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Accounts receivable

Select options for exported journal entries

Use the
Options
 window to select an accounting method for exporting journal entries. You can also select whether to use the GL account numbers assigned to engagements, activities, and taxing authorities, or override them.
  1. Select
    File
    , then
    Export
    .
  2. elect
    Journal Entries
     to open the
    Export Journal Entries
     screen.
  3. Select
    Options
     to open the
    Options
     window.
  4. In the
    Basis
     field, select the accounting method from the dropdown list. You can use either the
    accrual
     method or the
    cash
     method.
    • The
      Accrual
       method recognizes revenue when it is earned and expenses when they are incurred. Under the accrual method, revenue is recognized when the invoice is generated. Accounts receivable is debited and a revenue account is credited.
    • The
      Cash
       method doesn’t recognize revenue until cash is received. The accounting firm records revenue when they receive cash from the client. Cash is debited and a revenue account is credited.
      note
      When you select the Cash method, the
      Base net Progress Bills on, Accounts Receivable, Credit Memos,
       and
      Write Offs
       fields aren't available.
  5. In both the
    Base billed Time & Expenses on
     and
    Base net Progress Bills on
     fields, do one of the following:
    • Select
      Activities
       to use the GL account number assigned to the activity on the
      Activities setup
       screen
    • Select
      Engagements
       to use the GL account number assigned to the engagement on the
      Engagement Templates setup
       screen
    • Select
      Summarize
       to override the GL account number. Enter the GL account number in the additional field.
  6. In the
    Base Taxes on
     field, do one of the following:
    • Select
      Taxing Authorities
       to use the GL account number assigned to the activity on the
      Taxing Authorities setup
       screen
    • Select
      Summarize
       to override the GL account number. Enter the GL account number in the additional field.
  7. In the GL Account Assignments section, enter a
    GL account number
     to use for each of the following. If you don’t enter a GL account number, an amount will still be calculated, but
    Unspecified
     will appear in the Account column in the
    Export Journal Entries
     screen.
    Receipts
    • Accrual method: All receipts entered, less Non-sufficient Funds and Credit Card Returns.
    • Cash method: All receipts that have been applied, less Non-sufficient Funds.
    Accounts Receivable
    • Accrual method: Debits for a period - credits for a period.
    • Cash method: N/A.
    Service Charges
    • Accrual method: Total of all service charges posted.
    • Cash method: Total of payments applied to service charges.
    Credit Memos
    • Accrual method: Total of all credit memos entered.
    • Cash method: N/A.
    Debit Memos
    • Accrual method: Total of all debit memos entered.
    • Cash method: Total of payments applied to debit memos.
    Write-Offs
    • Accrual method: Total of all write-offs entered.
    • Cash method: N/A.

This article applies to:

  • Product: Practice CS
  • Subject: Accounts Receivable