Accounting Options

Accounting

Use the Accounting setup page to 

The Accounting page provides miscellaneous features and options related to the accounting module. To view the window, select Setup | Configure - Accounting. A window similar to the following will appear

Payments

Assign a Material to a Receipt for Reporting Purposes

When active the Material drop-down list will appear when entering a payment. 

When used the Payments/Credit report can be grouped by Material Code or Material Description.

Distribute to Finance Charges First

When checked, payments will be distributed to finance charges first.

Automatically Distribute Payments

When checked any undistributed payments will be applied to any available unpaid invoice when statements are posted. Undistributed payments will be applied oldest to newest invoices and finance charges.

Debit Material

A separate material is used when reversing transactions. Select a material from the available drop-down list. To add a new material select Maintain | Material.

Finance Charges

Use the following options to determine how Finance Charges will be calculated.

Finance Charge Method

• Overdue Amount - Total of all past due invoices times the finance charge rate.
• Overdue Amount x Days Overdue - Finance charge is calculated on each individual past due invoice. The amount due is multiplied by the number of days overdue and the daily finance charge rate.
• Include past finance charge - If checked, unpaid finance charges are subject to finance charge.

Addresses

Bill-To Address

Use the drop-down list to select one of the three customer address fields to be used on the invoice and statement as the Bill-To Address.

Ship-To Address

Use the drop-down list to select one of the three customer address fields to be used on the invoice and statement as the Ship-To Address. 

Job Addresses

To replace the account Bill-To or Ship-To addresses on printed tickets, invoices, or statements, uncheck the Use Invoice Bill-To Address or the Use Invoice Ship-To Address box in the Job Table.

Enter the address to be printed and click the Save Changes button.

Invoice / Statement Methods

The Pro version of Interact will generate invoices and allow the customer to maintain account balances through statement processing, receiving payments, and make adjustments with credit memos. Additional features of the Pro version include generating finance charges and calculating discounts if an invoice is paid early.

The Pro version of Interact will allow a customer to choose whether they would like to generate invoices and statements or use a version that combines invoice and statement processing. 

Generate Separate Invoices and Statements

Use the Generate Separate Invoices and Statements option to process Invoices and Statements separately. 

An invoice is defined as a list of unpaid tickets that occur within a specified date range. An invoice will be created if a customer has any account activity for the selected date range. An Invoice will list transactions, calculate total due, and mark transactions.

A statement is a list of unpaid invoices, payments, and credits the have occurred up to the select statement date. Use Statements to create billing statements, apply finance charges, and update account balances. A statement will be created if a customer carries a previous balance or has account activity throughout the statement period.

List Tickets on Statements

The List Ticket on Statements option (also known as (Balance Forward (List Tickets)) combines an invoice with a statement. This option will function like an invoice by listing each transaction ticket on the statement while automatically generating an invoice. It will also include all Balance Forward statement functionality such as listing the previous balance, receipts/payments, and credits. When the statement is posted, Interact will automatically post the invoice in the background.