **(Accrual)
10 Q 890 **(Equity Sum. Acct)
10 E 530 **(Dist. Account)
10 A 241 **(Bank Cash Acct)
10 Q 890 **(Equity Sum. Acct)
10 E 530 **(Dist. Account)
10 A 430 **(Accrual)
4,400 14,400 1
1. Posting an Invoice for prepaid items2. Update the Check Register for the payment.
4,400 24,400 2
41
WSIPC
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
Accounting in WESPaCAccounts Payable – Scenario #5
42
WSIPC
3. Post a Void Check Type Invoice
2013-14
2012-13
Accounting in WESPaCAccounts Payable – Scenario #5
10 A 241 **(Bank Cash Acct)
4,400 1
10 A 430 **(Accrual)
10 Q 890 **(Equity Sum. Acct)
10 E 530 **(Dist. Account)
10 A 241 **(Bank Cash Acct)
10 Q 890 **(Equity Sum. Acct)
10 E 530 **(Dist. Account)
10 A 430 **(Accrual)
4,400 14,400 1
4,400 24,400 2
4,400 34,400 3
4,400 3
Update Check Register with Void Check Type Invoice4. Post Journal Entry to 13-14 to completely void the payment.
4,400 44,400 4
5. Post Journal Entry to 12-13 to completely void the payment.
4,400 5 4,400 5
43
WSIPC
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
Accounting in WESPaCAccounts Payable – Scenario #6
44
WSIPC
Accounting in WESPaCAccounts Payable – Scenario #6
45
WSIPC
Accounting in WESPaCAccounts Payable – Scenario #6
46
WSIPC
1. Post invoice.2. Update Check Register for the invoice.
Accounting in WESPaCAccounts Payable – Scenario #6
10 A 241 **(Bank Cash Acct)
10 L 601**(Accrual)
10 L 630 **(Comp Tax Accrual)
10 Q 890 **(Equity Sum Acct)
10 E 530 **(Dist. Account)110 1
100 2
100 1 10 1 110 1100 2
47
WSIPC
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
Accounting in WESPaCAccounts Payable – Scenario #6
48
WSIPC
3. Post Comp Tax Generated invoice.
4. Update Check Register for the Comp Tax Generated invoice.
Accounting in WESPaCAccounts Payable – Scenario #6
10 A 241 **(Bank Cash Acct for Original Inv)
10 L 601**(Accrual)
10 L 630 **(Comp Tax Accrual)
10 Q 890 **(Equity Sum Acct)
10 E 530 **(Dist. Account)110 1
100 2
100 1 10 1 110 1100 210 3
10 A 240 **(Bank Cash Acct for Comp Tax Inv)
10 3
49
WSIPC
Payroll’s Update step posts activity to account codes
Accounting in WESPaCPayroll
50
WSIPC
Pay Record Account Distribution’s Account Code Records the gross wage Can change on Payroll Transaction record during a run
Pay Record
Account Distribution
Transaction
Accounting in WESPaCPayroll
51
WSIPC
Posting Date Account DR CR
Pay Record/Transaction Acct. Distrib. Gross Salary
Posting Date Account DR CR
Pay Record
Account Distribution
Transaction
Accounting in WESPaCPayroll
52
WSIPC
Benefit Accounting Based on Pay Record/ Payroll Transaction Account Codes
(such as salary account code) And selected Benefit codes tied to Pay Record or Payroll
Transaction for the selected Employee
Accounting in WESPaCPayroll
53
WSIPC
Benefit Accounting Benefit Account Code identified by overlaying Payroll
Transaction (Salary) account code’s object dimension with Benefit Code’s Object Debit and Benefit Overlay Mask
Identified during Calculate step
Accounting in WESPaCPayroll
54
WSIPC
4040 *1**
Accounting in WESPaCPayroll
55
WSIPC
4040 *1**10 E 0100 23 2000 430 0000 000010 E 530 0100 23 2000
4040 *1**
430 000 0000
10 E 530 0100 232000 430 000 00002
*2**
4240
Accounting in WESPaCPayroll
56
WSIPC
Benefit Accounting After identifying benefit account code, PaC either:
Selects the account code from the COAAdds the account code to COA and then selects it
Currently, Account Code Clearance Groups must be manually updated
Accounting in WESPaCPayroll
57
WSIPC
Posting Date Account DR CR
Pay Record/Transaction Acct. Distrib. Gross Salary
Posting Date Account DR CR
Pay Record/Transaction Acct. Distrib. Gross Salary
Derived Benefit Account Code #1 Calculated Amt.
Derived Benefit Account Code #2 Calculated Amt.
Derived Benefit Account Code #3 Calculated Amt.
Accounting in WESPaCPayroll
58
WSIPC
Accrual accounting Salary and Benefit Distributions are accrued to Payroll
Accrual Summary AccountSet in SA\FM\FM\Payroll\General OptionsSummary Account so Fund is derived from Distribution accountsPosted Amount = Sum of Salary and Benefit Amounts
Reversed in same posting because warrants and direct deposit records are created in the Payroll run
Accounting in WESPaCPayroll
59
WSIPC
Accounting in WESPaCPayroll
60
WSIPC
Posting Date Account DR CR
Pay Record/Transaction Acct. Distrib. Gross Salary
Derived Benefit Account Code #1 Calculated Amt.
Derived Benefit Account Code #2 Calculated Amt.
Derived Benefit Account Code #3 Calculated Amt.
Posting Date Account DR CR
Pay Record/Transaction Acct. Distrib. Gross Salary
Derived Benefit Account Code #1 Calculated Amt.
Derived Benefit Account Code #2 Calculated Amt.
Derived Benefit Account Code #3 Calculated Amt.
Payroll Accrual Summary Account Sal & Ben Total
Payroll Accrual Summary Account Sal & Ben Total
Accounting in WESPaCPayroll
61
WSIPC
Accrual accounting Deduction and Benefit amounts are accrued to the account
codes assigned to Deduction and Benefit CodesAccrual is alleviated when related AP invoices are posted (Batch
Updated) Payroll’s Update step creates AP invoices with Deduction Codes’ account
codes assigned to the invoices’ Distributions Payroll’s Update step uses the Payroll Account Payable Bank’s Summary
Account (SA\FM\FM\Payroll\General Options) to assign a bank account to the Payroll-generated AP invoices
Accounting in WESPaCPayroll
62
WSIPC
Accounting in WESPaCPayroll
63
WSIPC
Posting Date Account DR CR
Pay Record/Transaction Acct. Distrib. Gross Salary
Derived Benefit Account Code #1 Calculated Amt.
Derived Benefit Account Code #2 Calculated Amt.
Derived Benefit Account Code #3 Calculated Amt.
Payroll Accrual Summary Account Sal & Ben Total
Payroll Accrual Summary Account Sal & Ben Total
Posting Date Account DR CR
Pay Record/Transaction Acct. Distrib. Gross Salary
Derived Benefit Account Code #1 Calculated Amt.
Derived Benefit Account Code #2 Calculated Amt.
Derived Benefit Account Code #3 Calculated Amt.
Payroll Accrual Summary Account Sal & Ben Total
Payroll Accrual Summary Account Sal & Ben Total
Deduction Code Account Code Deduction Total
Benefit Code Account Code Benefit Total
Accounting in WESPaCPayroll
64
WSIPC
Cash Accounting When not producing a warrant to transfer funds to direct
deposit settlement account, Payroll Cash Account Bank records the gross wage and an offsetting amount that totals the deductions. Gross Wage – Sum of Deduction = Net Reduction to CashSA\FM\FM\Payroll\General OptionsSummary Account Functionality
Fund derived from Distribution account codesCan be changed when running the Payroll Calculate step
Accounting in WESPaCPayroll
65
WSIPC
Accounting in WESPaCPayroll
66
WSIPC
Posting Date Account DR CR
Pay Record/Transaction Acct. Distrib. Gross Salary
Derived Benefit Account Code #1 Calculated Amt.
Derived Benefit Account Code #2 Calculated Amt.
Derived Benefit Account Code #3 Calculated Amt.
Payroll Accrual Summary Account Sal & Ben Total
Payroll Accrual Summary Account Sal & Ben Total
Deduction Code Account Code Deduction Total
Benefit Code Account Code Benefit Total
Posting Date Account DR CRPayroll Cash Account Bank Acct. Deduction Total Gross Salary
Pay Record/Transaction Acct. Distrib. Gross Salary
Derived Benefit Account Code #1 Calculated Amt.
Derived Benefit Account Code #2 Calculated Amt.
Derived Benefit Account Code #3 Calculated Amt.
Payroll Accrual Summary Account Sal & Ben Total
Payroll Accrual Summary Account Sal & Ben Total
Deduction Code Account Code Deduction Total
Benefit Code Account Code Benefit Total
Accounting in WESPaCPayroll
67
WSIPC
Equity Summarization Salary and Benefit (assuming they are expense or revenue
account codes) account codes summarize their activity to their related Equity Account Codes.
Accounting in WESPaCPayroll
68
WSIPC
Posting Date Account DR CRPayroll Cash Account Bank Acct. Deduction Total Gross Salary
Pay Record/Transaction Acct. Distrib. Gross Salary
Derived Benefit Account Code #1 Calculated Amt.
Derived Benefit Account Code #2 Calculated Amt.
Derived Benefit Account Code #3 Calculated Amt.
Payroll Accrual Summary Account Sal & Ben Total
Payroll Accrual Summary Account Sal & Ben Total
Deduction Code Account Code Deduction Total
Benefit Code Account Code Benefit Total
Posting Date Account DR CRPayroll Cash Account Bank Acct. Deduction Total Gross Salary
Pay Record/Transaction Acct. Distrib. Gross Salary
Derived Benefit Account Code #1 Calculated Amt.
Derived Benefit Account Code #2 Calculated Amt.
Derived Benefit Account Code #3 Calculated Amt.
Payroll Accrual Summary Account Sal & Ben Total
Payroll Accrual Summary Account Sal & Ben Total
Deduction Code Account Code Deduction Total
Benefit Code Account Code Benefit Total
Equity Summary Account Code Sal & Ben Total
Accounting in WESPaCPayroll
69
WSIPC
Posting Date Set when running Payroll Calculate Defaults as Check Date/Payroll Posting Date Can be overridden
Accounting in WESPaCPayroll
70
WSIPC
Accounting in WESPaCPayroll
71
WSIPC
Posting Date Account DR CRPayroll Cash Account Bank Acct. Deduction Total Gross Salary
Pay Record/Transaction Acct. Distrib. Gross Salary
Derived Benefit Account Code #1 Calculated Amt.
Derived Benefit Account Code #2 Calculated Amt.
Derived Benefit Account Code #3 Calculated Amt.
Payroll Accrual Summary Account Sal & Ben Total
Payroll Accrual Summary Account Sal & Ben Total
Deduction Code Account Code Deduction Total
Benefit Code Account Code Benefit Total
Equity Summary Account Code Sal & Ben Total
Posting Date Account DR CRBudgetaryPosting Date
Payroll Cash Account Bank Acct. Deduction Total Gross Salary
Pay Record/Transaction Acct. Distrib. Gross Salary
Derived Benefit Account Code #1 Calculated Amt.
Derived Benefit Account Code #2 Calculated Amt.
Derived Benefit Account Code #3 Calculated Amt.
Payroll Accrual Summary Account Sal & Ben Total
Payroll Accrual Summary Account Sal & Ben Total
Deduction Code Account Code Deduction Total
Benefit Code Account Code Benefit Total
Equity Summary Account Code Sal & Ben Total
Accounting in WESPaCPayroll
72
WSIPC
Scenario #1: No direct deposit invoice (e.g., CT electronically transfers payroll funds to settlement account) Gross Salary: $4,166.67 Pay Record Account Distribution:
10 E 530 0100 27 2000 430 0000 0000 Total Benefits: $521.06 Account Codes related to selected Benefit Codes
10 E 530 0100 27 4220 430 0000 0000 (198.14)10 E 530 0100 27 4230 430 0000 0000 (4.17)10 E 530 0100 27 4240 430 0000 0000 (318.75)
Accounting in WESPaCPayroll – Scenario #1
73
WSIPC
Scenario #1 Total Deductions: $994.17
Deduction Account: 10 L 610 0000 00 0000 000 0000 0000 Payroll Accrual Summary Account Code:** L 605 Payroll Cash Account Bank: ** A 230 2310 Posting Date: 01/31/2013
Accounting in WESPaCPayroll – Scenario #1
74
WSIPC
Posting Date Account DR CRBudgetary Posting Date
Payroll Cash Account Bank Acct. Deduction Total Gross Salary
10 E 530 0100 27 2000 430 0000 0000 4,166.67
10 E 530 0100 27 4220 430 0000 0000 198.14
10 E 530 0100 27 4220 430 0000 0000 4.17
10 E 530 0100 27 4220 430 0000 0000 318.75
10 L 605 0000 00 0000 000 0000 0000 4,687.73
Payroll Accrual Summary Account Sal & Ben Total
Deduction Code Account Code Deduction Total
Benefit Code Account Code Benefit Total
Equity Summary Account Code Sal & Ben Total
Posting Date Account DR CRBudgetary Posting Date
Payroll Cash Account Bank Acct. Deduction Total Gross Salary
Pay Record/Transaction Acct. Distrib. Gross Salary
Derived Benefit Account Code #1 Calculated Amt.
Derived Benefit Account Code #2 Calculated Amt.
Derived Benefit Account Code #3 Calculated Amt.
Payroll Accrual Summary Account Sal & Ben Total
Payroll Accrual Summary Account Sal & Ben Total
Deduction Code Account Code Deduction Total
Benefit Code Account Code Benefit Total
Equity Summary Account Code Sal & Ben Total
Posting Date Account DR CRBudgetary Posting Date
Payroll Cash Account Bank Acct. Deduction Total Gross Salary
10 E 530 0100 27 2000 430 0000 0000 4,166.67
Derived Benefit Account Code #1 Calculated Amt.
Derived Benefit Account Code #2 Calculated Amt.
Derived Benefit Account Code #3 Calculated Amt.
Payroll Accrual Summary Account Sal & Ben Total
Payroll Accrual Summary Account Sal & Ben Total
Deduction Code Account Code Deduction Total
Benefit Code Account Code Benefit Total
Equity Summary Account Code Sal & Ben Total
Posting Date Account DR CRBudgetary Posting Date
Payroll Cash Account Bank Acct. Deduction Total Gross Salary
10 E 530 0100 27 2000 430 0000 0000 4,166.67
10 E 530 0100 27 4220 430 0000 0000 198.14
10 E 530 0100 27 4220 430 0000 0000 4.17
10 E 530 0100 27 4220 430 0000 0000 318.75
Payroll Accrual Summary Account Sal & Ben Total
Payroll Accrual Summary Account Sal & Ben Total
Deduction Code Account Code Deduction Total
Benefit Code Account Code Benefit Total
Equity Summary Account Code Sal & Ben Total
Posting Date Account DR CRBudgetary Posting Date
Payroll Cash Account Bank Acct. Deduction Total Gross Salary
10 E 530 0100 27 2000 430 0000 0000 4,166.67
10 E 530 0100 27 4220 430 0000 0000 198.14
10 E 530 0100 27 4220 430 0000 0000 4.17
10 E 530 0100 27 4220 430 0000 0000 318.75
10 L 605 0000 00 0000 000 0000 0000
Payroll Accrual Summary Account Sal & Ben Total
Deduction Code Account Code Deduction Total
Benefit Code Account Code Benefit Total
Equity Summary Account Code Sal & Ben Total
Posting Date Account DR CRBudgetary Posting Date
Payroll Cash Account Bank Acct. Deduction Total Gross Salary
10 E 530 0100 27 2000 430 0000 0000 4,166.67
10 E 530 0100 27 4220 430 0000 0000 198.14
10 E 530 0100 27 4220 430 0000 0000 4.17
10 E 530 0100 27 4220 430 0000 0000 318.75
10 L 605 0000 00 0000 000 0000 0000 4,687.73
10 L 605 0000 00 0000 000 0000 0000 4,687.73
Deduction Code Account Code Deduction Total
Benefit Code Account Code Benefit Total
Equity Summary Account Code Sal & Ben Total
Posting Date Account DR CRBudgetary Posting Date
Payroll Cash Account Bank Acct. Deduction Total Gross Salary
10 E 530 0100 27 2000 430 0000 0000 4,166.67
10 E 530 0100 27 4220 430 0000 0000 198.14
10 E 530 0100 27 4220 430 0000 0000 4.17
10 E 530 0100 27 4220 430 0000 0000 318.75
10 L 605 0000 00 0000 000 0000 0000 4,687.73
10 L 605 0000 00 0000 000 0000 0000 4,687.73
10 L 610 0000 00 0000 000 0000 0000 521.06
10 L 610 0000 00 0000 000 0000 0000 994.17
Equity Summary Account Code Sal & Ben Total
Posting Date Account DR CRBudgetary Posting Date
10 A 230 2310 00 0000 000 0000 0000 994.17 4,166.67
10 E 530 0100 27 2000 430 0000 0000 4,166.67
10 E 530 0100 27 4220 430 0000 0000 198.14
10 E 530 0100 27 4220 430 0000 0000 4.17
10 E 530 0100 27 4220 430 0000 0000 318.75
10 L 605 0000 00 0000 000 0000 0000 4,687.73
10 L 605 0000 00 0000 000 0000 0000 4,687.73
10 L 610 0000 00 0000 000 0000 0000 521.06
10 L 610 0000 00 0000 000 0000 0000 994.17
Equity Summary Account Code Sal & Ben Total
Posting Date Account DR CRBudgetary Posting Date
10 A 230 2310 00 0000 000 0000 0000 994.17 4,166.67
10 E 530 0100 27 2000 430 0000 0000 4,166.67
10 E 530 0100 27 4220 430 0000 0000 198.14
10 E 530 0100 27 4220 430 0000 0000 4.17
10 E 530 0100 27 4220 430 0000 0000 318.75
10 L 605 0000 00 0000 000 0000 0000 4,687.73
10 L 605 0000 00 0000 000 0000 0000 4,687.73
10 L 610 0000 00 0000 000 0000 0000 521.06
10 L 610 0000 00 0000 000 0000 0000 994.17
10 Q 890 0000 00 0000 430 0000 0000
Posting Date Account DR CRBudgetary Posting Date
10 A 230 2310 00 0000 000 0000 0000 994.17 4,166.67
10 E 530 0100 27 2000 430 0000 0000 4,166.67
10 E 530 0100 27 4220 430 0000 0000 198.14
10 E 530 0100 27 4220 430 0000 0000 4.17
10 E 530 0100 27 4220 430 0000 0000 318.75
10 L 605 0000 00 0000 000 0000 0000 4,687.73
10 L 605 0000 00 0000 000 0000 0000 4,687.73
10 L 610 0000 00 0000 000 0000 0000 521.06
10 L 610 0000 00 0000 000 0000 0000 994.17
10 Q 890 0000 00 0000 430 0000 0000 4,687.73
Posting Date Account DR CR01/31/2013 10 A 230 2310 00 0000 000 0000 0000 994.17 4,166.67
10 E 530 0100 27 2000 430 0000 0000 4,166.67
10 E 530 0100 27 4220 430 0000 0000 198.14
10 E 530 0100 27 4220 430 0000 0000 4.17
10 E 530 0100 27 4220 430 0000 0000 318.75
10 L 605 0000 00 0000 000 0000 0000 4,687.73
10 L 605 0000 00 0000 000 0000 0000 4,687.73
10 L 610 0000 00 0000 000 0000 0000 521.06
10 L 610 0000 00 0000 000 0000 0000 994.17
10 Q 890 0000 00 0000 430 0000 0000 4,687.73
Accounting in WESPaCPayroll – Scenario #1
75
WSIPC
Accounting in WESPaCPayroll – Scenario #1
76
WSIPC
10 A 230 2310 **(Bank Cash Acct)
4,1671
10 L 605 **(Payroll Accrual)
10 L 610 **(Ded/Ben Accrual)
10 Q 890 **(Equity Sum. Acct.)
10 E 530 **(Dist. Account)
During Payroll Update1. Post Payroll
Expenses & Related Accrual
2. Alleviate Payroll Accrual, Reduce Cash for Direct Deposit Issuance, & Accrue Payables (Ded/Ben)
After Payroll Update 3. Batch Update
Payroll-generated AP Invoices (Wire- Check Type)
198141
3191
4,6881 4,6881
52129942
4,68824,1672
9942
10 A 240 **(AP Bank Cash Acct)
15153
15153
Accounting in WESPaCPayroll – Scenario #1
77
WSIPC
Scenario #2: Direct Deposit Invoice Created (e.g., CT requires warrant to transfers payroll funds to settlement account) Same example/parameters as Scenario #1 Additional Accounting when Warrant is required
AP Invoice is created to produce a payment that is deposited in the payroll settlement bank account to fund the direct deposits issued
Accounting in WESPaCPayroll – Scenario #2
78
WSIPC
Requires the following System Admin Options: Selecting a Direct Deposit Accrual Summary Acct (SA\FM\
FM\Payroll\Direct Deposit) Selecting the Create Direct Deposit Invoices option (SA\FM\
FM\Payroll\Direct Deposit)
Accounting in WESPaCPayroll – Scenario #2
79
WSIPC
Requires the following System Admin Options: Selecting a Generate Invoice for Direct Deposit Amounts
(SA\FM\FM\Payroll\ACH)
Accounting in WESPaCPayroll – Scenario #2
80
WSIPC
Posting Date Account DR CR
Budgetary Posting Date
Payroll Cash Account Bank Acct. Deduction Total Gross Salary
Pay Record/Transaction Acct. Distrib. Gross Salary
Derived Benefit Account Code #1 Calculated Amt.
Derived Benefit Account Code #2 Calculated Amt.
Derived Benefit Account Code #3 Calculated Amt.
Payroll Accrual Summary Account Sal & Ben Total
Payroll Accrual Summary Account Sal & Ben Total
Deduction Code Account Code Deduction Total
Benefit Code Account Code Benefit Total
Equity Summary Account Code Sal & Ben Total
Posting Date Account DR CR
Budgetary Posting Date
Payroll Cash Account Bank Acct. Deduction Total Gross Salary
Pay Record/Transaction Acct. Distrib. Gross Salary
Derived Benefit Account Code #1 Calculated Amt.
Derived Benefit Account Code #2 Calculated Amt.
Derived Benefit Account Code #3 Calculated Amt.
Payroll Accrual Summary Account Sal & Ben Total
Payroll Accrual Summary Account Sal & Ben Total
Deduction Code Account Code Deduction Total
Benefit Code Account Code Benefit Total
Equity Summary Account Code Sal & Ben Total
Payroll Cash Account Bank Acct.Direct Deposit Accrual Sum. Acct.
Posting Date Account DR CR
Budgetary Posting Date
Payroll Cash Account Bank Acct. Deduction Total Gross Salary
Pay Record/Transaction Acct. Distrib. Gross Salary
Derived Benefit Account Code #1 Calculated Amt.
Derived Benefit Account Code #2 Calculated Amt.
Derived Benefit Account Code #3 Calculated Amt.
Payroll Accrual Summary Account Sal & Ben Total
Payroll Accrual Summary Account Sal & Ben Total
Deduction Code Account Code Deduction Total
Benefit Code Account Code Benefit Total
Equity Summary Account Code Sal & Ben Total
Payroll Cash Account Bank Acct.Direct Deposit Accrual Sum. Acct.
Posting Date Account DR CR
Budgetary Posting Date
Payroll Cash Account Bank Acct. Deduction Total Gross Salary
Pay Record/Transaction Acct. Distrib. Gross Salary
Derived Benefit Account Code #1 Calculated Amt.
Derived Benefit Account Code #2 Calculated Amt.
Derived Benefit Account Code #3 Calculated Amt.
Payroll Accrual Summary Account Sal & Ben Total
Payroll Accrual Summary Account Sal & Ben Total
Deduction Code Account Code Deduction Total
Benefit Code Account Code Benefit Total
Equity Summary Account Code Sal & Ben Total
Payroll Cash Account Bank Acct. Net Direct Dep.
Direct Deposit Accrual Sum. Acct. Net Direct Dep.
Posting Date Account DR CR
12/28/2010 10 A 230 2310 00 0000 000 0000 0000 994.17 4,166.67
10 E 530 0100 27 2000 430 0000 0000 4,166.67
10 E 530 0100 27 4220 430 0000 0000 198.14
10 E 530 0100 27 4220 430 0000 0000 4.17
10 E 530 0100 27 4220 430 0000 0000 318.75
10 L 605 0000 00 0000 000 0000 0000 4,687.73
10 L 605 0000 00 0000 000 0000 0000 4,687.73
10 L 610 0000 00 0000 000 0000 0000 521.06
10 L 610 0000 00 0000 000 0000 0000 994.17
10 Q 890 0000 00 0000 430 0000 0000 4,687.73
10 A 230 2310 00 0000 000 0000 0000 3172.50
Direct Deposit Accrual Sum. Acct. Net Direct Dep.
Posting Date Account DR CR
12/28/2010 10 A 230 2310 00 0000 000 0000 0000 994.17 4,166.67
10 E 530 0100 27 2000 430 0000 0000 4,166.67
10 E 530 0100 27 4220 430 0000 0000 198.14
10 E 530 0100 27 4220 430 0000 0000 4.17
10 E 530 0100 27 4220 430 0000 0000 318.75
10 L 605 0000 00 0000 000 0000 0000 4,687.73
10 L 605 0000 00 0000 000 0000 0000 4,687.73
10 L 610 0000 00 0000 000 0000 0000 521.06
10 L 610 0000 00 0000 000 0000 0000 994.17
10 Q 890 0000 00 0000 430 0000 0000 4,687.73
Payroll Cash Account Bank Net Direct Dep.
Direct Deposit Accrual Sum. Acct. Net Direct Dep.
Posting Date Account DR CR
01/13/2013 10 A 230 2310 00 0000 000 0000 0000 994.17 4,166.67
10 E 530 0100 27 2000 430 0000 0000 4,166.67
10 E 530 0100 27 4220 430 0000 0000 198.14
10 E 530 0100 27 4220 430 0000 0000 4.17
10 E 530 0100 27 4220 430 0000 0000 318.75
10 L 605 0000 00 0000 000 0000 0000 4,687.73
10 L 605 0000 00 0000 000 0000 0000 4,687.73
10 L 610 0000 00 0000 000 0000 0000 521.06
10 L 610 0000 00 0000 000 0000 0000 994.17
10 Q 890 0000 00 0000 430 0000 0000 4,687.73
10 A 230 2310 00 0000 000 0000 0000 3,172.50
10 L 605 6510 00 0000 000 0000 0000 3,172.50
Accounting in WESPaCPayroll – Scenario #2
81
WSIPC
10 A 230 2310 **(Bank Cash Acct)
4,1671
10 L 605 **(Payroll Accrual)
10 L 610 **(Ded/Ben Accrual)
10 Q 890 **(Equity Sum. Acct.)
10 E 530 **(Dist. Account)
During Payroll Update1. Post Payroll
Expenses & Related Accrual.
2. Alleviate Payroll Accrual, Reduce Cash for Direct Deposit Issuance, & Accrue Payables (Ded/Ben).
3. Accrue Direct Deposit Invoice and reclaim cash for reduction with Invoice.
198141
3191
4,6881
4,6881
52129942
4,68824,1672
9942
10 L 605 6510 **(Dir Dep Accrual)
31733
31733
Accounting in WESPaCPayroll – Scenario #2
82
WSIPC
10 A 230 2310 **(Bank Cash Acct)
10 L 605 **(Payroll Accrual)
10 L 610 **(Ded/Ben Accrual)
10 L 601 **(AP Accrual)
After Payroll Update4. Batch Update
Payroll-generated AP invoices (Wire Check Type) to pay Ded/Ben vendors.
5. Batch Update AP Invoice (Regular Check Type) for Direct Deposit Settlement.
4,6881 52129942
4,68824,1672
9942
10 L 605 6510 **(Dir Dep Accrual)
31733
31733
15154
1515431735
31735
10 A 240**(AP Bank Cash Acct)
Accounting in WESPaCPayroll – Scenario #2
83
WSIPC
Factors Influencing Accounting Distribution Line
Determines Account Codes for explicit postingAmount Signage contributes to determining debit or credit
Accrual – Determines AR Accrual account and offset to distribution
Status – Contributes to determining debit or credit Bank Cash Account – Identifies the Cash account code to
record payment posting
Accounting in WESPaCAccounts Receivable
84
WSIPC
Factors Influencing Accounting Deferred Revenue check box
Determines if posting to the distribution account codes is deferred until payment is posted
Substitute the designated Deferred Revenue Accrual account during Batch Updating
Posting Dates – Invoice and Payment Determine timing of accounting
Accounting in WESPaCAccounts Receivable
85
WSIPC
Scenario #1:Deferred Revenue Accrual: ** A 340 Deferred Revenue is selected Deferred Revenue Accrual: ** L 750 Bank Cash Account: ** A 230 Invoice Detail Line Total: 10 R 960 0000 27 2710 000 0000 0000 Distribution Total: $200.00
Accounting in WESPaCAccounts Receivable – Scenario #1
86
WSIPC
Accounts Receivable – Scenario #1
87
WSIPC
1. Post AR Invoice, deferring revenue.2. Update Payment.
10 A 230 **(Bank Cash Acct)
10 A 340**(Accrual)
10 L 750 **(Deferred Revenue)
10 Q 890 **(Equity Sum Acct)
10 R 960**(Detail Line)
200 1200 1200 2
200 2
200 2200 2
200 2
Accounting in WESPaCAccounts Receivable – Scenario #1
88
WSIPC
Scenario #2: Unapplied Payments Payment is made in advance of $250.00
Accounting in WESPaCAccounts Receivable – Scenario #2
89
WSIPC
Identify Unapplied Accrual Account and Bank Cash Account in System Admin options
Accounting in WESPaCAccounts Receivable – Scenario #2
90
WSIPC
1. Post Unapplied Cash deposit.
10 A 230 **(Bank Cash Acct)
10 L 740 **(Unapp Accrual Acct)
2501250 1
Accounting in WESPaCAccounts Receivable – Scenario #2
91
WSIPC
Applying Unapplied Payment to an Invoice Invoice
Accrual: ** A 340 Deferred Revenue Accrual: N/A Bank Cash Account: ** A 230 Invoice Detail Line Total: 40 R 960 1001 00 0000 100 0000 0000 Distribution Total: $250.00
Accounting in WESPaCAccounts Receivable – Scenario #2
92
WSIPC
1. Post Unapplied payment.2. Post Invoice.3. Apply payment to invoice and
Update.
10 A 230 **(Bank Cash Acct)
10 L 740 **(Unapp Accrual Acct)
2501250 1
40 A 230 **(Bank Cash Acct)
40 A 340**(Accrual Acct)
2502
40 R 960 **(Detail Line Acct)
40 Q 819 **(Accrual Acct)
2502 250 2
2503 2503
25032503
Accounting in WESPaCAccounts Receivable – Scenario #2
93
WSIPC
Questions?
What are your questions?
94
WSIPCWashington School Information Processing Cooperative
Thank You!
Sean Schaeffer, [email protected]
95