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Item | Details | Usual Type |
---|---|---|
Receipts | Normally a debit. Use as your "cash" account. There is currently no accommodation for the journal entry to flow to multiple bank accounts, even if you have set up multiple banks in Practice CS. You must pick a single GL account for the journal entry and then make an adjusting entry in Accounting CS to transfer funds between accounts. | Asset |
Accounts Receivable | A/R is normally a debit entry, but will change from debit to credit from month to month as the amounts flowing into this category net to reduce the accumulated A/R. | Asset |
Credit Memo | Normally a debit entry as it is the offset for the reduction in A/R. | Expense |
Debit Memo | Normally a credit entry as it is the offset for the addition to A/R. | Revenue |
Write Offs | Normally a credit entry as it is the offset for the addition to A/R. | Expense |
Service Charge | Normally a credit entry. | Revenue |
Revenue | Credit entry to your revenue/sales account. | Revenue |
Sales / Service / Tax | Credit entry to sales tax payable account. | Liability |
Process Billings | Entry to record progress billings | Revenue |
Unapplied Receipts | Credit entry that acts like Revenue (above) to record a cash receipt that has not been applied yet, so that all money actually receipted in the system can be debited to cash account ("Receipts" above). Note that once the receipt is allocated, however, the results of the journal entry will change (it will move from the "general" revenue account here to the appropriate section of the journal entry).* | Revenue |
Description | Cash | Accrual |
---|---|---|
Receipts | Total amount of all receipts (whether applied or not) -NSF -CCR | Total amount of all receipts (whether applied or not) -NSF -CCR |
Accounts Receiveable | N/A | Posted billings + sales tax +service charges +DM -CM/WO -receipts +NSF +CCR |
CM / DM | The amount of receipts APPLIED to DM's, less any NSF and CCR amounts (only portion applied to DM's and assigned as "DM" originally is reversed by NSF/CCR).
note
CM not valid for cash basis. | The amount of DM/CM's (whether applied or not) |
Service Charge | The amount of receipts APPLIED to SC's, less NSF/CCR portion. | The amount of your service charges |
Write Offs | N/A | The amount of your write offs (whether applied or not) |
Revenue | The amount of receipts APPLIED to invoices, less any NSF and CCR amounts (only portion applied to invoices and assigned as "revenue" originally is reversed by NSF/CCR).
note
Revenue does NOT include the amount of receipt applied to other items listed elsewhere under Cash Method. GL account detail is based on the method chosen. Example: if method is Activity, on any receipts for the period that are applied to invoices, the system looks up the Activity billed on the invoice and records the applied amount to this Activity's GL account number specified in Setup. | The amount of your posted invoices (detailed based on method chosen). Example: if method is activity, the system looks up the Activity billed on any posted invoices for the period and records the amounts billed, broken down by that Activity's GL account number specified in Setup. |
Sales / Service / Tax | The proportional** amount of receipts APPLIED to invoices with sales taxes, less NSF/CCR portion. | The total amount of sales tax billed for the period specified. |
Progress Bills | The amount of receipts APPLIED to invoices with progress billings whether those progress bills have been "relieved" or not, less NSF/CCR portion. The GL account detail is based on the method chosen. | The amount of your UNRELIEVED progress billings for the period specified (detailed based on the method chosen). |
Unapplied Receipts | The total amount of your UNAPPLIED receipts. | N/A (note that this line will not appear with the Accrual method) |