AR Transaction Types
Every transaction in Accounts Receivable must have a transaction type.
Transaction types are used to determine what type of information is required and how the transaction will be processed. They are either assigned manually or internally, depending on which program you are using. The transaction types used in AR are as follows:
Transaction Type | Program | Assigned | |
|---|---|---|---|
|
Adjustments |
This type of transaction is used to adjust existing invoices (such as the invoice amount, retainage, or tax information) without affecting the original transaction lines. An adjustment entry must be applied to a previous transaction. You can adjust lines that exist on the original invoice, or you can add new lines to the invoice. An adjustment amount may be either positive or negative; positive amounts will be added to the invoice (debited to AR) and negative amounts will reduce the invoice amount (credited to AR). If adjustment entries are posted to contracts, they will update Job Cost. | AR Invoice Entry | Manually |
|
Credit Memos |
This transaction type is used when you need to credit all or part of an invoice or finance/service charge. Credits must be applied by line item, and the line items entered must be line items that exist on the original invoice to which the credit memo is being applied. You do not need to credit the entire amount of any selected line item, nor do you have to credit every line item that exists on the original invoice. Credit amounts for tax, retainage, and discounts, if applicable, will be calculated on the credit amount of each line item selected. Calculated amounts may be overridden, if desired and all credited amounts will be updated to Job Cost. | AR Invoice Entry | Manually |
|
Finance/Service Charges | AR Finance Charge | Internally | |
|
Invoices |
This type of transaction is used to record
billing/invoice amounts posted to customers. For each invoice
line entered, you can specify discount, tax, and retainage
amounts, depending on the setup options selected in the AR
Company Parameters, AR Customers, and JC Contracts forms.
Note: Invoices interfaced from Job Billing
(JB), Material Sales (MS), or Service Management (SM) will
automatically be entered with an Invoice transaction type.
These invoices cannot be edited in this program; they must
be edited from the modules in which they were
created. | AR Invoice Entry | Manually |
|
Miscellaneous Cash Receipts | AR Cash Receipts | Manually | |
|
Payments | AR Cash Receipts | Manually | |
|
Released Retainage | AR/JB Release Retainage | Internally | |
|
Reversed Released Retainage | JB Release Retainage | Internally | |
|
Write-Offs |
Write Off – This type of transaction is used to write off all or
part of an invoice, and is similar to the Credit Memo in that
each line item entered in a write-off transaction must exist on
the original invoice. The differences are that write-offs are
not updated to Job Cost, and write-offs debit a write-off
account rather than the original revenue account. Write-off
amounts for tax, retainage, finance charges, and discounts, if
applicable, are calculated on the write-off amount of each line
item (full or partial). Cost adjustments are not updated to Job
Cost.
Note: Write-off transactions can be
entered manually in AR Invoice Entry or automatically in AR
Automatic Write-off. | AR Invoice Entry | Manually |
The input required for each of these transaction types varies. It is determined not only by the transaction type, but by the different setup options specified for each AR company in AR Company Parameters, as well as the individual setup options for each customer in AR Customers, and the setup options for each contract, if applicable, in JC Contracts.
