Applying Debits to Credits - 20b

Purpose: Learn to apply debits to credits using ctcLink.

Audience: Accounts Receivable staff.

In ctcLink Receivables, maintenance items can be credit or debit memos, invoices, adjustments, on-account payments, or prepayments. Maintenance features of Receivables enable you to offset debits and credits.

Consider this scenario: Your company erroneously issued a credit memo earlier in the year. When the error was discovered, a debit memo was created to offset the credit memo.

In this topic, you will apply these memo items to each other, create accounting entries, and set them to post.

Applying Debits to Credits

Navigation:  Accounts Receivable > Receivables Maintenance > Maintenance Worksheet > Create Worksheet

You are now on the Create Worksheet search page.

  1. Select the Add a New Value tab.
  2. Select the Worksheet Business Unit field and enter the desired information.
  3. Select the Add button.

Use the Worksheet Selection page to specify customer and item information that should appear on the worksheet. You can specify:

  • a customer criterion,
  • a reference criterion,
  • or a combination of customer and reference criteria.

You can select a range of item IDs and a single customer ID as your search criterion. You can also select all items for a customer without narrowing your search to the selected item IDs.

ctcLink uses criteria information to retrieve all items matching the selection criteria when the worksheet is built.

Use the Customer Criteria list to select the type of customer that you want to include in the worksheet. 

  1. Select the Customer ID field and enter the desired information.
  2. Select the Build button. (You may have to scroll down the page to see it).

Use the Worksheet Application page to match or settle open items.

The sum of all credits and debits must be zero for the worksheet to balance.

You are applying a debit memo to an erroneously issue credit memo. You will need to review the Item List section under Detail 1 tab to make the appropriate selections.

  1. Select the Sel option checkbox next to applicable option 1.
  2. Select the Sel option checkbox next to applicable option 2.
  3. Select the Save button.
  4. Select the Worksheet Action link.

Use the Worksheet Action page to select a posting action for the worksheet or to create and review accounting entries. This page enables you to delete a worksheet, create accounting entries online for the worksheet, or delete accounting entries.

  1. Select the Create/Review Entries button.

INSERT SCREENSHOT OF ACCOUNT THAT CONTAINS USABLE DATA.

Use the Accounting Entries page to create accounting entries for one pending item at a time.

Review Accounting Entries for correctness.  Scroll to the end of the line to select the a Speed Type for the line with the zeros in the account field.

Next, navigate to the Worksheet Action page to post the worksheet.

  1. Select the Maintenance Worksheet menu at the top of the screen.
  2. Select the Finalize Worksheet menu.
  3. Select the Worksheet Business Unit field and enter the desired information. 
  4. Select the Worksheet ID field and enter the desired information.
  5. Select the Search button.
Finalize Worksheet Search Page

Use the Worksheet Action page to:

  • delete a worksheet or a maintenance group
  • and to select the posting option for credit and debits.

Use the Action field to select a posting action. Select the Post Now option to run the Receivable Update process immediately.

  1. Select the Action list and choose the Post Now list item.
  2. Select the OK button.
  3. Select the Save button.

INSERT SCREENSHOT OF ACCOUNT THAT CONTAINS USABLE DATA.

You have successfully applied debit entries to credit entries.

End of Procedure.

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