Statements

Overview

A Statement is defined as a list of invoices, payments, and credits that occur up to a selected date. Use Statements to create billing statements, generate finance charges, list payments and credits, and provide an updated account balance. A statement will be created if a customer carries a previous balance or has account activity throughout the statement period.

Interact must be registered to utilize the Statement features.

Set up

To generate statements, select Accounting | Statements. The Statement screen is used to set parameters needed to generate a statement.

The Statement window appears.

Settings

Every time statements are generated in Interact the parameters used to generate the statements are stored within the database. A list of previous parameters will appear in the drop-down list.

The parameter name will always use the current day and time. Use the Name field to further identify the parameter. Any text entered in the Name field will be prepended to the current day and time.

To generate a new set of statements, select (new) from the drop-down list.

Conditions

Use this section to select a statement to date and Grace period for payments.

To Date

The date entered in the To field will be used as a cutoff date for invoices, payments, and credits. 

Grace Period

Payments can be granted a Grace Period. A grace period is the period of time a company may give their customers to pay the previous month's bill based on the current statement date. The Grace Period applies only the payments. Payments made within the grace period will appear on the statement. To increase or decrease the number of days granted for the grace period, use the + and - symbols.

In the above example, payments entered up to four (4) days after September 30 will appear on the statement.

Options

Apply Finance Charge

To apply finance charges, place a check in the Apply Finance Charge box.

A default monthly finance charge can be set up under Setup | Configure | Standard Terms

Custom terms specific to an account can be setup under Maintain | Accounts | Terms

Print Balance or Credit on or Over

By default, a statement for accounts with a zero balance will not be printed. If statements should be printed for accounts with a zero balance, place a check in the box next to the Print Zero Balance Statements. Enter a whole dollar amount to prevent statements with a balance less than the dollar amount entered from printing.

For example, enter $1 to suppress printing statements with a total of $1 or less.

Sort Order

Use this section to select how the statements will be sorted.

Sort By

Statements can be sorted by Account Code or Account Description.

Format

Two statement formats are available for printing; Balance Forward and Open Item

Balance Forward

This type of statement starts with the account's previous balance (from the last statement) followed by lists of new invoices and receipts.

Open Item

This type of statement lists all unpaid invoices along with receipts applied to them. Unpaid balances are aged.

Statement Note

A Statement Note can be used to print a message on every statement. Enter up to a 100-character message.

Accounts

Use the Accounts area to select accounts to be processed. Statements will be generated for any selected account with transactions during the selected date range. If the account does not carry a balance, a statement will not be generated.

Account group

Account groups are optional.

Account Groups are used to help organize customers into different account processing groups. For example, an organization may not generate statements for all of their customers. In this case two Statement Groups; Monthly and None, could be created. Accounts can be assigned to their specific group. During statement processing when the Monthly group is selected, only the accounts assigned to the Monthly group will be selected.

To create a list of statement groups, select Setup | Configure – Account Groups.

To assign an account to a specific statement group, select Maintain | Accounts. Select an account, click the Terms tab and select the statement group from the available drop-down list.

Click the  Select All button to override the account group and select all accounts. Use the  Clear Selection button to clear all account selections. Click the  Reset to Group button to reset the selection to the accounts in the selected account group.

Use the Ctrl key on the keyboard plus mouse clicks to select a group of accounts that are not grouped together. Use the Shift key on the keyboard plus mouse clicks to select a group of accounts that are grouped together.

Statements will only be generated for the selected accounts.

Create Statements

Click the  Create Statements button to generate and preview statements before posting.

A Trail Draft of the statements will appear. Review the Trial Draft of the statements. As long as the Trail Draft of the statement has not been posted, corrections can be made and another Trial Draft of the statements created.

To return to the statement window, click the  arrow to the left of the Statements tab.

Post Statements

Statements can be posted once the Trail Draft of the statement is correct. Statement numbers are assigned only when statements are posted.

Click the  Post Statements button. The following message will appear.

To view and print the statements click the Yes button. Click the  print button to print the statements.

To skip this process, click No.

View / Reprint Statements

To view or reprint statements, click the  View / Reprint statements button. The following window will appear.

Select by Statement Run

The Select by Statement Run option offers a drop-down list of previous parameters used to generate statement. To reprint statements from a previous parameter, select the parameter from the drop-down list and click the  View Selected statements button.

Select by statement number

To reprint a single statement or range of statements, chose the Select by Statement Number option. Enter the beginning statement number and ending statement number in the From and To fields.  click the  View Selected Statements button.

Select by Date

To reprint a group of statements with the same Statement Date, chose the Select by Date option and click the  View Selected Statement button.

Place a check in the box next to the Print Zero Balance Statements. Enter a whole dollar amount to prevent statements with a balance less than the dollar amount entered from printing.

To return to the Statement window, click the  Return to Create / Post Statements button.