Accounting in WESPaC *Slideshow Contains Animation Quality degrades when viewing a static copy WSIPC AP, Payroll, & AR Sean Schaeffer WSIPC 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? WSIPC Accounting in WESPaC Agenda ■ Perpetually Closing System  AP Factors and Scenarios  Payroll Factors and Scenarios  AR Factors and Scenarios WSIPC Accounting in WESPaC Perpetually 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 WSIPC Accounting in WESPaC Perpetually Closing System Link used during Accounting Update WSIPC General – Equity Summary Posting Report shows Equity Summary Relationship WSIPC Accounting in WESPaC Accounts 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 WSIPC Accounting in WESPaC Accounts 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 WSIPC Accounting in WESPaC Accounts Payable Invoice Account Distribution WSIPC Accounting in WESPaC Accounts 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 WSIPC 10 Accounting in WESPaC Payroll – Scenario #2 Posting Posting Date Date Date 12/28/2010 Budgetary Budgetary 01/13/2013 Posting Posting Date Date Account DR DR CR Account DR CR Deduction DeductionTotal Total 994.17 4,166.67 10 A 2310 00 0000 0000 0000 Payroll Payroll Cash Account Bank Bank Acct Acct 994.17 Gross Salary 4,166.67 10 A 230 230Cash 2310Account 00 0000 000 000 0000 0000 4,166.67 GrossSalary Salary Pay Acct Distrib 10 ERecord/Transaction 530 0100 27 2000 430 0000 0000 4,166.67 Pay Record/Transaction Acct Distrib Gross 10 27 430 Derived Benefit Account Code0000 #1 10 EE 530 530 0100 0100 27 4220 4220 430 0000 0000 0000 Derived Benefit Account Code #1 10 E 530 0100 27 4220 430 0000 Derived Benefit Account Code0000 #2 Derived Benefit Account Code #2 10 27 430 Derived Benefit Account Code0000 #3 10 EE 530 530 0100 0100 27 4220 4220 430 0000 0000 0000 Derived Benefit Account Code #3 10 L 605Accrual 0000 00 Summary 0000 000 0000 0000 Payroll Account Payroll Accrual Summary Account 10 0000 0000 0000 Payroll Account 10 LL 605 605Accrual 0000 00 00 Summary 0000 000 000 0000 0000 0000 Payroll Accrual Summary Account 10 00 000 Deduction Code Account Code0000 10 LL 610 610 0000 0000 00 0000 0000 000 0000 0000 0000 Calculated Amt 198.14 198.14 Calculated Amt 4.17 Calculated Amt 4.17 Calculated Amt Calculated Amt 318.75 318.75 Calculated Amt Sal & Ben4,687.73 Total 4,687.73 Sal & Ben Total Deduction Code Account Code 10 0000 0000 Benefit Code00 Account Code 10 LL 610 610 0000 0000 00 0000 000 000 0000 0000 0000 Benefit Code Account Code 10 0000 430 Equity Summary Account Code0000 10 Q Q 890 890 0000 00 00 0000 0000 430 0000 0000 0000 Equity Summary Account Code WSIPC 10 2310 00 000 0000 0000 Payroll Cash Account Payroll Cash Account Bank Acct 10 A A 230 230 2310 00 0000 0000Bank 000 0000 0000 Direct Sum Acct DirectDeposit DepositAccrual Accrual Sum Acct Sal & Ben4,687.73 Total 4,687.73 Sal & Ben Total 3172.50 Net Direct3,172.50 Dep 81 Sal & Ben4,687.73 Total 4,687.73 Sal & Ben Total 521.06 Deduction Total 521.06 Deduction Total 994.17 Benefit Total 994.17 Benefit Total Net Direct3,172.50 Dep Accounting in WESPaC Payroll – Scenario #2 10 A 230 2310 ** 10 L 605 ** 10 L 610 ** During Payroll (Bank Cash Acct)(Payroll Accrual) (Ded/Ben Accrual)Update Post Payroll 4,1672 4,6881 5212 Expenses & 4,6882 9942 Related Accrual 9942 Alleviate Payroll 31733 Accrual, Reduce Cash for Direct Deposit Issuance, & 10 Q 890 ** 10 E 530 ** 10 L 605 6510 ** Accrue Payables (Equity Sum (Dist Account) (Dir Dep Accrual) (Ded/Ben) Direct Acct.) 4,6881 4,1671 31733 Accrue Deposit Invoice 198 and reclaim cash 141 for reduction with 319 Invoice WSIPC 82 Accounting in WESPaC Payroll – Scenario #2 10 A 230 2310 ** 10 L 605 ** 10 L 610 ** After Payroll Update (Bank Cash Acct) (Payroll Accrual) (Ded/Ben Accrual)4 Batch Update Payroll4,1672 4,6881 5212 generated AP 4,6882 9942 invoices (Wire 9942 15154 Check Type) to 31733 pay Ded/Ben vendors Batch Update AP Invoice (Regular 10 A 240** 10 L 601 ** 10 L 605 6510 ** Check Type) for (AP Bank Cash (AP Accrual) (Dir Dep Accrual) Direct Deposit Settlement Acct) 15154 WSIPC 31735 31735 31733 83 Accounting in WESPaC Accounts Receivable  Factors Influencing Accounting  Distribution Line Determines Account Codes for explicit posting Amount 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 WSIPC 84 Accounting in WESPaC Accounts Receivable  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 WSIPC 85 Accounting in WESPaC Accounts Receivable – Scenario #1  Scenario #1:Deferred Revenue       WSIPC 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 86 Accounts Receivable – Scenario #1 WSIPC 87 Accounting in WESPaC Accounts Receivable – Scenario #1 10 A 230 ** 10 A 340** 10 Q 890 ** 10 L 750 ** (Bank Cash Acct) (Accrual) (Deferred Revenue) (Equity Sum Acct) 200 200 200 200 200 200 2 WSIPC 10 R 960** (Detail Line) 200 Post AR Invoice, deferring revenue Update Payment 88 Accounting in WESPaC Accounts Receivable – Scenario #2  Scenario #2: Unapplied Payments  Payment is made in advance of $250.00 WSIPC 89 Accounting in WESPaC Accounts Receivable – Scenario #2  Identify Unapplied Accrual Account and Bank Cash Account in System Admin options WSIPC 90 Accounting in WESPaC Accounts Receivable – Scenario #2 10 A 230 ** 10 L 740 ** (Unapp Accrual Acct) (Bank Cash Acct) 2501 250 WSIPC Post Unapplied Cash deposit 91 Accounting in WESPaC Accounts Receivable – Scenario #2  Applying Unapplied Payment to an Invoice  Invoice      WSIPC 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 92 Accounting in WESPaC Accounts Receivable – Scenario #2 10 A 230 ** 10 L 740 ** Acct)2 (Bank Cash Acct) (Unapp Accrual 2501 250 2503 2503 Post Unapplied payment Post Invoice Apply payment to invoice and Update 40 A 230 ** 40 R 960 ** 40 A 340** 40 Q 819 ** (Bank Cash Acct) (Accrual Acct) (Accrual Acct) (Detail Line Acct) 2502 2502 2503 250 2503 WSIPC 93 Questions?  What are your questions? WSIPC 94 Thank You! Sean Schaeffer, WSIPC sschaeffer@wsipc.org WSIPC Washington School Information Processing Cooperative 95 [...]... Posting Dates Select during Accounting Update (Batch Update) Select while creating Check Register WSIPC 18 Accounting in WESPaC Accounts 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 WSIPC 19 Accounting in WESPaC Accounts Payable –... Transfer No Invoice Batch Update Pos Amt - Dr Neg Amt - Cr Pos Amt - Cr Neg Amt - Dr Void No Invoice Batch Update Pos Amt - Cr Neg Amt - Dr Pos Amt - Dr Neg Amt - Cr 16 Accounting in WESPaC Accounts Payable  Posting Dates  Determines timing of accounting  Impacts the Month and Fiscal Year that the invoice and payment post to YTD reports WSIPC 17 Accounting in WESPaC Accounts Payable  Posting Dates... 20 Accounting in WESPaC Accounts Payable – Scenario #1 Invoice Accounting Update (Batch Update) Accrual Equity Summary Acct Account WSIPC 21 Accounting in WESPaC Accounts Payable – Scenario #1 Invoice Accounting Update (Batch Update) Posting Date Posting Date Account Account Account Account Account DR DR DR DR DR Positive Positive Positive Dist Dist Dist.Total TotalTotal Dist Total Accrual Posting... Equity Summary Acct Account WSIPC CR CR CR CR 22 Accounting in WESPaC Accounts 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 WSIPC 23 Accounting in WESPaC Accounts Payable – Scenario #1 Invoice Accounting Update (Batch Update) Posting Date 01/31/2013 01/31/2013 Account 27 5000.. .Accounting in WESPaC Accounts 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 WSIPC 11 Accounting in WESPaC. .. “**” replaced with Distribution Account codes’ fund to determine actual account code WSIPC 14 Accounting in WESPaC Accounts Payable Bank Cash Account WSIPC 15 Accounting in WESPaC Accounts Payable Inter actio n and Impa ct by Chec k Type WSIPC Distribution Accounting Check Type Accrues? Cash Account Timing Batch Status Reversal Status Regular, Single, Pay, and ACH Yes Check Register Update Pos Amt - Dr... ** A 200 WSIPC 32 Accounting in WESPaC Accounts Payable – Scenario #2 WSIPC 33 Accounting in WESPaC Accounts Payable – Scenario #2 10 L 601 ** 10 Q 890 ** 10 A 200 ** (Bank Cash Acct) (Accrual Summary) (Equity Sum Acct) 1,540 1 1 Post Manual Check Type Invoice (positive amount) 1,540 1 10 E 530 ** (Dist Account) 1,540 1 2 Run Invoice through Check Register WSIPC 34 Accounting in WESPaC Accounts Payable... Check Register Update Accrual Bank Cash Acct WSIPC 26 Accounting in WESPaC Accounts Payable – Scenario #1  Check Register Update Posting Posting Date Date Posting Date Account Account Accrual Accrual Accrual DR Offset Original Posted Amount Bank BankCash CashAcct Acct Offset Amount to Accrual Bank Cash Acct Posting Date WSIPC CR 27 Accounting in WESPaC Accounts Payable – Scenario #1 Check Register... 0000 0000 WSIPC 1,540 24 Accounting in WESPaC Accounts Payable – Scenario #1 Invoice Accounting Update (Batch Update) Posting Date 01/31/2013 Account 10 E 530 0100 32 5000 430 0000 0000 DR 1,540 10 L 601 0000 00 0000 000 0000 0000 10 Q 890 0000 00 0000 430 0000 0000 View Update History (Financial Management\Account Management\AM\Setup\AU\VU) WSIPC CR 1,540 1,540 25 Accounting in WESPaC Accounts Payable... account in the COA, then it posts to default AP Accrual code’s account Otherwise, the Update errors WSIPC 12 Accounting in WESPaC Accounts Payable Accrual WSIPC 13 Accounting in WESPaC Accounts 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 ... Mining reports WSIPC Accounting in WESPaC Perpetually Closing System Link used during Accounting Update WSIPC General – Equity Summary Posting Report shows Equity Summary Relationship WSIPC Accounting. .. Select during Accounting Update (Batch Update) Select while creating Check Register WSIPC 18 Accounting in WESPaC Accounts Payable  Several factors influence the accounting in AP  Invoice Distribution... Accounting in WESPaC Accounts Payable – Scenario #1 Invoice Accounting Update (Batch Update) Accrual Equity Summary Acct Account WSIPC 21 Accounting in WESPaC Accounts Payable – Scenario #1 Invoice