This document is for agencies that have been on TAM for more than one month and have never reconciled company payables. The first step is to reconcile all old items in full. The second step is to force balance the General Ledger to the remaining net owed.
Access the Company File for all of your billing companies used in past months and change the Pay Mode to Agency Account Current as instructed below. Follow this procedure for each billing company used in prior months. Note how the company is set up before you change it, so it can be changed back if necessary.
Reconcile an Account Current for each company, including all items before the current month. Run these account current reconciliations for each company individually as instructed below. Follow this procedure for each billing company used in prior months.
*Select the accounting month based on which month all items SHOULD have been paid through, as this will flag all items through the month selected. Individual items may be manually unflagged prior to ending out of the statement.
**Applied Systems recommends that you DO NOT open the statement for all companies because of the potential volume of items the program may find. Run the statements for each company individually.
***This procedure flags all items through the accounting month selected. To unflag items while still working in the open statement, use option Unflag / Adjust Individual Items.
After all older items have been flagged through the Agency Account Current program, close out these statements through the Statement Closing utility. Follow this procedure for each Agency Account Current statement run in the last step.
At this point, all unpaid items should be reflected correctly on the company payables report. Ideally, the balance in your Company Payables account should now match a Company Payables report for the current month. Refer to the Balance the Company Payables Report to the GL document for assistance. In most cases, there are differences between what the company payables report shows as the net owed and the balance on the corresponding General Ledger accounts. General Ledger entries should be made to force balance the General Ledger accounts to what is truly owed to the companies based on the now correct company payables report. Determining how to write off the differences may require consultation with a CPA.
If desired, reset the company files from Agency Account Current to Company Statement.
Last Revised: February 19, 2008 02:24 PM