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NorthScope allows users to enter basic accounts payable credit memos that integrate as payable transactions within the host system. These transactions are used to record credits the user is receiving against a vendor. This transaction does not use inventory items, or integrate with NorthScope’s Inventory module. Credit memos can be recorded in either NorthScope or the host system. However, a NorthScope credit memo provides additional capabilities, such as recording line item details and allocations against financial projects, fishermen, and tenders, and employees.
Software Version
This guide is applicable for NorthScope version 2.8.3 and newer.
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- Projects. Set up projects if licensed for Project Accounting to track expenses against.Employees. Set up employees to distribute line items to employees.
- Set the purchasing preference for “Default Account – Settlement Accrual”. This will ensure that transactions will still post if the settlement account has not been manually configured for each fisherman, tender, or employee.
- Set the purchasing preference for “Enable Real Time Integration” to “Yes”. This user guide assumes the preference is set to “Yes”. If the preference is set to “No”, then the integration components described in Steps 3 and 4 will not occur.
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To view the data flow of Credit Memo transactions with fishermen or tender distributions, click here.
With Employee Distribution(s)
A credit memo with Employee Distributions occurs when the user is entering a credit from a vendor and one or more of the line items is being distributed to an employee. When the transaction status is changed to "Ready to Post" a Payables Transaction Entry is created in the host system's Purchasing module.
Each of these transactions contain the journal details for a typical credit transaction with the debit account defaulting from the Vendor's “Accounts Payable” account and the credit account(s) coming from the line item "Purchase Account", which defaults from the line item "Purchase Account" of the transaction and the credit account defaulting from the employee's "Accounts Receivable" account.
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distributions, click here.
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Step 1: Entering the Transaction in NorthScope
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- Distributed To: If the line item is being distributed, use this lookup to select the project, fisherman, or tender, or employee. The lookup contains a list of all active projects , and all active vendors with a “Vendor Type” of Fisherman, Tender, or Fisherman/Tender, and all active Employees.
Step 2: Finalizing the Transaction in NorthScope
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- One debit line for the total of the entire credit memo. The debit account will be the vendor’s “Accounts Payable” account. The distribution Type will be “PAY”.
- One credit line showing the summarized total for each “Purchase Account” identified on the NorthScope transaction, which will default from the distributed to fisherman's or tender's “Settlement Accrual” account or, if missing, defaults from the purchasing preference for “Default Account – Settlement Accrual” account. The distribution Type will be “PURCH”.
Reviewing journal details to record the accrued liability for line items that were distributed to employees
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- One debit line for the total of the entire credit memo. The debit account will be the vendor’s “Accounts Payable” account. The distribution Type will be “PAY”.
- One credit line showing the summarized total for each “Purchase Account” identified on the NorthScope transaction, which will default from the distributed to employee's “Accounts Payable” account. The distribution Type will be “PURCH”.
Step 4: Posting in the host system
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Once Step 4 is complete and the transactions have been posted in the host system, the following events will happen in NorthScope:
For transactions that did not contain any line items with
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distributions
The transactions that were posted in the host system will have their status automatically updated from “Ready to Post” to “Posted” and will no longer be visible in the NorthScope Purchasing Transaction List View.
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