Correcting Chartfield Values for an AR Direct Deposit Posted to GL
Purpose
This document provides instructions on how to correct Chartfield values for a posted AR Direct Journal Payment. This process is used when one or more of the Chartfield values in an AR Direct Journal Payment are incorrect but have already been posted to the GL.
The key topics are:
- Topic 1: Creating a Zero Dollar Deposit
- Topic 2: Creating Accounting Entries
A zero-dollar deposit is required to update any ChartString for an AR Direct Journal that is already posted to the GL. The deposit will contain at least 2 payment sequences depending on how many ChartStrings from the original deposit need to be updated: one to reverse the incorrect transaction and one with the corrected ChartString. Once all the payment sequences are created and the deposit is saved, accounting lines for each sequence will need to be entered.
For this example, a direct journal payment was incorrectly booked to Account 551100 and is being corrected to 551140.
Topic 1: Creating a Zero Dollar Deposit
Step 1: On the Financials homepage, select the Receivables & Deposits tile.
Step 2: The Regular Deposit page will appear. Click the Add a New Value tab.
Step 3: Select or enter the Deposit Unit and click Add.
Step 4: On the Totals tab, enter the following information from the original deposit: Bank Deposit ID, Accounting Date, Bank Code, Bank Account, Deposit Type, and Control Currency. If the accounting period of the original deposit is closed, enter the first day of the open accounting period. In the Control Totals section, leave “0.00” as the Control Total Amount and enter “2” in the Count field. There will be two payment sequences in order to reclass to the correct ChartString. In the Control Data section, enter the date of the original deposit for the Received and Entered dates.
For this example, we are correcting a direct deposit from the previous period, which is closed.
Step 5: Click the Payments tab.
Step 6: In the Payment Information section for Payment Seq 1, enter the Payment ID, the reversed amount of the original deposit into the Amount field, the Department ID, then check the Journal Directly checkbox. Click the ‘+’ button.
Step 7: In the Payment Information section for Payment Seq 2, enter the Payment ID, the amount of the original deposit into the Amount field, the Department ID, then check the Journal Directly checkbox. Verify that the deposit is Balanced.
Step 8: Click the Save button. Make a note of the system assigned Deposit ID.
Topic 2: Creating Accounting Entries
Step 1: On the Financials homepage, select the Receivables & Deposits tile.
Step 2: The Regular Deposit page will appear. Select Create Direct Journal Entry.
Step 3: On the Create Accounting Entries page, enter the Deposit Unit and Deposit ID of the zero-dollar deposit and click Search.
Step 4: The two payment sequences from the zero-dollar deposit will appear, indicating that they need to have accounting created. Select Payment Sequence 1.
Step 5: In the Distribution Lines section, enter the amount to be reversed and the ChartString that needs to be corrected. Be sure to enter the Analysis Type as well. In this example, it is EXP.
Step 6: Click on the Create icon (lightning bolt) to generate the balancing entry for that payment sequence.
Step 7: Click the Complete checkbox then Save.
Step 8: Click on the Budget Check icon.
Step 9: The Budget Status should appear as Valid. Payment Sequence 1 is complete. Click the Next in List button.
Step 10: In the Distribution Lines section, enter the amount and the correct Chartfield values. Here we are correcting the Account to 551140. Be sure to enter the Analysis Type as well. In this example, it is EXP.
Step 11: Click on the Create icon (lightning bolt) to generate the balancing entry for the second payment sequence.
Step 12: Click the Complete checkbox then Save.
Step 13: Click on the Budget Check icon.
Step 14: The Budget Status should appear as Valid. Payment Sequence 2 is complete.
Done! The accounting will be posted to the GL when the nightly batch job runs.